According to the report, the global LED lighting market is expected to reach approximately USD 42.5 billion by 2020, growing at a CAGR of around 13% till 2020.
LED is a light emitting diode that provides energy efficient lighting solution. LED lights are more reliable and exhibit longer lifespan as compared to incandescent and fluorescent lamps. Semiconductor components are an important part of an LED light. Heat emission from LED lights is significantly low as compared to incandescent and fluorescent lamps. LED lights are used in wide-ranging applications in different industries.
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LED lights market is mainly driven by several benefits offered by LED lights over incandescent and fluorescent lamps. LED lights are energy efficient, provide higher brightness, and possess longer lifespan. LED lighting offers cost-effective maintenance and environment-friendly lighting as compared to incandescent, fluorescent and HID lights. LED light can saves 40% to 70% energy cost. Moreover, LED lights are eco-friendly as it does not release any hazardous and carcinogenic gases in an environment like incandescent and fluorescent lamps. Moreover, several countries have imposed or planning to impose the ban on the use of incandescent and fluorescent lamps. This is also expected to trigger demand for LED lights.
White LED lamps have achieved market supremacy in applications where high competence is important at low power levels. Some of these applications include flashlights, solar-powered garden or walkway lights, and bicycle lights.
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Monochromatic (colored) LED lamps are now commercially used for traffic signal lamps, where the ability to emit bright monochromatic light is a desired feature and in strings of holiday lights. LED automotive lamps are widely used for their long life and small size (allowing for multiple bulbs), improving road safety. LED lamps are also becoming popular in homes, especially for bathroom and medicine cabinet lighting.
Some of the key applications for LED lighting are outdoor, residential and architectural. Outdoor LED lighting is rapidly gaining popularity for tunnels, roadways, traffic lights, parking lots and garages. Residential applications for LEDs include lighting in kitchens, hallways, dining rooms and bathrooms. LEDs can be used in manifold rooms all through the residence. Residential is the largest general application segment for LED lighting. In 2014, it represented almost 40% of the general lighting market. The architectural segment is the second largest application market for LED lighting. The architectural application includes both decorative and functional lighting. Decorative LEDs are used to light up fountains, pools, gardens, and statues. The functional application includes building facades and landscaping, LEDs provide visibility and enhance safety on residential and commercial properties.
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Europe was the leading regional market for LED lights with over 30% share in the global market in 2014. Strong demand from industrial and commercial applications in Europe has resulted in the robust growth of LED lights market in the region. Further, it is expected to exhibit strong growth in demand for LED lights in the years to come. Major countries like, UK, Germany, France, etc. are emphasizing on use of LED lights owing its eco-friendly nature. North America is another important regional market for LED lights. Asia Pacific is currently un-tapped market for LED lights. However, Asia Pacific and North America are expected to exhibit strong demand growth in the years to come. Owing to strong demand from China, Japan and India, Asia Pacific is expected to emerge as a largest regional market LED lights.
Global LED lighting market is highly competitive. Some of the key players dominating the global market include Philips Electronics N.V., Osram Opto, Cree Incorporation, Zumtobel AG, Toshiba Corporation, Digital Lumens, Inc., Cooper Industries Plc and GE lightings.