Global LED Lighting Market, 2023 - Key Players are Phillips, GE, OSRAM, CREE, Eaton, Virtual Extension, Dialight, Zumtobel, Samsung & Sharp
DUBLIN, November 17, 2017 /PRNewswire/ --
The "LED Lighting Market: Analysis and Forecast to 2023" report has been added to Research and Markets' offering.
The growth of luminaire market can be attributed to the increasing infrastructural activities across the globe. Based on installation type, the global LED lighting market is classified into new
installation and retrofit, where new installation is expected to contribute higher revenue to the market. However, retrofit installation is expected to register faster growth during 2017-2023.
Increased replacement of conventional lamps with energy-efficient light sources, such as LED lamps, is the key factor contributing to the advancement of the market for retrofit installation.
Between indoor and outdoor lighting, the market for indoor lighting represented larger revenue in 2016 to the global LED lighting market. However, outdoor lighting application segment is expected
to experience higher growth on account of growing necessity for enhancing visibility on roads. The safety of drivers, riders and pedestrians has been emerging as an utmost concern for the local
authorities in several countries, which is expected to fuel the demand for improved lighting systems on roads. The ongoing transformation and infrastructure expansion projects will further lead to
the surge in demand for outdoor LED lightings. The features associated with outdoor LED lightings such as less energy consumption and cost-effectiveness are also contributing towards their growth
across the globe.
The key factors propelling the growth of global LED lighting market include increasing adoption of energy efficient lighting solutions, declination in prices of LEDs and modernization and
development of infrastructure. LEDs offer several advantages over many conventional lighting technologies in terms of energy efficiency, lifetime, versatility, and color quality and cost
efficiency. Owing to this, their penetration is continuously increasing in the residential, commercial and industrial lighting applications.
Several economic barriers in the developing and underdeveloped countries, including poor infrastructure, technological inefficiency, lack of skilled workforce, political instability and scarcity of
capital, make them unattractive to investors. Owing to this, government of various developing and underdeveloped countries, is focusing towards development and modernization of infrastructure. With
the improvement in infrastructural investment in such countries, the demand for lighting is expected to arise from the underpenetrated areas. These factors are likely to spearhead the global LED
lighting market in near future.