LED Lighting Market Size - Industry Segments, Gross Margin by Forecast to 2023

Posted by Savni on January 13th, 2020

LED Lighting Global Market:

As LED technology advances, more and more people are choosing to make the switch and there is no difference when it comes to LED Lighting. From small household use to big businesses, the need to save on energy costs is getting more important. Not only does the LED Lighting save the money but also the time of having to replace the lighting after the certain rated life. With a long lasting rated life, LED Lighting is here to stay.  LED Lighting has many benefits, one being they don’t contain any harmful toxins such as mercury and are therefore better for the environment. As with all LEDs they produce a lot less heat than other lamps. LED Lighting works in most temperatures unlike the fluorescents which can on occasion not light up if temperature is too low.

LEDs also have a better resistance to switching cycles than fluorescents which will often cause them to fail if constantly switched on and off. In a more domestic environment, fluorescents will begin to buzz nearer the end of their life time; LED Lighting not buzz or flicker on starting up. The rapid advancement in technology, encourage the invention of better and cost effective technology. The light-emitting diode (LED) is one of today’s most energy-efficient and rapidly-developing lighting technologies. LED is a highly energy efficient lighting technology, and has the potential to fundamentally change the future of lighting. LED is very different from  incandescent bulbs and CFLs, the differentiating factor is LEDs are the size of a fleck of pepper, and a mix of red, green, and blue LEDs is typically used to make white light.

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According to a recent study report published by the Market Research Future, The global market of  LED Lighting is expected to reach USD ~ 105 Billion by the end of 2023 with 14% CAGR during forecast period 2017-2023.

The key drivers of LED Lighting Market Size is strong government support, focus on LED standardization. The boom in real estate sector, organized retail market, improvement in rural electrification and growing population are the key drivers of the LED Lighting Market Size. The advantages of LED lighting include high intensity of brightness, high energy efficiency, low radiated heat, high reliability, negligible UV rays and long life span.

However, the high production cost is expected to pose as a challenge to LED Lighting Market Size. Nonetheless, screen and display backlighting market development are likely to open new avenues for the LED lighting demand.

Key Players:

The global LED Lighting Market Size appears to be highly competitive and fragmented due to the presence of numerous domestic and international vendors. The Key players operating in this market emphasis upon the product innovation and new manufacturing processes which in turn is anticipated to fuel the already intensified competition during the forecast period. However, factors such as rapid advances in technology and the cyclical nature of the semiconductor industry will pose significant challenges for the vendors.

Profiled in MRFR Analysis some of the prominent players In The LED Lighting Market Size 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), Sharp Corporation (Japan), among others.

Segments:

The LED Lighting Market Size can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Installation Type: Comprises New Installation & Retrofit Installation.

Segmentation By Product: Comprises Luminaries & Lamps.

Segmentation By Application: Comprises Indoor Lighting & Outdoor Lighting

Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

The retrofit installation involves a multitude of tasks that must complete, before the consumers begin to remove or install cable. The retrofit requires addressing a unique set of circumstances, determined by the scope and design of the cabling installation. Some retrofits involve a simple expansion of a phone system or a data network. Others may involve voice and data systems, security and fire-alarm systems and an upgrade to the backbone or horizontal-cabling infrastructure.

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Synopsis:

Benefits offered by LED lights over incandescent and fluorescent lamps is the major factor driving the LED Lighting Market Size growth.  In additions, the energy efficiency of LED lights, higher brightness, and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers with innovative technology are attracting the customer globally.  

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