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 reached a value of more than US$ 62 Billion in 2017. LED, an abbreviation for Light Emitting Diode, refers to a directional source of light which is associated with several attributes like compact size, releasing less heat, consumption of less energy and serving a longer time-span. Owing to its innumerable advantages, LED lights are widely used for industrial, commercial and residential purposes across the globe. In comparison with other conventional sources of lights, like incandescent and fluorescent lights, LED lights are environment-friendly, they save up to 90% of the energy and emit no heat or greenhouse gas.
On account of increasing power consumption across the globe, the LED lighting market is experiencing a vibrant growth. This surge in the power consumption can be accredited to the increasing population worldwide, huge subsidies offered by governments across several nations and limited efforts for rationalising the consumption. The increasing electricity consumption and inadequate electricity production has resulted in a power crisis. As a result, government and consumers are consistently seeking solutions for conserving electricity, therefore, bolstering the demand for efficient lighting products like LED. Moreover, an increase in the initiatives undertaken by manufacturers via newspapers and television commercials, along with encouragement from the regulatory bodies have led to the wider product awareness amongst consumers. Apart from this, owing to rapid urbanisation and infrastructural improvements, LED lights are extensively used in numerous end-use industries. Looking forward, the market value is projected to exceed US$ 112 Billion by 2023, expanding at a CAGR of 9% during 2018-2023.
- On the basis of application, the market has been segmented as retrofit, retail and hospitality, outdoor, offices, architectural, homes and industry. Currently, retrofit represents the largest segment as it has gained immense popularity across the globe. Conventional lighting systems ranging from indoor to outdoor lighting are being replaced by the retrofitting of existing lighting fixtures with LEDs.
- Region-wise, the market has been segmented into India, China, Europe, United States, Japan, Brazil and Russia. Amongst these, China is the leading producer as well as consumer of LED lighting products across the globe.
- The competitive landscape of the market has also been examined with some of the key players being Nichia, Osram, Samsung Electronics, Everlight Electronics and LG Innotek. The LED lighting market is concentrated in nature with the presence of only few manufacturers who are holding the majority of the market share.
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