Global LED Market to Cross US$ 100 Billion by 2022
A new research report titled “LED Market – Global Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2017 To 2022” by Syndicated Analytics estimates that the market was worth US$ 52 Billion in 2016, registering a CAGR of 38% during the year 2009-2016. The report further anticipates the market to cross US$ 100 Billion by 2022, at a projected CAGR of 11% over the forecast period.
The market has experienced several technological innovations over the past several years. Efforts have been made in order to reduce the cost of LEDs through the overall system design, which will lead to the augmented adoption of LEDs in the coming years. Furthermore, manufacturers have been focusing on unique marketing strategies so as to survive the competition and increase their profitability. They have come up with a variety of shapes, sizes, colours and profiles.
The global LED market has witnessed a strong growth over the past several years. This can be accredited to a number of factors. Due to the growing environmental awareness and increasing expenses on electricity generation, governments’ regulations across the globe have become more stringent. This has led to a rise in green construction, as a result of which, there has been a wider adoption of LEDs. Increasing need for low electricity consumption across the world is another major factor that has proliferated their demand. Further, the market penetration of LEDs in high-tech products has also accelerated, adding to the global demand for LEDs. Some of the other growth inducing factors are population growth, increasing urbanisation and industrialisation rates, and growing awareness among consumers about the benefits of LEDs.
However, there are several factors that hamper the market growth. The price of LEDs is still significantly higher than convention lighting technologies such as incandescent bulbs and CFLs making it difficult for many consumers to switch to LEDs.
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LED lights currently find myriad applications across various sectors. Retrofit represents the largest application area for LED based lighting, accounting for more than a third of the total global market. This can be attributed to the rising global disposable incomes coupled with growing urbanization rates. Retrofit segment is followed by Retail & Hospitality, Outdoor, Offices, Architectural, Homes, Industry and Others.
On a geographical front, China enjoys a leading position in the global LED market on account of its strong economic growth and rising demand for luxury malls, hotels and other commercial complexes in the country. Moreover, to improve lighting efficiency, the Chinese government has banned the imports and sales of 100 Watts and higher incandescent bulbs and has planned to replace the 1 Billion units of incandescent bulbs it consumes annually with LEDs by 2017. The region accounts for around a fifth of the total global market share.. China is followed by Europe, North America, Asia-Pacific, Japan, Middle East & Africa and Latin America.
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The market is highly fragmented with the presence of numerous small and large players. These players are focussing on expanding their product portfolio and improving designs. At present, Nichia represents the largest player operating in the market. Some of the other leading players operating in the market are:
- Samsung Electronics
- Everlight Electronics
- LG Innotek
- Seoul Semiconductor
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