LED that has the potential to fundamentally change the future of lighting is a highly energy saving lighting technology. It is quite different from CFLs and other traditional bulbs, what makes LEDs differentiate from others is that it is a mix of red, green, and blue LEDs is typically used to make white light and the size of a fleck of pepper.
The key drivers of LED lighting market is the strong government support. Boom in real estate sector, focus on LED standardization, growing population, organized retail market, and improvement in rural electrictification are the significant drivers of the LED lighting market. The strengths of LED lighting include high energy efficiency, high intensity of brightness, high reliability, low radiated heat, long life span and negligible UV rays.
The LED lighting market is segmented on the basis of product,application and installation type. On the basis of installation type it consists of retrofit installation. The retrofit installation contains a multitude of tasks which must finish before the consumers begin to remove or install cable. The retrofit requires to address a special set of circumstances, determined by the scope and design of the cabling installation. Some retrofits involves a simple expansion of a data network or a phone system. Others may involve security and fire-alarm systems, voice and data systems, and an upgrade to the backbone or horizontal-cabling infrastructure.
The LED Lighting Market is expected to grow at over USD 105 Billion by 2023, at 14% of CAGR between 2017 and 2023.
The regional analysis of LED lighting market is being studied for region such as Europe, Americas, Asia Pacific, and Rest of the World. Rapid infrastructure construction across different industries has driven the market of LED lighting market in Asia-Pacific region followed by European region. Europe took up the largest share of the global LED lighting market and is about to dominate the world marketplace. This growth is mainly attributed to the rising demand for outdoor application along with serious energy efficiency regulation.
Source: Marketresearchfuture, LED Lighting Market Research Report- Global Forecast 2023, July, 2017