According to the latest report by IMARC Group, titled "LED Lighting Market - Global Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue," the global LED lighting market size reached US$ 80.8 Billion in 2019. Light-emitting diodes (LED) refer to semiconductor devices that generate narrow-spectrum light when electric current passes through it. LED lights are directional sources of light that are widely installed across the commercial, residential and industrial sectors. These lights are compact in size, have an extended shelf life and offer fast switching. They also consume lesser amounts of energy and are characterized by low heat output and minimum radiation emission. As a result, these lights are extensively replacing traditional lighting systems, such as incandescent and fluorescent lights, on the global level.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global LED Lighting Market Trends:
The market is primarily driven by growing awareness regarding the importance of energy conservation. There has been a significant rise in power consumption on the global level that can be attributed to the increasing global population, altering climatic conditions and improving lifestyle patterns. Inadequate power production across the globe has led to the escalating prices of electricity, which, in turn, is facilitating the adoption of energy-efficient LED lighting solutions. Along with this, there has been a shift toward eco-friendly lights on account of an enhanced focus on sustainable development. The increasing investments in marketing through television and newspaper commercials are further contributing to the growing product awareness among consumers. Moreover, governments of numerous countries are undertaking initiatives to promote the use of energy-efficient technologies and ban inefficient lighting solutions, which is expected to create a positive outlook for the market. The rapid expansion of smart city projects that utilize LED lights as an indispensable component of housing plans is acting as another major growth-inducing factor. Looking forward, the market is anticipated to exhibit moderate growth during 2020-2025.
- Based on the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, homes, and industry. Among these, retrofit exhibits a clear dominance in the market.
- On the geographical front, India holds the leading position in the market, accounting for the majority of the total market share. Other major regions include China, Europe, Japan, Brazil, Russia and the United States.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include NICHIA CORPORATION, OSRAM GmbH, Samsung Electronics Co. Ltd., EVERLIGHT ELECTRONICS CO., LTD., and LG Innotek.
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