LED Lighting Market Is Likely To Cross Over $63 Billion By 2020: Hexa Reports

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LED lighting market is projected to grow over 45% per year by 2020. The market was estimated at $13 billion in 2014 and is likely to cross over $63 billion by 2020.

Next generation lighting attains a complete substitute of luminous filament bulbs with LED lighting that lasts longer and is more efficient. These lightings also have low cost of operation significantly. Philips is the market leader for LED lights and it mainly focuses on higher margin activities. General competitive stress has severely impacted the overall industry; as a result the price declining is majorly because of economic scale.

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Samsung, Philips and OSRAm have been exploring GaN on silicon technology, Although, Epistar is working on 200mm technology. New market players are benefited by entry points provided by continuous market shifts. They also build considerable opportunities for industry participants to achieve rapid augmentation in market share. Market is anticipated to experience shifts in market share as retailers move up the value chain to provide returns on investments.

Vendors seek control in their margins as there they are offering more pieces of LED light in the market. Based on product performance, Vendors compete with other providers of LED lighting. This is mainly measured by reliability, efficacy, augmented lumen output and light quality. Price of product associated with acceptable level of quality is the major competitive issue in the LED Lighting Market. LED vendors seek to present LED lighting products that holds superior product quality and that attains lower cost of ownership.

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In commercial situations, LED lights decreases the labor costs of replacing bulbs. Furthermore, Firms dealing with LED bulbs are implementing new semiconductor technology which will positively impact the overall market. Communities and buildings lead the way of producing more cost efficient systems; this is expected to grow the LED lighting market significantly.

In some cases, the utility plants are providing financing and funding to the other firms so that most of the lighting consumers shift to LED lighting. Also, these lamps lower the total cost of lighting which attracts both vendors and consumers. They present up to 50,000 hours of lighting with fraction of energy used of conventional incandescent bulbs. Smaller size, improved durability, lower heat output, environment friendliness and digital controllability are the few benefits offered by LED lighting products.

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