July 27, 2017: A new report on LED lighting market for residential, architectural and outdoor applications, by Zion Market Research, shows that the global LED lighting market 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.
LEDs are lighting sources for general lighting applications with ten times as efficient as compared to incandescent lighting. Such attribute combined with their long working life and reliability has made them the suitable choice for next generation of lighting systems including emergency, backlight, automotive, indoor and outdoor. To ensure accurate operation and to control the light intensity, LEDs need an efficient driver, normally implemented by power electronics-based conversion stages to match the LED characteristics with the AC grid voltage and to generate a controllable and high-quality light.
Browse through 16 Market Tables and 15 Figures spread through 110 Pages and in-depth TOC on ‘LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022’.
LED Lighting market is dominated by some of the key participants such as Cooper Industries Plc, Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Philips Electronics N.V., Digital Lumens, Inc. and GE lightings.
LED is a semiconductor device that emits visible light when an electric current passes through it. The light is not mostly bright, but in most LEDs it is monochromatic, occurring at a single wavelength. The output from a LED can range from red (at a wavelength of around 700 nanometers) to blue-violet (near 400 nanometers). LEDs are comprised of compound semiconductor materials which are made up of elements from group III and group V of the periodic table.
The LED lighting market is primarily driven by benefits offered by LED lights over incandescent and fluorescent lamps. In additions, the energy efficiency of LED lights, higher brightness, and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers such as Phillips and GE with innovative technology is attracting the customer attention 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.