The global LED lighting market is likely to reach $70,240 million by 2023, growing at a CAGR of 12.6% during the forecast period. LED lighting solutions overcome the built-in constraints of traditional lighting solutions such as high-intensity discharge (HID) lamps, compact fluorescent lamp (CFL) and plasma lamps.
Based on product type, luminaire is expected to be the major product type and it is also expected to grow at a faster rate, as compared to the lamp market, during the forecast period. The growth of luminaire market can be attributed to the increasing infrastructural activities across the globe.
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Between indoor and outdoor lighting, the market for indoor lighting is estimated to represent larger revenue in 2017 to the global LED lighting market. However, outdoor lighting application segment is expected to experience higher growth on account of growing necessity for enhancing visibility on roads.
LED lighting offers benefits over conventional lighting solutions, including energy-efficiency, longer life span and durability. LEDs are presently being used for wide range of applications, such as residential lighting, commercial lighting, industrial lighting, street lighting and public-places lighting.
Europe been the second largest LED lighting market, and is further expected to hold its position throughout the forecast period. Stringent government policies regarding bans of inefficient lighting and lowering down the energy consumption, are anticipated to back the industry requirement in the region, over the forecast period.
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Some of the major companies operating in the global LED lighting market include Phillips Lighting N.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Eaton Corporation Plc, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung Electronics Co. Ltd. and Cree Inc.
GLOBAL LED LIGHTING MARKET SEGMENTATION
By Product Type
By Installation Type
- New Installation
- Other lamps
By End-Use Application
- Indoor Lighting
- Office Lighting
- Retail Malls
- Outdoor Lighting
- Highway and Roadway
- Public Places
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