Dec 4, 2017: The global LED lighting market size accounted for US$ 26.09 billion in 2016 and is expected to reach US$ 54.28 billion by 2022, growing at a CAGR of around 13% between 2017 and 2022, according to Zion Market Research has published a new report titled “LED lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.
Benefits offered by LED lights over incandescent and fluorescent lamps is the major factor driving the LED lighting market growth. In additions, the energy efficiency of LED lights, higher brightness, and a longer lifespan are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers such as Philips and GE with innovative technology is attracting the customer globally. However, the high production cost is expected to have an adverse impact on LED lighting market. Nonetheless, screen and display backlighting market development are likely to open new doors for the LED lighting demand.
Residential application segment dominated the LED lighting market and accounted over 40% of market share of in 2016. Residential applications for LED lighting include lighting for bathrooms, hallways, dining rooms and kitchens. Increasing use of LED lighting for outdoor application such as roadways, traffic lights, tunnels, parking lots, and garages is expected to provide significant growth opportunities to this market in coming years. The architectural application includes both functional and decorative lighting. Decorative LEDs are used to light up pools, gardens, fountains, and statues. The functional application includes landscaping and building facades.