Global LED Lighting Industry
New Study On “Global LED Lighting Market Share, Supply, Analysis and Forecast to 2024” Added to Wise Guy Reports Database
The global LED lighting market is expected to garner lucrative revenue valuation, as per the latest report provided by Renub Research. There are several factors contributing to the ascension of the market. A light emitting diode refers to a semiconductor light source which converts the electrical energy into light energy. This device is generally used in lamps as a replacement for an incandescent light source. Some LEDs are also called infrared-emitting diodes (IREDs), emitting infrared energy (IR), which is greater than or equal to 830 nm. A light emitting diode consists of two elements of processed materials called N-type semiconductors and P-type semiconductors. These two elements are directly in contact with a called as the P-N junction.
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Topmost players in the market include MLS Co Ltd., Philips Lighting, Osram, Cree Inc., and Foshan Electrical & Light.
The global LED lighting market is highly driven by several factors, including high demand for cost-effective and energy-saving LED lighting, and a need for replacing traditional lighting. Moreover, supportive initiatives launched by the government to adopt LED lighting are also fostering market growth due to higher consumer adoption. However, certain factors are restraining the LED lighting market growth. Voltage sensitivity and temperature dependence are anticipated to hinder the market growth over the forecast period.
Rising electricity prices and increasing concerns regarding climate change are also propelling the demand for high-efficiency LED lighting sources. Countries across the globe have undertaken measures to undertake sustainable solutions in place of conventional ways, hence, promoting the adoption of LED lighting.
The LED lighting market is segmented by application and region. Based on application, the market for LED lighting is segmented into residential, office, retail/shop, hospitality, industry, outdoor, and architectural.
Detailed Regional Analysis
The market for LED lighting is segmented into five regions namely, Europe, North America, Asia, Latin America and Middle East & Africa. Asia Pacific is anticipated to spearhead the global LED lighting market over the conjecture period. Asia Pacific’s market for LED Lighting is heavily influenced by three primary factors. Owing to the planned event of Tokyo Olympics in 2020, the demand for LED lighting is expected to witness a prominent rise in demand. Secondly, DLC V5.0 based lighting that will boost the demand for high-end lighting is anticipated to drive the market. And thirdly, cross-industry expansion is noted in the lighting manufacturers is bound to create new growth opportunities for the industry.
LED lighting companies operating in North America are witnessing a rise in sales with revenue generated primarily from sales in the US. However, the cost of LED lighting in the region is anticipated to rise slightly owing to trade tensions between China and the US. Such trade tensions are expected to affect the cost of raw materials, thereby increasing the cost of the end-product.
European manufacturers are expected to gain significant business opportunities in the coming years owing to the increasing regional demand for commercial lighting such as troffers at the beginning of the forecast period.
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