According to the latest report by IMARC Group, the global LED lighting market reached a value of more than US$ 68 Billion in 2018. LED, an abbreviation for Light Emitting Diode, refers to a directional source of light which is associated with several attributes like compact size, releasing less heat, consumption of less energy and serving a longer time-span. Owing to its innumerable advantages, LED lights are widely used for industrial, commercial and residential purposes across the globe. In comparison with other conventional sources of lights, like incandescent and fluorescent lights, LED lights are environment-friendly, they save up to 90% of the energy and emit no heat or greenhouse gas.
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LED Lighting Market Trends:
On account of increasing power consumption across the globe, the LED lighting market is experiencing a vibrant growth. This surge in the power consumption can be accredited to the increasing population worldwide, huge subsidies offered by governments across several nations and limited efforts for rationalising the consumption. The increasing electricity consumption and inadequate electricity production has resulted in a power crisis. As a result, government and consumers are consistently seeking solutions for conserving electricity, therefore, bolstering the demand for efficient lighting products like LED. Moreover, an increase in the initiatives undertaken by manufacturers via newspapers and television commercials, along with encouragement from the regulatory bodies have led to the wider product awareness amongst consumers. Apart from this, owing to rapid urbanisation and infrastructural improvements, LED lights are extensively used in numerous end-use industries. Looking forward, the market value is projected to exceed US$ 113 Billion by 2024, expanding at a CAGR of 8.9% during 2019-2024.
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LED Lighting Market Segmentation:
Also Read: Top Smart Lighting Companies in India 2019
Performance of Key Regions
4. United States
Market by Application
2. Retail and Hospitality
Some of the major players operating in the industry include:
- Samsung Electronics
- Everlight Electronics
- LG Innotek
Key highlights of the report:
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Profiles of Key Players
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