Global electricity consumption has been increasing rapidly in several industrial and residential sector. Due to the industrial revolution and shift in consumer preference toward better infrastructure, technology & gadgets and lifestyle. Owing to rising demand for electricity and depleting natural resources such as coal, oil, etc. electricity cost is also increasing. According to International Energy Agency (IEA) lighting accounts for over 19.1% of global electricity consumption and creates 1.9 billion tons of CO2 emissions annually. Switch to LED lighting will help in saving average 50% in energy costs, which results in global savings of USD 160 billion and 1.5 billion barrels of oil every year thereby diminishing prices of LED lighting will propel the demand for LED lightning over the years.
According to a new market report published by BlueWeave Consulting, The Global LED lighting Market was valued at US$ 34.0 Bn in 2017 and is expected to expand at a CAGR of 13.7% from 2018 to 2025, reaching US$ 98.4 Bn by the end of the forecast period.
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Global LED Lighting Market: Competitive Dynamics
The global LED lighting market is dominated by a number of players, amongst them the major players are Samsung electronics co. Ltd., Philips Lighting N.V, General Electric Company, LG Innotek co. Ltd, Everlight electronics co., ltd., Syska LED Lights Pvt. Companies in this industry are following different strategies to strengthen their market position.
Global LED Lighting Market: Key Product Analysis
- LED bulbs generate more light per watt than the conventional incandescent bulbs, which is more useful in energy saving devices. LED bulbs are able to emit light of various colors without the use of filters. They are more efficient and cost-effective. LED bulbs are ideal for applications that require frequent on-off cycling since they do not burn out quickly like incandescent bulbs, which is rapidly driving the LED bulbs market.
- LED fixtures require almost 50% less electricity than conventional lights. LED fixtures have extended life which could be 30,000-50,000 hours and even longer. The performance of LED lights increases as the operating temperature decreases, unlike the incandescent lights. They have rapid cycling life and durability which is mainly surging the growth of LED fixtures.
Global LED Lighting Market: Distribution Channel Industry Analysis
- Consumers buy LEDs from retail distributors mainly because they provide various offers and are convenient. During urgent requirements, one can rush to the nearby retail store and buy their desired LEDs. Retail distributors mostly consist of the independent stores, super markets, etc.
- Online Suppliers of the LED lighting market are growingly rapidly as innovative technologies and changing lifestyle have changed the preferences of consumers. People mostly buy LED lights from online since they are provided with tailor made offers, free shipping, returns, etc. People can choose from thousands of options and order their desired products and get it home delivered at their preferred time and date.
Global LED Lighting Market: Regional Industry Analysis
- The LED market in Asia Pacific is estimated to grow significantly during the forecast period owing to favorable initiatives by the government, flourishing industry of real estate, and increasing demand for higher efficiency lights. The region would become one of the principal consumers of LED products and also a key supplier of LED chips and packages.
- The growing penetration of smartphones and advantages of energy saving associated with connected lighting systems will drive the North America LED market for LED lighting, since technology adoption happens swiftly in countries, such as the United States. The LEDs are cost effective and thus various major companies like Apple are also incorporating organic LED lights in their mobile phone which is further driving the market.
Table of Contents:
Chapter One: Research Framework
Chapter Two: Assumptions & Research methodology
Chapter Three: Executive summary
Chapter Four: Industry Insights
Chapter Five: Global LED Lighting Market Overview
Chapter Six: LED Market, By Product
Chapter Seven: LED Lightings Market, By End-Use Industry
Chapter Eight: LED Lightings Market, By Application
Chapter Nine: LED Lightings Market, By Distribution Channel
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