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Last edited 01 Jun 2017
Global LED Lighting Market to Exhibit 13% CAGR between 2014 and 2020
LED lights are packaged arrays of light emitting diodes, which offers long lasting, economical and environment-friendly illumination. A light emitting diode is a semiconductor device that produces light through a process of electroluminescence. LED lighting products deliver high electrical efficacy, high reliability, and long lifespan. This results in energy savings, lower maintenance costs, and environmental sustainability. LED light offers uniform and bright light and saves up to 80% in energy costs compared to traditional lighting.
The LED market is driven by increasing demand for cost-effective and long-lasting lights. Many governments across the world have imposed controls on the production, import, and sale of incandescent lights. Strong demand from countries like China, Japan, and South Korea is expected to drive rapid growth of the market. Environmental regulations in regions such as Europe and North America remain a major market driving force. Growing urbanisation, increasing LED production and the rising concerns about cost and emission of CO2 are also driving the growth of the market. However, LED light manufacturers are expected to face challenges such as high initial investment and low awareness among end users regarding the benefits of LED lights.
Residential, architectural and outdoor lighting are the key application markets of LED lighting market. Residential lighting dominated the market in 2014, accounting for more than 40% of the market. Architectural is the next largest market followed by outdoor applications. Architectural is expected to exhibit rapid growth due to the price and luminous efficiency of LED light.
The market is dominated by Europe, which accounted for more than 30% of total demand in 2014. Strong demand for LED lights in countries such as Germany, France, and the UK is expected to trigger the growth in these regions. Furthermore, the Asia Pacific is expected to be a major contributor to the growth of the market due to government initiatives and rapid urbanisation. China, Japan, South Korea and India will be major growth markets for LED lights in the region.
The LED lighting market is highly competitive. Some of the key players dominating the market include Philips Electronics N.V., Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Digital Lumens, Inc., Cooper Industries Plc and GE lightings.
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