Market Overview
The LED Lighting Market Size is expected to reach USD 1,51,951.1 Million during the forecast period which was recorded at USD 53,136.2 Million during the historic forecast period at a CAGR of 18.7%.
Due to rising demand for energy-efficient lighting systems, increased focus on LED standardization, and increased development of advanced lighting systems, the LED Lighting market has seen substantial expansion. Factors such as rising demand for energy-efficient lighting systems and increased focus on LED standardization are propelling the global LED lighting industry forward. Furthermore, the advancement of innovative lighting systems presents a growth opportunity for the LED Lighting Market. However, during the projection period, a lack of awareness may impede the growth of the LED lighting market.
COVID-19 has influenced a variety of industries around the world, resulting in travel bans, global lockdown, and supply chain delays for several companies. The semiconductor industry has also been severely impacted by the continuing unusual occurrence, with sales plummeting due to the unpredictability of technical gadget positioning. Despite the mounting uncertainty, semiconductor manufacturers, particularly LED producers, are attempting to maintain operations and develop long-term strategies. Many semiconductor companies collaborate with their partners and the specialized LED Lighting Market to maintain business stability.
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Market Segmentation
Based on the installation type, the market has been segmented into new installation and retrofit.
Based on the product type, the market has been segmented into luminaries and lamps. The lamps segment is segmented into bulb lamps, spot lamps, A-lamps, and T-lamps. The luminaires segment is segmented into ceiling luminaires, downlight luminaires, strip luminaires, and strip lights.
Based on the end-users, the market has been segmented into indoor lighting and outdoor lighting. The indoor lighting segment is segmented into commercial, residential, industrial, and others. The outdoor lighting segment is segmented into public places, highways & roadways, architecture, and others.
The market has been segmented based on the Distribution-Channel, into store-based and non-store-based.
Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW).
LED Lighting Market - Regional Analysis
The geographical synopsis of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
During the forecast period, the LED lighting market is expected to expand in all the area with positive growth rate. Asia-Pacific region dominates and is projected to continue to dominate LED lighting market in 2017. High technology advancement and growing application areas of LED lighting are one of the major driving factors behind market growth. Also, the presence of wealthy semiconductor manufacturing companies in Asian countries such as Taiwan, China, South Korea and Taiwan is also one of the major driving factors behind the growth of the Asia Pacific LED lighting market.
Driven by the strong government interest in using energy-efficient lighting solutions, Europe is the second largest market for LED lighting. The region is also well equipped with state-of-the-art technologies and has some of the key players that improve the European region's LED lighting market. Europe's debt crisis adversely affected demand for LEDs because their development needs huge capital investments. Recently, Europe and North America have been seeing a boom in many sectors due to government funding and growing use of ultra-modern lighting. Whereas North America region plays a vital role in the expansion and distribution of technology around the world. The area has the influence of developed nations like the U.S. and Canada that are global technology pioneers and that promote business development. North America has experienced a boom in many industries due to government funding and the rising use of ultra-modern lighting. The U.S .- China trade war has triggered a increase in import tariffs and, inevitably, total commodity costs. It is hoped this aspect would prove beneficial to European manufacturers. For these manufacturers significantly increased priority over American manufacturers is expected by the Chinese suppliers to drive regional growth.
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Industry News
The major key players in the market are GE Lighting, Philips Lighting Holding B.V, Samsun, Osram Licht AG, and Cooper Lighting Solutions. These companies place a premium on innovation and, as a result, invest heavily in R&D to offer a cost-effective product portfolio. There have been recent mergers and acquisitions among the major players, a tactic used by businesses to expand their consumer base. Due to the rise in the adoption of mobile applications to track spending, the worldwide LED Lighting Market is expected to develop significantly over the forecast period.
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