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LED Lighting Market Likely to Cross $54.28 Billion by 2023

LED Lighting Market Likely to Cross $54.28 Billion by 2023

NEW YORK—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 added up for $26.09 Billion in 2016 and is likely to cross $54.28 Billion by end of 2022, developing at a CAGR of almost 13% from 2017 to 2022.

LED Lighting market is dominated by some of the major players such as Cooper Industries Plc, Zumtobel AG, Osram Opto, Philips Electronics N.V., Toshiba Corporation, Cree Incorporation, Digital Lumens, Inc, and GE lightings. These players are claimed to drive the LED lighting market in the years to come.

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According to analysts at Zion Market Research, the advantages provided by LED lights over fluorescent and incandescent lamps is the major factor boosting the growth of LED lighting market. Apart from this, the higher brightness, energy efficiency, and longer life span of LED lights are some of the major factors that offer tremendous opportunities for LED lighting market in years to come. Incessant new product launch by players such as GE and Philips along with other players with innovative tech are drawing the customer all over the world. For example, in August 2017, Kenall rolled out 6-inch modular downlights, which were developed to perform competently for years and are suitable for pharmaceutical processing, tightly sealed, and compatible for military installations.

On the other hand, the high production price is likely to have an adverse effect on LED lighting market. Nevertheless, display and screen backlighting market development are expected to unlock new doors for the demand of LED lighting market.

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Residential application sector ruled the LED lighting market and added up for more than 40% of LED lightening market share in 2016. Residential applications for LED lighting comprise lighting for bathrooms, dining rooms, kitchens, and hallways. Elevating employment of LED lighting for outdoor application such as parking lots, traffic lights, garages, roadways, and tunnels is likely to offer significant development opportunities to LED lightening market in years to come. The architectural application comprises both decorative as well as functional lighting. Decorative LEDs are employed to light up fountains, pools, statues, and gardens and thereby boosting LED llightingmarket. The functional application comprises building and landscaping facades.

The growth of LED lighting market is mainly attributed to benefits offered by LED lights over incandescent and fluorescent lamps. In additions, energy efficiency of LED lights, higher brightness and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous introduction of new product by manufacturers such as Phillips and GE with innovative technology are attracting the consumer’s attention globally.  On the other hand, high production cost is expected to have adverse impact on LED lighting market. Even so, screen and display backlighting market development is likely to open new doors for the LED lighting demand.

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Europe held the largest share of the global LED lighting market and is set to continue to dominate the world marketplace within the forecast period. This growth is mainly attributed to the rising demand for outdoor application paired with stringent energy efficiency regulation. Significant demand of LED lighting for residential purpose such as lighting for bathrooms, hallways, dining rooms and kitchens is the major factor to surge the market growth in this region. Implementation of the EU Green Paper can lead to new opportunities for the European LED market in near futures. Europe accounted for over 31% of market share in 2016.

North America is another leading regional market for LED lighting and is expected to witness noteworthy growth in the near future. Regulation over energy efficient product and high disposal income will help to drive demand for LED lighting for architectural application. U.S. is expected to be one of the lucrative markets for LED lighting manufactures.

Asia pacific is considered to be the fastest growing market for LED lighting and expected to be hold significant market share in years to come. Developing infrastructure of roads, upcoming development projects, booming construction industry in developing countries such as China, India and Indonesia is expected to create massive demand for LED lighting for residential as well as outdoor application. It will include roadways, traffic lights, tunnels, parking lots and garages, lighting in bathrooms, hallways, dining rooms and kitchens.

Latin America is comparatively new and is still open for new companies and brands. Brazil will take control of the leadership role in in LED lighting implementation. It is aggressively picking up on the deployment of government-installed LED-based streetlights. Middle East and Africa is also forecasted to show significant growth in the coming years. U.A.E. and Saudi Arabia are predicted to hold noticeable market share in near future.

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The global LED lighting market is segmented as follows:

By Application

  • Residential Application
  • Architectural Application
  • Outdoor Application

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa
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