According to the latest market research report “Global LED Lighting Market, by Product Type (LED Bulbs, Bare LED Tubes, LED Fixtures, LED Down lights and Others), by Services (Consulting Services, Installation Services and Maintenance & Support), by End-use Industry (Residential, Commercial and Industrial), by Application Type (Outdoor, Indoor, Backlighting, Automotive and Others) and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East) – Global Forecast to 2025″, is estimated to be valued at over US$ 120 billion by 2025 and expected to witness a CAGR of 16.61% during the forecast period from 2017 to 2025, as suggested in a report released by Coherent Market Insights.
The increase in global demand for eco-friendly technologies is amplifying the rise of LED market. The significant importance of LED lighting solutions is consumption up to 50% less energy to generate an equivalent light intensity as Compact Fluorescent Lamps (CFL) and Cold Cathode Fluorescent Lamps (CCFL). This plays an integral role in decreasing the energy consumption that directly converts into a reduction of more than 700 million tons of carbon dioxide emissions every year. The estimates have been obtained by observing the latest market trend for CFLs and CCFLs, basically these two technologies are the main products that will be exchanged by LEDs.
LED lights have various factors which make them better than the traditional lights such as more efficiency, higher color quality, longer lifespans and easy to use. Currently, companies such as OSRAM and Lightning Optoelectronic are launching their lighting LED products, including mono-color and multi-color lights, rendering efficiency and high luminous intensity. As an add-on they are playing a drastic role in the automobile industry, enhancing the over-all LED Lighting Market, due to advancement in head lighting, dynamic beam functionality, laser head lighting, front and rear lighting signature design, ADAS and autonomous driving and other technology.