Zion Market Research has come up with a global LED industry report titled “LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022’’. According to the report, the global LED lighting market added up for USD 26.09 Billion in 2016 and is likely to cross USD 54.28 Billion by end of 2022, developing at a CAGR of almost 13% from 2017 to 2022.
According to the report, LED Lighting market is dominated by some of the major players such as Cooper Industries Plc, Zumtobel AG, Osram Opto, Philips Electronics N.V., Toshiba Corporation, Cree Incorporation, Digital Lumens, Inc, and GE lightings. These players are claimed to drive the LED lighting market in the years to come.
Analysts at the Research Zion Market Research attribute this growth to the benefits offered by LED lights over incandescent and fluorescent lamps. In additions, 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 introduction of new product by manufacturers such as Phillips and GE with innovative technology are attracting the consumer’s attention globally.
Europe held the largest share of the global LED lighting market and is set to continue to dominate the world marketplace within the forecast period. This growth is mainly attributed to the rising demand for outdoor application paired with stringent energy efficiency regulation. Implementation of the EU Green Paper can lead to new opportunities for the European LED market in near futures. Europe accounted for over 31% of market share in 2016. North America is another leading regional market for LED lighting and is expected to witness noteworthy growth in the near future. Regulation over energy efficient product and high disposal income will help to drive demand for LED lighting for architectural application. US is expected to be one of the lucrative markets for LED lighting manufactures.
Asia Pacific is considered to be the fastest growing market for LED lighting and expected to be hold significant market share in years to come. Developing infrastructure of roads, upcoming development projects, booming construction industry in developing countries such as China, India and Indonesia is expected to create massive demand for LED lighting for residential as well as outdoor application. It will include roadways, traffic lights, tunnels, parking lots and garages, lighting in bathrooms, hallways, dining rooms and kitchens.
Latin America is comparatively new and is still open for new companies and brands. Brazil will take control of the leadership role in in LED lighting implementation. It is aggressively picking up on the deployment of government-installed LED-based streetlights. Middle East and Africa are also forecasted to show significant growth in the coming years. UAE and Saudi Arabia are predicted to hold noticeable market share in near future.