LED Lighting Market Size, Growth, Trend and Forecast to 2022 [150 Pages Report] The global LED lighting market is expected to be valued at USD 92.40 Billion by 2022 and is expected to witness a shipment of 14.01 Billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022. The increasing consumer demand for energy-efficient lighting systems, reduction in prices of LEDs, and high penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market. The base year considered for this report is 2015, and the market size forecast is provided for the period between 2016 and 2022. The prime objectives of LED lighting market can be summarized as follows:
To define, describe, and forecast the global LED lighting market on the basis of installation type, end-use application, product type, and geography To provide market statistics with detailed classification and split in terms of value and volume To forecast the size of market segments with respect to four major regions, namely, North America, Europe, APAC, and RoW To provide detailed information regarding the major factors influencing the growth of the LED lighting market (drivers, restraints, opportunities, and challenges) To detail the industry trends, insights based on the value chain analysis, and strategic benchmarking of the LED lighting market
This research study involves the extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg, Factiva, and OneSource) to identify and collect information useful for this study. The research methodology followed in this report is explained below.
Analysis of all the end users of LED lighting systems worldwide Analysis of various LED lighting components and systems sold to various industries Analysis of the penetration of LED lighting in various industries Estimation of the market size in terms of volume Estimation of the market size of LED lighting systems in terms of end-use applications by different industrial and consumer segments Overall market size along with data triangulation with supply-side data including product developments, supply chain, and estimated sales of LED lighting systems
The LED lighting ecosystem comprises hardware component manufacturers, prototype designers, and original equipment manufacturers (OEMs) such as Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Dialight plc (U.K.), Zumtobel Group AG (Austria), Samsung (South Korea), and Sharp Corporation (Japan). The global LED lighting market is expected to exhibit a good growth potential till 2022. The global market is expected to be valued at USD 92.40 Billion by 2022 and is expected to witness a shipment of 14.01 Billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022. The increasing consumer demand for energyefficient lighting systems, reduction in prices of LEDs, and increasing penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market. In the market by end-use application, indoor lighting is expected to have a higher growth rate than outdoor lighting. The reason for the large market size and high growth rate of indoor lighting is increasing infrastructural activities across the world, mainly focused on residential lighting.
In the market by installation type, retrofit installation is expected to experience the highest growth. Increasing replacement of incandescent lamps with energy-efficient light sources such as LED lamps is the major factor contributing to the growth of the market for retrofit installation. The old generation lamps are being slowly phased out and the fixtures are being retrofitted with LED lamps as they offer a longer working life and also consume less energy. Lack of awareness regarding installation costs and payback periods and development of alternative technologies are the major restraints for the growth of this market. The major players in the market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Cooper Industries, Inc. (Ireland), among others. These players adopted various strategies such as new product developments, partnerships, collaborations, and business expansions to boost their revenue in the LED lighting market.