Sales of conventional lighting systems are expected to witness major downtrend in the upcoming years as every other consumer in the world is likely to prefer LEDs over incandescent or fluorescent ones. Rising awareness regarding benefits of LEDs will keep orchestrating steadfast growth in global demand for LED lightings. Persistence Market Research projects that by the end of 2025, over US$ 125 Bn worth of LED lightings will sold across the globe. Key insights in its forecast report on the global LED lighting market also predict that the market, which is presently valued at just over US$ 36 Bn, will expand at an impressive momentum and register 16.6% CAGR during the forecast period, 2017-2025.
Factors driving the global sales of LED lightings include:
- Increasing adopting of LED lightings in commercial settings
- Rising power consumption & overloading burden on conventional grid systems
- Government initiatives promoting the use of LED lighting for cost-savings, energy efficiency and power conservation
- High durability of LED lighting products, compared to other alternative lightings
The report, titled “LED Lighting Market: Global Industry Analysis and Forecast, 2017-2025,” projects that Asia-Pacific will remain the largest market for LED lighting in the world. Towards the end of forecast period, the contribution of Asia-Pacific to global LED lighting revenues will surpass 50%, registering a stellar revenue growth at 19.3%. The demand for LED lightings is also expected to remain high in Latin America, revenues from which are expected to reach US$ 2.3 Bn by 2017-end. Following these two regions, the LED lighting market in Middle East & Africa is expected to soar at 16.8% CAGR, while North America and Europe will showcase subpar revenue growth.
Key insights compiled in the report reveal that large population in countries such as India, China, Brazil and South Africa continues to remain dormant in terms of LED usage. Manufacturers of LED lightings can seize such untapped demographics and deploy their production units to extend their global clout. Furthermore, commercial viability of LED lightings, and their compliance with green technology initiatives is also expected to propel their global sales through 2025. Nevertheless, volatility of procuring raw materials such as aluminum at fair prices remains to be a key hurdle for LED lighting manufacturers. OSRAM Licht AG, GE Lighting LLC, Daktronics Inc., Eaton Corporation (Cooper Industries PLC), Cree, Inc., Sharp Corporation, Hubbell Lighting Inc., Samsung Electronics Co. Ltd., Philips Lumileds Lighting, Acuity Brands Lighting Inc., and Toshiba Lighting and Technology Corporation are observed as the world’s leading manufacturers of LED lightings, profiled in the report.
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Key Excerpts from the Report include:
- While LED bulbs will remain top-selling product in the market, the demand for bare LED tubes and LED fixtures will gain traction during the forecast period
- Through 2025, over 50% of global LED lighting revenues will be accounted by revenues arising from installation services
- Likewise, end-use of LED lightings in commercial settings is presently accounting nearly half of global revenues
- However, by 2025-end, residential end-use of LED lightings will soar by registering 16.9% CAGR
- On the other hand, industrial settings will remain fastest-growing end-user of LED lightings in the world, showcasing a value CAGR of 18.6%
- Outdoor and backlighting applications will collectively attribute to more than half of global revenues towards the end of 2025
- Application of LED lightings in automotive and indoor settings will also gain traction, registering 17.2% and 19.3% CAGR respectively
Developing countries and regions such as India and Africa, where there are still millions of people off the grid and without electricity, are expected to represent major growth opportunities as the demand for solar LED lighting systems is high due to various ongoing projects related to rural electrification. To emphasize this point, in September 2015, the government of Kenya launched a US$ 1.2 Bn project to deploy LED street lights in Mombasa City. In addition to this, there are a number of villages in developing countries that lack proper electricity infrastructure and in such areas, demand for solar LED lights is quite high. This presents a huge opportunity in the global LED lighting market and brings to fore the true potential of LED lighting systems lighting up remote areas through solar powered LED lights.