Reports and Insights has published a new report titled, “LED Lighting Market: Opportunity Analysis and Future Assessment 2020-2028”
Global LED Lighting Market, By Installation Type (New Installation, Retrofit Installation), By End-Use Application (Indoor Lighting, Outdoor Lighting), By Product Type (Lamps, Luminaires) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global LED lighting market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
LEDs can be perceived as a basic invention with enormous potential to transform the lighting industry for the best. A light-emitting diode is basically an electrical component or device with two electrodes via the electricity flows - typically in only one direction. Moreover, a light-emitting diode can be understood as a semiconductor device that transmits visible light when an electrical current flows through it.
Effortlessly the most crucial benefit of LEDs in contrast with the conventional lighting solutions is the prolonged lifespan. The standard LED endures 50,000 operating hours to 100,000 operating hours or more than that. Notably, the operating hours of LEDs is 2 to 4 times as long as most fluorescent, metal halide, and even sodium vapor lights. It is greater than 40 times as long as the standard incandescent bulb. Attributing to such major factors, the global LED lighting market is projected to grow significantly in the following years.
However, most of the LEDs are more expensive than the traditional incandescent lightings, though the continuously dropping pricings of LED luminaires, lamps and other products as well as the accessibility of smart lighting solutions, together with upgraded energy policies is yet expected to accelerate the LED lighting market growth over the future years.
Other than that, there has been rapid adoption of LED technology all across the world due to the stringent regulations regarding limit or ban the usage of ineffectual lighting technologies along with government reimbursements and retrofit programmes to promote the distributions of LED lighting, which is also majorly propelling the market growth.
Reports and Insights Study identifies some of the key participating players in the LED Lighting market globally are Philips Lighting Holding B.V., General Electric Company, OSRAM Licht AG, Cree, Inc., Cooper Industries, Inc., Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung, and Sharp Corporation, among others.
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