LED Lighting Market Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets

1. MarketsandMarkets Presents LED Lighting Market worth $92.4 billion by 2022 [150 Pages Report] 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.

2. 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

3. 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. Asia-Pacific held the largest share of the LED lighting market in 2015, while the market in Europe is expected to be the second largest by 2022. Europe has a population that has a relatively high standard of living. The people in this region have the required financial means to invest in smart homes which are fitted with several innovative LED lighting systems. The high growth of the market in APAC can be attributed to the ongoing infrastructure modernization projects in the developing economies such as China and India, where the governments have approved the construction of several smart cities.

4. 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. Contact:MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com