- Opportunity and Forecast, 2016-2025
LED lighting has emerged as one of the promising energy-efficient solutions. It is cost-effective to incandescent light and offers around 50,000 hours of illumination by consumption of small portion of energy. They possess longer durability as compared to traditional lamps and bulbs, while generating 90% less heat. With advancements in technology and increase in consumer awareness toward LED lighting, the demand for LED lighting has increased significantly over the past decade. Manufacturers focus on innovation in filaments used, system design, and package of LEDs along with miniaturization.
Ongoing innovation, energy efficiency, improved controllability, and increase in adoption are factors that drive the growth of the global LED lighting market. However, dominance of fluorescent lamps and high installation cost are projected to restrain the market growth. Acceptance of new technology in mainstream industry applications and reduction in prices are expected to offer new opportunities in the industry.
The global LED lighting market is segmented on the basis of application and geography. Applications covered in the study include industrial lighting, architectural lighting, outdoor lighting, and commercial lighting. Geographically, the market is analyzed across North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.
Key manufacturers that operate in the industry are Cree, GE Lighting Solutions, Epistar, GYLED, Everlight Electronics, Mitsubishi, Lite-On Technology, Lighting Science Group, Osram, Philips, Solid State Lighting Systems, Samsung, and others. These manufacturers have adopted collaborations, new product launches, expansion, partnerships, joint ventures, merger & acquisition, and others to gain a strong foothold and competitive advantage in the industry.
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