The global LED lighting market size is expected to exhibit healthy growth over the forecast period. Light Emitting Diodes (LEDs) are inexpensive, eco-friendly, and longer lasting than their counterparts. LEDs are semiconductors and produce light through a method known as electroluminescence. They are elementary components utilized in a wide range of applications. Previously, the product application was restricted to particular lighting needs. However, rise in usage of the product in general lighting applications has benefitted the growth of the market over the past few years.
LEDs are anticipated to replace conventional compact fluorescent lights (CFLs) due to their longer lifespan, high reliability, and better electrical efficiency. These factors further offer ecological sustainability and reduced costs of maintenance, thereby having a positive impact on the global demand for LED lighting. Moreover, LEDs do not emit harmful gasses, such as CO2, and offer bright and uniform light saving up to 80% of the energy costs as compared to traditional technology. In addition, they are the most preferred choice for all lighting applications due to their low costs.
Initially, it was used only in specific lighting applications due to advanced features such as enhanced performance in cold environments and better controllability. However, in the present scenario, consumers are using LED in general lighting applications as well owing to increased energy-efficiency. The global market for LED lighting has witnessed a noteworthy CAGR in the recent past on account of strong product demand in several applications and technological developments. Rapid expansion of the construction sector and increasing investments in infrastructure development in emerging nations are also expected to provide a fillip to the LED lighting market.
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Furthermore, factors such as growing concerns regarding harmful emissions of CO2 and introduction of innovative products are likely to stoke the growth of the market in the near future. In addition, rapid urbanization and rising production levels of LED lights with various advanced features are estimated to contribute to the growth of this market over the forecast period. Some of the major product applications of the product are architectural, outdoor, and residential lighting. The residential application segment is projected to represent a sizeable share in the market during the forecast period. The architectural lighting application segment is poised to witness a remarkable CAGR over the same period.
From a geographical forefront, Europe is anticipated to hold a prominent share in the global arena during the forecast period. This growth of the region can be attributed to heavy investments by government bodies in residential and industrial development of the region. In addition, Europe experienced a total ban on consumption, import, or even production of incandescent lamps in the past, which is likely to favor the growth of the regional market. These factors made all major manufacturing companies in the region shift their focus on production of LED lightings, thereby revving up the adoption rate of the product.
Asia Pacific is expected to be a promising destination for market players over the next few years. Rapid expansion of the regional market can be attributed to growing urbanization and supportive initiatives taken by government bodies. Emerging nations, such as India, China, Japan and South Korea, are key economies in the Asia Pacific market.
Companies in the global LED lighting market face intense competition due to constant product innovations. Thus, major industry participants are investing heavily in research and development activities to come up with innovative products and manufacturing techniques to fulfill the market demand.
Some of the prominent companies in the global market for light emitting diodes are Philips Electronics N.V.; Cree Inc.; Toshiba Corporation; Cooper Industries PLC; GE Lightings; Osram Opto Semiconductors GmbH; Zumtobel Group AG; Digital Lumens, Inc.; Dialight PLC; Solid State Lighting System; Mitsubishi Motors Corp.; and QD Vision Lighting Science Group (LSG).
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