Sarasota, FL—Zion Market Research recently released a report showing that the global LED lighting market totaled $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.
According to analysts at Zion Market Research, the advantages provided by LED lights over fluorescent and incandescent lamps are the major factors boosting the growth of the LED lighting market. Apart from this, the higher brightness, energy efficiency, and longer lifespan of LED lights are 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 customers all over the world.
In addition, high production price is likely to have an adverse effect on LED lighting market. Nevertheless, display and screen backlighting market developments are expected to unlock new doors for the demand of LED lighting market.
The residential application sector ruled the LED lighting market and added up for more than 40% of LED lighting market share in 2016. 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 lighting market in years to come. The architectural application comprises both decorative as well as functional lighting. The functional application comprises building and landscaping facades.
Europe surfaced as a ruling area for the LED lighting market in 2016 and added up for more than 31% of market share. European and North American regions are likely to show substantial development in residential and outdoor application sectors, boosting the LED lighting market. LED lighting market has huge development opportunity in the up-and-coming markets of Asia Pacific owing to a tremendous requirement from residential application sector.
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