Jan 17, 2017: According to a new market research report by MarketsandMarkets on LED lighting market by installation type, the total LED lighting market, is expected to be valued at US$ 92.40 billion by 2022, growing at a CAGR of 13.66%. In terms of volume, the market size is expected to reach 14.01 billion units by 2022, at a CAGR of 21.23% during the forecast period.
The growing consumer demand for energy-efficient lighting system is expected to be the major factor driving the market.
Residential indoor lighting applications are expected to dominate the LED lighting market in terms of value.
Increase in infrastructure-building activities, a large chunk of which is the residential sector, is the major factor contributing to the high growth of the residential indoor lighting end-use application.
The LED lamps subsegment is expected to be the dominant market as it is the major light source and main component of an LED lighting system. Increasing consumer awareness about conserving energy and installing light systems with high energy efficiency is expected to boost the LED lighting market for lamps.
The market in APAC is expected to grow at the highest rate between 2016 and 2022. The high growth rate can be attributed to the rapid infrastructure-building activities being undertaken in the APAC region.