As per Market Research Future (MRFR) analysis, the global LED lighting market size is expected to
grow at approximately USD 105 billion, with a CAGR of 14% from 2017 to 2023 (forecast period). The
study explores the COVID-19 overview of the global LED Lighting Market and aims to provide a
comprehensive summary of market segments, recent innovations, growth forecasts, and market
challenges from 2017 to 2023 (forecast period) to determine investment opportunities.
Rapid technological advancement promotes the development of better and cost-effective
technology. The light-emitting diode (LED) is one of today's most energy-efficient and fast-
developing lighting technologies. LED is a highly energy-efficient lighting technology that has the
ability to change the future of lighting radically. LEDs are very different from incandescent bulbs and
CFLs; the differentiating factor is that LEDs are the size of a speck of pepper, and a combination of
red, green, and blue LEDs is usually used to create white light.
Market Dynamic
The main drivers of the LED lighting market are strong government support, the emphasis on LED
standardization, the boom in the real estate sector, the organized retail market, the improvement of
rural electricity generation, and the rising population are key drivers of the LED lighting market. The
benefits of LED lighting include high brightness intensity, high energy efficiency, low radiated heat,
high durability, negligible UV rays, and a long-life cycle.
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Market Segmentation
The global market for LED lighting has been segmented on the basis of installation type, product,
and application.
- On the basis of installation type, the global LED lighting market has been segmented into new
installation and retrofit installation. The retrofit installation includes a multitude of tasks that must
be performed before customers start removing or installing the cable. The retrofit requires a
particular set of circumstances to be addressed, defined by the scope and design of the cable
installation. Some retrofit involves a simple expansion of a phone system or a data network. Others
may include voice and data systems, security and fire alarm systems, and improvements to the
backbone or horizontal cabling infrastructure. - On the basis of product, the global LED lighting market has been segmented into lamps and
luminaires. - On the basis of application, the global LED lighting market has been segmented into indoor lighting
and outdoor lighting.
Regional Analysis
The regional analysis of the LED lighting market is being studied for region such as the Americas, Asia
Pacific (APAC), Europe, and the Rest of the World.
Rapid infrastructure activities across various industries have powered the demand for LED lighting in
the Asia Pacific region, followed by the European region. Europe captured the biggest share of the
global market for LED lighting and is poised to dominate the world market. This rise is majorly due to
the growing demand for outdoor applications coupled with a strict regulation for energy efficiency.
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Key Players
The industry giants in the global LED lighting market are – Phillips Lighting Holding B.V.
(Netherlands), Cree Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG(Germany), Cooper
Industries, Inc. (Ireland), Virtual Extension (Israel), Zumtobel Group AG (Austria), Samsung (South
Korea), Dialight Plc. (U.K.), Sharp Corporation (Japan), among others.
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