Market Size – USD 98.3 billion in 2018, Market Growth – CAGR of 1.83%, Market Trends – Enhanced growth in demand for the LED lights and Low power consumption.
The LED Lighting Market is estimated to grow from USD 98.3 billion in 2018 to USD 109.21 billion by 2026, at a CAGR of 1.83% during the forecast period. The driving factor for growth being the rapid use of LED lighting for household and business purposes. Affordable prices of LED lights is one of the major factors driving their penetration in the residential, industrial and commercial purposes.
The LED lighting system is the system of lights which uses the LED (Light Emitting Diode) technology. Unlike other lighting systems, it is most commonly known for its affordable cost and low power consumption. It has become the alternative method for the other lighting systems due to the advanced technology, ease of use and low cost. The market is estimated to grow at a higher rate due to the conventional way of power savings.
Players will require increased investments to tackle these challenges and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the LED lighting market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
The report “LED Lighting Market by Type (Lamps, Luminaries), Type of Installation (New, Retrofit), Utilization (Indoor, Outdoor) , and Geography-Global Forecast 2026” is available now to Report and Data customers and can also be purchased directly at: https://www.reportsanddata.com/report-detail/led-lighting-market
Further key findings from the report suggest
- The growth of the LED lighting Market is directly fueled by the affordable cost and energy saving technology
- As type, the market is segmented into lamp and luminaires. Various technologies involved with the LED luminaire is the major reason for the high growth among this segment. It is because of the increasing demand for utilization of the IoT connected with LED luminaires that provides many advanced features like the sensors for the light control.
- The types of Installation are new and retrofit. The retrofit type of installation is the technique that adds new and advanced features of the technology to the old and already existing system. It is estimated to be popular due to its efficiency and innovative techniques. This segment is popular in most of the residential sectors.
- Based on the Utilization, the market is segmented as outdoor and indoor. The outdoor lighting is estimated to bring the highest growth. A critical application of the outdoor lighting is in the outdoor parking lot. Indoor lighting is mainly used in households sectors. Due to the massive demand in the residential sector, it is estimated to grow in the coming future.
- Based on region, the market is being segmented to Europe, APAC, North America, and Row. Because of the enhanced demand for an efficient energy-saving lighting system, the region of APAC is estimated to face the highest growth. The enhanced adoption among the various enterprises to increase the efficiency and improve the business has led to the growth in this region.
- The key players involve key vendors like Acuity Brands (US), Cree (US), Eaton (Ireland), General Electric (US), Philips (Netherlands), Osram (Germany), Nichia Corporation (Japan), Seoul Semiconductors (South Korea), Everlight Electronics (Taiwan), Panasonic (Japan).
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For this report, the market has been divided into segments on the basis of type, installation type, utilization, and region:
- Type (Revenue, USD Million; 2016–2026)
- Installation type (Revenue, USD Million; 2016–2026)
- Utilization (Revenue, USD Million; 2016–2026)
- Regional Outlook (Revenue, USD Million; 2016–2026)
- North America
- Canada & Mexico
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Rest of the World
To know More Related Reports:
• LED Indoor Lighting Market – https://www.reportsanddata.com/report-detail/led-indoor-lighting-market
• LED Traffic Signs Market – https://www.reportsanddata.com/report-detail/led-traffic-signs-market
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