NEW YORK, Jan. 19, 2017 /PRNewswire/ -- "LED lighting market expected to grow at a high rate between 2016 and 2022"
The global LED lighting market is expected to be valued at USD 92.40 billion by 2022 and is expected to witness a shipment of 14.01 billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022. The increasing consumer demand for energy-efficient lighting systems, reduction in prices of LEDs, and increasing penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market. Lack of awareness regarding installation costs and payback periods and development of alternative technologies are inhibiting the growth of the LED lighting market.
"Indoor lighting expected to be the leading end-use application segment of the LED lighting market"
The large market size and high growth rate of indoor lighting application is attributed to the increasing infrastructural activities across the world, mainly focused on residential lighting. Other factors such as low maintenance costs and low power consumption make LED lamps a good choice for room lighting by residential consumers.
"Asia-Pacific expected to hold the largest market share during the forecast period"
The market in Asia-Pacific is expected to grow at a high rate during the forecast period. The combination of multiple factors makes APAC the most dynamic region in the LED lighting market. The reason for APAC to be the leading market is it is home to some of the top players in the LED lighting market such as Sharp Corporation (Japan) and Samsung (South Korea). Besides this, APAC has a very large population with a standard of living that is improving every day, and there is an increasing growth of smart homes. The countries of the APAC region are also introducing legislations for energy efficiency and LED lighting.
In the process of determining and verifying the market size for several segments and subsegments of the LED lighting gathered through the secondary research, extensive primary interviews have been conducted with key experts. The breakup of the profiles of primary participants is shown below.
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level Executives– 35%, Directors– 25%, and Others – 40%
- By Region: North America – 20%, Europe – 45%, APAC – 30%, and RoW – 5%
The geographic segmentation in the report covers the four major regions of the world, namely, North America, Europe, APAC, and RoW. The report also profiles major players in the LED lighting market. Some of the major players in this market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Dialight plc (U.K.), Zumtobel Group AG (Austria), Samsung (South Korea), and Sharp Corporation (Japan), among others.
The product type segment in the report covers the market size for lamps and luminaires of an LED lighting system. The installation type segment covers the different types of installations, namely, new installation and retrofit installation. The end-use application segment covers indoor lighting and outdoor lighting.
The report also covers Porter's five forces analysis, value chain analysis with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the LED lighting market.
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