NEW YORK, March 29, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global LED lighting market size is projected to cross $70.2 billion by 2023, growing at a CAGR of 12.6% between 2017-2023. The growing adoption of energy efficient lighting solutions, across the globe is one of the primary factors attributing to the growth of worldwide LED lighting industry. The increased investment in infrastructure enhancement, along with continuous price erosion of LED lighting solutions is driving the growth of the market. Apart from this, increase in demand of LED for various applications of general lighting have also benefited the penetration of LEDs in recent years.
Based on product type, the LED lighting market is classified into luminaire and lamp. Replacing a lamp is much less costly than removing and replacing a luminaire. On account of this, luminaire is estimated to contribute larger revenue, in value terms to the overall LED lighting industry and is also expected to register higher growth when compared to lamps, during 2017-2023. In terms of volume, luminaire is estimated to contribute over 70% to the worldwide market for LED lighting. The market for luminaire is mainly driven by new installations and has a high correlation with global gross domestic product (GDP). However, the market for lamp has a lesser degree of correlation with GDP and is predominantly driven by replacements.
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Latin American region expected to witness the fastest growth
The Latin American market for LED lighting is expected to witness the fastest growth between 2017-2023. The LED lighting market in Latin America is projected to grow at a CAGR of 14.5% during the forecast period. Among all the countries in the Latin American region, Brazil is estimated to contribute the largest revenue to the Latin American market for LED lighting between 2017-2023. The growth of market in the country can be attributed to the declining manufacturing cost of LEDs and increasing demand for energy efficient and sustainable lighting.
Increasing adoption of LEDs as general lighting is bolstering the growth of the market
The adoption of LEDs is continuously increasing in the residential, commercial and industrial lighting applications. DOE 2014 study, energy savings forecast of solid-state lighting in general illumination applications is predicted that LED lighting will represent 84% of all lighting sales by 2030, resulting in an annual primary energy savings of 3.0 quadrillion British thermal units (quads). Increasing acceptance of LED lighting, across various lighting applications is one of the primary factors, which is likely to propel the growth of the LED lighting market.
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The major companies in the market are launching new products to improve their position in the market
The major companies in the LED lighting market are launching new products to improve their position in the market. For instance, in March 2018, Samsung Electronics Co. Ltd. announced the launch of H inFlux, a linear module that uses the company’s LED chip package LM301B. H inFlux is specially designed for lighting applications in factories, warehouses, and covered parking lots. The product comes with different luminous flux levels, offering a variety of footprints and color temperatures (such as 3000K, 3500K, 4000K and 5000K).
Some of the major companies operating in the LED lighting market include Phillips Lighting N.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Eaton Corporation Plc, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung Electronics Co. Ltd. and Cree Inc.
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