The global LED lights market is expected to register a global CAGR of 10.8% during 2017 – 2027, with APEJ, North America, and Europe accounting for significant market value shares by the end of the forecast period.
FMI delivers the key insights on the global LED lights market in its report titled “LED Lights Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027”. The growth in the market value of the global LED lights market will remain attractive as the market is expected to grow continuously at a CAGR of 10.8% in terms of value during the forecast period 2017 – 2027. On the basis of product type, the luminaries segment is expected to register an attractive growth over the forecast period in the global LED lights market. Organized LED lights segment is expected to hold a large share of the global LED lights market, in comparison to the unorganized LED lights segment. Based on application, the residential segment is expected to gain a higher share during the forecast period in the global LED lights market.
The global annual revenue from the LED lights was valued at US$ 39.524.8 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. APEJ and developed economies of North America and Europe, are expected to collectively account for a majority share of the global LED lights market. North America, Europe, and APEJ are likely to dominate the global LED lights market over the forecast period, with APEJ expected to grow at high CAGR over the forecast period.
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Since the last few years, the adoption of LED lights has been increasing considerably, especially in the residential segment.
LED lights are finding increasing adoption in government offices, hospitals, stadiums, malls, educational institutes, events, airports, railway and metro stations, theatres, historical monuments and buildings, etc. In addition, with governments of various countries across the globe focusing on smart city projects, the demand for LED lights and related products is expected to increase exponentially over the forecast period. Rising adoption of LED lights in the automotive industry is also expected to drive the growth of the global LED lights market significantly. This is attributed to various advantages that LED light systems offer such as lower heat emission, better colour rendering, energy efficiency, high durability, easy installation, and digital programmability. In addition, flexible design, intense & deep colour, and safe and comfortable driving at night are other factors further expected to fuel the demand for LED Lights in the automotive industry over the forecast period.
On the basis of FMI’s analysis, the luminaire product type sub-segment is expected to dominate the LED lights market. On the basis of application, the residential is expected to the dominating segment in the global LED lights market over the forecast period.
APEJ is expected to dominate the global LED lights market due to the high growth in the overall revenue generated from the residential segment, owing to the growing preference for energy-efficient LED lights that help save costs. The lighting companies are developing LED light technologies that are energy efficient, consumes lesser power, are not harmful to the environment, and follow the regulations set be the governments. The LED lights market in North America and Europe has high potential owing to its implementation in the residential as well as commercial segment. In reference to LED lights, Europe is a hub for various lighting fairs and exhibitor events such as the LUXLIVE 2017, and draws a major participant list from all over the world. These fairs serve to enable various LED lights manufacturers to showcase their designs and LED lights system on an international platform. This is a major factor increasing awareness regarding the latest designs and technologies in the LED lights market, which is expected to create high potential opportunities for the operating companies.
APEJis expected to the target regional market for the participants owing to the high growth opportunities in countries such as India and China. The MEA LED lights market is estimated to grow at an above-average CAGR over the forecast period, due to high competition among stores and online retail enterprises, as well as due to the infrastructural development, especially in the Gulf countries. GCC Countries is expected to hold a major revenue share in the MEA LED lights market over the forecast period.
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According to FMI’s analysis, the integration of advanced technologies by the LED lights manufacturers, along with enhancement of functionality with the smart lighting concepts implemented in smart homes will help to increase the revenue in the LED Lights market. Examples of some of the participants operating in the global LED lights market are General Electric Company, Valeo S.A., Osram GmbH, HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Magneti Marelli S.P.A, Warn Industries Inc., Royal Philips Electronics, Zizala Lichtsysteme GMBH, Guangzhou Ledoauto Company Ltd., and Montaplast GmbH.
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