High Demand for LED Lighting USD 92.40 Billion by 2022

High Demand for LED Lighting Driven By the Modernization and Development of Infrastructure

The global LED lighting market is expected to exhibit a good growth potential till 2022. The global market is expected to be valued at USD 92.40 Billion by 2022 and is expected to witness a shipment of 14.01 Billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022.

The increasing consumer demand for energy-efficient lighting systems, reduction in prices of LEDs, and increasing penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market.

Residential indoor lighting application expected to dominate the LED lighting market in terms of value

Increase in infrastructure-building activities, a large chunk of which is the residential sector, is the major factor contributing to the high growth of the residential indoor lighting end-use application.

Lamps segment expected to be the dominant during the forecast period

The lamps subsegment is expected to be the dominant market as it is the major light source and main component of an LED lighting system. Increasing consumer awareness about conserving energy and installing light systems with high energy efficiency is expected to boost the LED lighting market for lamps.

LED lighting market in APAC expected to grow at the highest rate during the forecast period

The market in APAC is expected to grow at the highest rate between 2016 and 2022. The high growth rate can be attributed to the rapid infrastructure-building activities being undertaken in the APAC region.

The key players in this market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Cooper Industries, Inc. (Ireland).