SARASOTA, Fla.—Zion Market Research has published a new report titled “LED lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022.” According to the report, the global LED lighting market accounted for $26.09 billion in 2016 and is expected to reach $54.28 Billion by 2022, growing at a CAGR of around 13% between 2017 and 2022.
Light-emitting diodes (LEDs) are lighting sources for general lighting applications with ten times as efficient as compared to incandescent lighting. This, combined with their long working life and reliability, has made them the suitable choice for next generation of lighting systems including emergency, backlight, automotive, indoor and outdoor. To ensure accurate operation and to control the light intensity, LEDs need an efficient driver, normally implemented by power electronics-based conversion stages to match the LED characteristics with the AC grid voltage and to generate a controllable and high-quality light.
The LED lighting market is primarily driven by benefits offered by LED lights over incandescent and fluorescent lamps. The energy efficiency of LED lights, higher brightness, and longer life span are some of the major reasons for the tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers such as Phillips and GE, with innovative technology is attracting customer attention globally. However, the high production cost is expected to have an adverse impact on LED lighting market. Nonetheless, screen and display backlighting market development are likely to open new doors for the LED lighting demand.
Residential application segment dominated the LED lighting market and accounted over 40% of market share of in 2016. Residential applications for LED lighting include lighting for bathrooms, hallways, dining rooms and kitchens. Increasing use of LED lighting for outdoor application such as roadways, traffic lights, tunnels, parking lots, and garages is expected to provide significant growth opportunities to this market in coming years. The architectural application includes both functional and decorative lighting.
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