As per Market Research Future (MRFR) analysis, the global LED lighting market size is expected to grow at approximately USD 105 billion, with a CAGR of 14% from 2017 to 2023 (forecast period). The study explores the COVID-19 overview of the global LED lighting market and aims to provide a comprehensive summary of market segments, recent innovations, growth forecasts, and market challenges from 2017 to 2023 (forecast period) to determine investment opportunities.
Rapid technological advancement promotes the development of better and cost-effective technology. The light-emitting diode (LED) is one of today's most energy-efficient and fast-developing lighting technologies. LED is a highly energy-efficient lighting technology that has the ability to change the future of lighting radically. LEDs are very different from incandescent bulbs and CFLs; the differentiating factor is that LEDs are the size of a speck of pepper, and a combination of red, green, and blue LEDs is usually used to create white light.
Market Dynamic
The main drivers of the LED lighting market trends are strong government support, the emphasis on LED standardization, the boom in the real estate sector, the organized retail market, the improvement of rural electricity generation, and the rising population are key drivers of the LED lighting market. The benefits of LED lighting include high brightness intensity, high energy efficiency, low radiated heat, high durability, negligible UV rays, and a long-life cycle.
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Market Segmentation
The global market for LED lighting has been segmented on the basis of installation type, product, and application.
On the basis of installation type, the global LED lighting market has been segmented into new installation and retrofit installation. The retrofit installation includes a multitude of tasks that must be performed before customers start removing or installing the cable. The retrofit requires a particular set of circumstances to be addressed, defined by the scope and design of the cable installation. Some retrofit involves a simple expansion of a phone system or a data network. Others may include voice and data systems, security and fire alarm systems, and improvements to the backbone or horizontal cabling infrastructure.
On the basis of product, the global LED lighting market has been segmented into lamps and luminaires.
On the basis of application, the global LED lighting market has been segmented into indoor lighting and outdoor lighting.
Regional Analysis
The regional analysis of the LED lighting market is being studied for region such as the Americas, Asia Pacific (APAC), Europe, and the Rest of the World.
Rapid infrastructure activities across various industries have powered the demand for LED lighting in the Asia Pacific region, followed by the European region. Europe captured the biggest share of the global market for LED lighting and is poised to dominate the world market. This rise is majorly due to the growing demand for outdoor applications coupled with a strict regulation for energy efficiency.
Key Players
The industry giants in the global LED lighting market are – Phillips Lighting Holding B.V. (Netherlands), Cree Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG(Germany), Cooper Industries, Inc. (Ireland), Virtual Extension (Israel), Zumtobel Group AG (Austria), Samsung (South Korea), Dialight Plc. (U.K.), Sharp Corporation (Japan), among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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