By the end of year 2024, global LED lighting market is projected to be more than US$ 100 Billion. Lighting market worldwide is affected 3 factors.
1) The point no. 1 is macroeconomic factor; it is affecting novel manufacturing and thereafter new lighting fittings.
2) The point no. 2 is energy effectiveness system and better energy understanding is redrawing lighting product range.
3) The point no. 3 is government policies in energy domain is creating demand for energy efficient goods, like LED bulbs, Tubelight, etc.
Evaluating these environments for change is essential to recognize current and future prospects in the global led lighting market. Around the globe, economic situation has developed less favorably than anticipated since 2011, leading to sliding adjustments of the 2016 GDP forecast by roughly 2%. This modification comes from various unfavorable advancements filled by the result of the worldwide financial crisis.
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Global LED Lighting Market Applications studied in the Research Report
Report studies the global Led lighting market from 7 Applications: Retail/Shop application, Industrial application, Hospitality application, Residential application, Office applications, Architectural application and Outdoor application.
Asia holds the maximum LED Lighting Market Share Globally
The report categories the LED lighting market into five regions: North America, Latin America, Middle East & Africa, Asia and Europe. Asia is one of important destinations for LED lighting market worldwide.
Banning of Inefficient Technologies Worldwide
For the macroeconomic development the prospect of lighting market, regulation affecting lighting products is a key determinant. Around the globe, Governments are accelerating initiatives like bans of inefficient technologies, more tight legislation on energy efficiency requirements and offer incentives for entire building infrastructures. This trail will further fuel energy-efficient lighting technologies, i.e. LEDs. Bans on particular technologies are being passed in more nations for both residential and commercial lighting items. Recently, China has banned bursting lights; which is strongly backed by country’s energy conservation law. Europe is further switchover to more ecological lighting sources by stretching out its directions to boycott low-voltage incandescent lights.
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A look at Green Building Standard Worldwide
Green building design standards and ratings classifying energy efficiency are come across and taking on around the globe. In the United States, LEED and the newly introduced International Green Construction Code (IGCC) are being adopted by many local jurisdictions.
In Europe Union BREEAM, CASBEE in Japan, SGC in China. In the year 2011, in South Africa; laws were passed to ensure that new buildings meet specific energy efficiency requirements. Global campaigns to raise awareness have been put in place to emphasize the role that energy-efficient lighting can play in reducing global energy consumption. The United Nations Environment Programme (UNEP) and key lighting players is the well-known example of enlighten initiatives and another one which has recently been further accelerating its activities is the Climate Group’s Light Savers program.
Because of progression of its features like efficiency, durability, Environmental-friendly and cost effectives. All these features of LED lighting is widely recognized and adopted by household, government organization, industrial sector and commercial segment.
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Energy-efficient Lighting, Fueling LED Penetration
On the energy supply side, these developments will accelerate the penetration of renewable energy sources. The demand side will also need to alter its practices as greater energy efficiency will help to close the energy supply gap. The lighting market, which consumes approximately 20% of total electricity generation, can greatly contribute by providing energy-efficient lighting solutions, such as LEDs. The broader application of LEDs would decrease energy consumption levels to such a degree that the energy output of multiple nuclear reactors could be saved across geographies.
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