May 29, 2017: Global LED lighting market will hit US$29.6 billion in 2016 and increase to US$ 33.1 billion in 2017, with a penetration rate of 52%, according to a report by TrendForce.
Further, the report said that LED lighting will account for 23% (highest across the globe) of entire lighting in Europe by 2016, due to regional lighting development. Meanwhile, North America and China will become second and third highest regions. However, Asia- Pacific region will witness fastest growth rate in LED lighting, added the report.
US LED market
Due to strong dollar policy,the US has become the development driver of global LED demand market, thus making the LED products relatively cheaper. This trend will affect the US market in 2016, says the report.
With the aim to maintain industrial expansion, the US is supporting LED lighting local assembly, which is likely to meet the local market demand in a better way and, expand its market. Further,the leading US manufacturers are developing LED business, with the growing LED lighting penetration rate.
Global LED market to reach US$33.1 bn in 2017
Industrial and LED commercial lighting demand is strong across the nation, among which demand for high bay lights, panel lights, and tunnel lights is the highest. Hence, they are now beginning to move towards new application areas such as optical and intelligence communications.
Southeast Asia LED market
The LED industry in Southeast Asia has developed strongly over the past few years and, now it has strengthened to replace conventional lighting. Even though under the influences of the economic situation in 2015, growth has slowed down, it is likely that LED lighting penetration rate of Southeast Asia will increase in the coming few years. Southeast Asia is emerging as a major hub for Chinese manufacturers exporting LED products.
Indian LED market
The LED industry in India has gained its government’s full support. The government has introduced a range of energy-efficient policies from all perspectives to sustain the industry’s expansion. In order to help multiple investments enter the nation, the government executes free tariff of LED component imports. This helps to facilitate LED products into assembly in India as semi-finished products, thus expanding the local market.
Australian LED market
Australia has around 7-8 million families, and, on an average each family possesses 75 lamp holders. The current LED products are dominated by MR16 lamps and conventional ceiling lights. Under the requirements of pursuing lighting energy conservation, LED lighting will offer more LED opportunities for the nation. At present, filament lighting is applied on a large scale in commercial lighting space, encouraging the filament lighting orders demand in China.