LED Lighting Market Growing at 14% CAGR and will Cross Volume USD 105 Billion by 2023

Global LED Lighting Market, By Installation Type (Retrofit Installation), By Product (Luminaries), By Application (Indoor Lighting) – Forecast 2023

LED Lighting Global Market – Overview

LED Lighting or light emitting diode lighting is a new technological product which has proven to be one of the most energy efficient technologies being widely adopted around the world. Increasing the demand for the electricity and increasing scarcity of natural resources is forcing the technology companies to develop energy efficient products. LED lights uses very low electricity and provides maximum brightness more than the traditional lighting products. The rapid changes in technology is one of the major factor which is encouraging the invention of cost-effective technologies. LED lightning is expected to lead the future of lighting and is eliminating the traditional lighting system very rapidly. Also, government of various countries is also promoting the use of LED lighting due to the enormous amount of benefits offered by this technology. In the last few years, as the world is witnessing rapid industrialization and urbanization, the government is working towards the development of various LED standardization which is helping the industries to adopt this technology. Growing population and increasing needs of electricity in the emerging countries is also playing vital role in the high adoption of LED lighting in the country.


Also, LEDs are solid state lightning which uses semiconductor material such as circuit boards instead of filament or neon gas which helps the LED lighting to reduce the energy consumption and provide high contrast than the traditional light bulbs. The market is expected to witness positive growth rate during the forecast period.


Key Players:

Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), Osram Licht AG(Germany), Cree Inc. (U.S.), Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Dialight Plc. (U.K.), Zumtobel Group AG (Austria), Samsung (South Korea), Sharp Corporation (Japan) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global LED Lighting market. High need of energy efficient lighting solutions around the world and government initiative towards the use of standardization of LED lighting is playing vital role in the growth and development of the market.


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Industry News

November, 2017, Happinet Corporation launches X-base – a display stand that wirelessly powers specially designed LED lights, on the crowdfunding platform Kickstarter beginning November 3rd, 2017. The Power Station wirelessly illuminates LED lights through an exclusive magnetic field resonance system. When the X-base Power Station is turned on, the LEDs automatically light up when placed within the magnetic field. Wireless power technology is now used to charge devices like smartphones and electric toothbrushes, but the X-base Power Station extends power delivery farther out to include the 11.8″ x 11.8″ x 11.8″ area of the display stand


November, 2017, Philips Lighting has launched the company’s next-generation wireless connected lighting system in the UK and US called InterAct Office. The system helps businesses cut building energy usage and that it can intelligently analyze office operations. Furthermore, also the connected lighting system gives businesses data-driven insight into office energy usage. Another potential benefit of the system is that it allows employees to customize light levels with Zigbee-based controls. Also, with a combination of occupancy and motion sensors that allow the system to measure and monitor space utilization


November, 2017, Osram’s new LED chip factory in Kulim, Malaysia, begins operation in November 2017. The company had recent growth rates of 19 percent in the LED business, which helped in the expansion of the business.


LED Lighting Global Market – Segmentation

Segmentation by Installation Type: New Installation, Retrofit Installation

Segmentation by Product: Lamps, Luminaires

Segmentation by Application: Indoor Lighting, Outdoor Lighting


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LED Lighting Global Market – Regional Analysis

LED lighting market is expected to grow with positive YoY growth rate during the forecast period in all the region. Asia-Pacific region is dominating the market of LED lighting in the year 2017 and is expected to continue so. High development in the field of technology and growing application areas of LED lighting is one of the major driving factor behind the growth of the market. Also, presence of rich semiconductor manufacturing companies in the Asian countries such as China, Taiwan, South Korea and Taiwan is also one of the major driving factor behind the growth of the LED Lighting Market in Asia Pacific region. Europe stands as second largest market for LED lighting due to the high interest of government towards the use of energy efficient lighting solutions. Also, the region is well equipped with the latest technologies and holds some of the key players which gives boost to the market of LED lighting in the Europe region. Whereas North America region plays a vital role in the development and distribution of technology around the world. The region has presence of developed nations such as U.S. and Canada who are technology leaders on the global scale and is supporting the market growth.


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