LED Lighting Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029
Global LED lighting market is forecasted to value over US$ 90.7 billion by 2029 end and register a CAGR of 13% from 2019 to 2029. The rising demand for energy-efficient lighting alongside the growing adoption of LEDs as a light source is driving the growth of the market. Rising smart cities project alongside the reduction in prices of LEDs is expected to augment the market during the forecast period. LED reduces heat losses and is economical in the consumption of electricity. Advancement in technology, growing focus on green lighting remain the major factor burgeoning the market. The market is segmented into product type, installation type, applications, and region. Based on product type, LED luminaires are expected to witness vast growth. Luminaries are vastly deployed in the industrial and commercial sector. These are vastly deployed in high bays, track lights and streetlights. Luminaries deliver more light as per output power. Based on application, the market is classified into indoor and outdoor lighting. Indoor lighting is expected to grow exponentially over the coming years. The indoor segment is bifurcated into commercial, industrial, residential and others. Higher adoption of LED lights in retail stores, malls, and offices have fuelled the growth of indoor lighting thus propelling the LED lighting market. Outdoor application is also expected to witness vast growth during the forecast period. Various government initiative has triggered the deployment of LED lights in road signs, traffic signals, and highways. On the basis of installation type, retrofit lamps are expected to witness vast growth. Retrofit lamps are the LED lamps that are utilized to partially replace lighting fixtures present within LED lamps. It offers high lifecycle alongside efficient energy saving. Rapid preference to LED lamps over incandescent lamps is driving the growth of the retrofit installation, hence expanding the LED lighting market. In terms of region, Asia-Pacific is the global leader of the market. The region is likely to witness huge growth over the forecast period as well. Emerging economies like India, China, Japan, and Taiwan are already witnessing a surge in manufacturing and usage of LED lighting. Favourable government policies taken by the governments of these countries have fuelled the growth of the market. North America and Europe are also expected to contribute significantly to the growth of the market. Europe and North America have witnessed huge growth owing to rising usage of ultra-modern lighting. Rising investments in R&D for efficient energy solutions alongside rising LED lamp deployment in industrial and residential applications is inflating the market in the region. Prominent players like Osram GmbH, General Electric, and Signify Holding are developing LED lighting of low price aimed at efficient performance. These players are trying to further stimulate the market by enhancing product optimization and product development. Prominent players of the market are OSRAM Licht AG, Dialight plc, Zumtobel Group, Samsung, Cree, Inc., General Electric Company, Philips Lighting Holding B.V, Virtual Extension and Cooper Industries, Inc. Request a Sample Report @ https://www.futurewiseresearch.com/request-sample.aspx?id=2301&page=requestsample Global LED Lighting Market Segmentation: By Product Type: u2022tLED Luminaries u2022tLED lamps By Installation Type u2022tNew Installation u2022tRetrofit Installation By Application Type u2022tIndoor lighting u2022tOutdoor lighting By Region u2022tNorth America u2022tEurope u2022tAsia Pacific u2022tLatin America u2022tRest of the World Purchase a Copy & Ask For Discount: https://www.futurewiseresearch.com/request-sample.aspx?id=2301&page=askfordiscount Competitive Landscape: u25cf Tier 1 players- established companies in the market with a major market share u25cf Tier 2 players u25cf Emerging players which are growing rapidly u25cf New Entrants FutureWise Key Takeaways u25cf Growth Prospects u25cf SWOT Analysis u25cf Key Trends u25cf Key data-points affecting market growth Objectives of the Study: u2022 To provide with an exhaustive analysis on the global LED lighting market by installation type, by application, by product, and by region u2022 To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) u2022 To evaluate and forecast micro-markets and the overall market u2022 To predict the market size, in key regions (along with countries)u2014North America, Europe, Asia Pacific, Latin America, and the rest of the world u2022 To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions u2022 Profiling of companies to evaluate their market shares, strategies, financial and core competencies Inquire further details about this report at: sales@futurewiseresearch.com About FutureWise Research: We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry u2013 a position secured for far more than the near future. Contact Us: Company Name: FutureWise Research Contact Person: Vinay Thaploo Email: sales@futurewiseresearch.com Phone: 44 141 628 9353 / 1 970 279 4295 City: Leeds Country: United Kingdom Website: www.futurewiseresearch.com
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