LED lighting Market is Projected to Reach US$ 120 billion by 2025

August 26 09:22 2019
LED lighting Market is Projected to Reach US$ 120 billion by 2025

LED lighting
The global LED lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% over the forecast period (2017-2025). The LED lighting market is mainly driven by advantageous features offered by LED lights over incandescent and fluorescent lamps such as increased energy efficiency, longer lifetime, enhanced physical strength, smaller size, design flexibility, and environmental friendliness

The global LED lighting market is projected to reach over US$ 120 billion by 2025, exhibiting a CAGR of 16.61% over the forecast period (2017-2025). The LED lighting market is mainly driven by advantageous features offered by LED lights over incandescent and fluorescent lamps such as increased energy efficiency, longer lifetime, enhanced physical strength, smaller size, design flexibility, and environmental friendliness. Rampant product invention coupled with advancements in technology is gaining customer attraction globally due to drastic transformation in semiconductor industry and evolution of light bulbs from incandescent bulbs, led to smart and intelligent energy efficient LED lighting systems.

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The intelligent lighting systems can be of two types, such as sensor incorporated and non-sensor incorporated. Sensor incorporated lighting systems are able to change the brightness of lights automatically by detecting people and daylight. However, non-sensor incorporated lighting systems are regarded as smart lighting systems as they can be operated through programming. Due to substantial improvement and modernization in wireless technologies such as Bluetooth, Wi-Fi, Li-Fi, among others, most of the forthcoming intelligent lighting systems are expected to be wireless. Screen and display backlight market expansion is expected to augment demand for LED lights.

Rampant innovation of smart lighting and smart city has increased the demand for LED street lights. Additionally, the global demand for green technologies is fueling growth of the LED light market. LED lighting systems use up to 50% less energy to generate an equivalent light intensity emitted by Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This reduced energy consumption directly converts into a reduction of over 700 million tons of carbon dioxide emissions annually. By observing the current market trend, LEDs are estimated to completely replace CFLs and CCFLs in the near future.

LED Bulb Segment Holds the Highest Market Share

On the basis of product type, the LED bulb segment is expected to hold the largest market for LED lighting, as bulbs form the major light source and key component of an LED lighting system.

Installation Services Segment Holds a Dominant Position

On the basis of service type, the installation segment is expected be the dominant segment in the market, owing to rising demand for energy-efficient light sources such as LED bulbs. The old generation lamps are installed with LED bulbs, as they consume less energy and have longer working life.

Commercial Segment is Expected to be the Fastest Growing Segment

Among end-users, the commercial segment is estimated to exhibit the highest growth rate during the forecast period (2017–2025), owing to increasing infrastructural activities globally, which in turn attracts high activity of commercial segment in transporting and other related works to LED bulb.

Outdoor LED Lighting System Accounted Major Market Share

On the basis of application, the outdoor segment held the highest position in 2016, with a market share of 31.5%. The major factor for expansion of outdoor LED lighting system is its increasing popularity and usage in roadways, traffic lights, tunnels, parking lots, garages, which is extensive as compared to residential applications. Residential applications for LED lighting include lighting for smart home, HDR 4K, and ultra-slim, curved, and high gamut display TVs.

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Asia Pacific accounted for the largest market share

Asia Pacific held the largest share of the LED lighting market in 2016, and the market in Europe is projected to emerge as the second largest market by 2025. The relatively high standard of living and high disposable income among the populace in Europe, increases their inclination towards investments in smart homes with innovative LED lighting systems. Thus, augmenting growth of the LED lighting market in the region. Asia Pacific is growing at high pace due to rampant infrastructural renovation in emerging economies such as China and India.

Major players operating in the global LED light market include Philips Lighting Holding B.V., Osram Licht AG, GE Lighting, LG Innotek, Cree, Inc., Cooper Industries, Inc., Seoul Semiconductor, Samsung Electronics, and Lightning Optoelectronic.

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