The global LED lighting market reached a value of US$ 62 Billion in 2017. The market value is further projected to cross US$ 112 Billion by 2023, at a CAGR of 9% during 2018-2023. A light-emitting diode (LED) refers to a semiconductor device which generates non-coherent and narrow-spectrum light when electric current passes through it. In comparison with conventional lights, LED lights are environment-friendly in nature and save around 90% of the overall energy. Some of the other advantages associated with LED lights include reliability, compact size, fast switching, longer lifespan, improved physical robustness, low heat output, minimum radiation emission and less power consumption. Owing to this, LED lights are now rapidly replacing incandescent and fluorescent lights across the globe.
Global LED Lighting Market Drivers:
Breakup by Application:
Based on applications, the global LED lighting market is segregated as retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industry. Amongst these, retrofit represents the largest application area owing to the growing awareness about the advantages offered by LED lights.
On a geographical front, India enjoys the leading position in the market, accounting for the dominant share. The Indian Government’s policy of rural electrification has created a strong demand for energy-efficient lighting products. Other major regions include China, Europe, Japan, Brazil, Russia and the United States.
The market is concentrated in nature with the presence of few manufacturers who are competing against one another in terms of prices and quality. Some of these players include:
This report provides a deep insight into the global LED lighting industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a LED lighting manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the LED lighting industry in any manner.
Key Questions Answered in This Report:
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