Globally, the LED Market is predicted to grow at CAGR of 15.98% in forecast period, providing numerous opportunities for market players to invest in research and development in the LED market. Light emitting diodes (LEDs) are considered as highly energy efficient, flexible, and has better life span, such factors are anticipated to drive market growth over the forecast period. Growing demand for numerous indoor and outdoor solutions for residential purposes are driving the growth of LED market in the upcoming years as well. Easy availability and cost-effectiveness of LED lights over its counterparts such as incandescent lights are expected to fuel market demand in the near future. Additionally, capability of light emitting diodes (LEDs) lights to deliver as much as 50,000 hours of illumination with minimum input power is considered as one of the prominent factors for growth of LED market, in the recent years.
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Other advantages of light emitting diodes (LEDs) include lesser cost of operation and minimum heat losses makes them an ideal choice for incandescent lights. The recent technological advancements in the lighting industry coupled with development of novel products has led to shift from traditional lighting solution to green lighting with advanced energy efficiency standards, and reduced cost, thereby spurring market demand during the recent years.
Furthermore, stringent environmental laws by multiple local governmental agencies regarding greenhouse gas emissions are driving industry players to adopt the green lighting solutions in present times. The growing need for electricity conservation across underdeveloped and developing countries due to insufficient electricity production is driving market demand for LED lighting solutions. Higher ratings and advanced design standards to achieve superior performance and high efficiency with the use of the LED lights, is further attributing to the expansion of the LED lighting market across developed regions across the globe.
LED lights have longer life cycle in comparison with the traditional lighting systems, and is considered one of the key reason for increasing adoption of the LED lighting solutions. In addition, they consume less electricity and dost not require any maintenance. The increase in adoption of the LED lighting solutions will allow saving as much as two hundred terawatt hours of electricity each year.
As the prices of LED lighting systems falls, adoption of LED systems is expected to grow further. Light emitting diodes systems utilizes fifty percent less electricity in comparison with conventional systems such as fluorescent or halogen bulbs, allowing substantial cost saving for consumers.
The LED market is broadly categorized into two major types based on application such as indoor lighting solutions and outdoor lighting solution. The indoor lighting market segment is considered as one of the fastest growing segment in the LED market with substantial revenue generation in the last couple of years.
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The LED market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the existence of well-established industry players, favorable governmental guidelines regarding the use of light emitting diode technology, and increase in the investment for research and development of energy-efficient lighting solutions.
Asia-Pacific region is predicted to hold major market share in the LED market with massive growth in forecast period. Countries such as Taiwan, India and China are leading the Asia-Pacific market due to the growing need for electricity conservation, rising per capita income, strong economic growth, and growing investments by market players assuming potential growth opportunities in the market. The key players in the LED market are Philip Electronics Inc., Cree Co., Osram Opto Co., Digital Lumens Incorporations, GE Lighting Solutions and Toshiba Co.
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The market is divided into the following segments based on geography:
Global LED Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• GENERAL ELECTRIC
• LG INNOTEK
• Lumileds Holding
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