LEDs have become the most preferred lighting option in light of their relative affordability compared to compact fluorescent lamps (CFLs). With ever-growing population worldwide, in line with fast-depletion of resources, concerns regarding water and food supply have skyrocketed in recent years. LED lights play a vital role in offering enough light for sustaining high-quality crop cultivation in indoor facilities, facilitating growth regulation encouraging development of nutrients. Higher adaptability of LEDs continues to make them valuable investments in the agricultural sector.
In sync with demand for clean energy and green lighting solutions, and fuelled by technological innovations, LED lighting continues to gain significant ground in light of its higher efficiency and low energy costs. There has been a notable rise in adoption of LED lighting in recent years, in line with growing requirement for electricity conservation coupled with electricity production insufficiency. Furthermore, LED lighting will continue to witness high popularity as preferred choice for domestic as well as industry sectors, ebbing pressures on electricity grids and saving energy costs.
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Mass-scale adoption of LED lighting has escalated the scope of performance- and design-related advancements. Additionally, the advent of industry 4.0, smart solutions, and the internet of things (IoT) has led industrialists to invest in these energy-efficient lighting solutions. As connected devices and domotics become pivotal lifestyle enablers, lighting companies are introducing LED solutions integrated with latest technology, functionality, and aesthetics.
LED light is a light-emitting diode product which is accumulated into the utilization in lighting fixtures. It is basically a semiconductor lighting source operate in different applications such as automotive lighting, general as well as backlighting. It has been noticed that LED’s are smaller and have a lengthier operating life as well as lower cost of ownership as compared to previous technologies in the similar area. The prices of LED’s have reduced to a point where such type of lighting is becoming the economic choice in every application. The acceptance of LED lighting is escalating in almost all major end uses such as industrial buildings, residential and commercial buildings, as well as outdoor application areas. The LED lighting systems provide more energy efficiency and longer life span. The LED light provides a lifetime of nearly 50,000 hours of brightness and work effectively by using only a fraction of energy as is utilized by traditional bulbs and CFL’s. The LED lights compete with old and traditional bulbs on various parameters which include longer lifetime, energy efficiency, enhanced environmental friendliness, better durability, lower heat and smaller size. The Global LED lighting market has showcased rapid growth over the past few years. The Global LED lighting market is anticipated to grow at a stupendous CAGR over the period 2015-2025 with a substantial revenue in 2025. Thus, the revolution in LED is gaining traction in terms of market dynamics.
Global LED Lighting: Market Segmentation
The Global LED lighting market is segmented on the basis of organizational structure such as organized and unorganized. The Global LED lighting market is further bifurcated by application areas such as automotive, general and backlighting. The LED lighting market in automobile industry is rising as LED’s are initiating to be used in mass market automobiles. The Global LED lighting market is also divided on the basis of end-user segment such as commercial, general, residential, industrial, outdoor and architectural. The Global LED lighting market is further segmented by technology which includes ultraviolet LED’s, basic LED’s, high brightness LED’s, polymer LED’s and organic LED’s.
Global LED Lighting Market: Growth Drivers
The global LED lighting market is influenced by various factors such as macroeconomic conditions which is impacting the new construction and subsequently new lighting installations. Less replacement, less heat as well as the lower price are fostering the demand for LED lights across the globe and strengthening the market of global LED’s. Such factors along with inclining demand for cost efficient lighting systems from communities and buildings will intensify the market for global LED lighting from 2015-2025. Besides this, innovation and change in technology along with different product designs by LED light manufacturers are anticipated to bolster the global LED lighting market. The rising government initiatives for conservation of energy is also fostering the growth of global LED lighting market.
Global LED Lighting Market: Regional Outlook
Geographically, the Global LED Lighting industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. In 2014, Asia Pacific captured the highest share in the global LED lighting market due to significant population growth, huge private sector LED lighting projects as well as the suitable government policies. The LED lighting has become popular in Japan’s educational institutions, retail stores and hospitals. Followed by it, Europe stood at second position in the revenue of global LED lighting market as the demand for LED lights are gaining traction especially for architectural and commercial lighting functions. Apart from this, U.S. holds third position in the global LED lighting market.
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Global LED Lighting Market: Players
Some of the top vendors identified across the value chain of the global LED lighting market include Cree Corporation, International Light technologies, American Bright Optoelectronics Corporation, Philips Lumileds Lighting company, Samsung Electronics Limited and OSRAM Licht AG. It has been noticed that new companies from consumer electronics as well as from semiconductor segments are entering the LED lighting. Thus, the LED’s showcases a higher opportunity for service providers as well as the component manufacturers to enhance their activities in the areas of LED lighting.