The global market for LED Lighting is projected to reach US$100.3 billion by 2024, driven by the rise of energy efficiency as the hidden weapon against carbon emissions; rising investments in energy efficient lighting technologies against the backdrop of the development of smart cities and smart homes; regulatory and policy support for LED adoption; and LEDs suitability in smart lighting concepts. Falling cost of LED chipsets is additionally helping make the technology more cost-competitive with other traditional lighting technologies such as compact fluorescent lights, metal halide, high pressure sodium lights, and incandescent lights. Benefits of LEDs driving their cannibalization of traditional lighting systems include longer durability and lifespan; high levels of energy efficiency equating to over 65% to 75% reduction in electricity consumption; improved safety as there is significantly lower heat generation as compared to compact fluorescent lights and high intensity discharge lights; small and compact form factor; high color rendering index (CRI) which is a very desirable lighting characteristic in most applications; generate directional light emissions that eliminate the need for accessory devices to redirect the light; eco-friendly as they eliminate the use of toxic mercury; resistance to a wide range of temperatures from hot to cold; ability to operate on low voltage; higher controllability such as dimming capability; zero IR and UV emissions. All of these benefits are helping LEDs a simple solid-state lighting (SSL) technology emerge with the huge potential to disrupt the lighting industry and its carbon footprint. Future growth in the market will come from expanding applications in traffic signals, commercial and residential mood lighting, factory and warehouse lighting; healthcare and hospital lighting, among others. Europe and Asia-Pacific represent large markets worldwide. Asia-Pacific and Latin America are forecast to emerge into the fastest growing markets supported by healthy economic growth, robust industrialization and urbanization; growing awareness over the importance of energy efficiency in achieving carbon reduction targets; push for increasingly higher standards for more energy efficiency; and continuous innovations in LED technology that encourage adoption in a wide range of applications.
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Company and Industry News & Stories
- Once Acquires iLOXs in a Move to Form a Larger Global Company Focused on Lighting for Livestock
- Osram Supports an LED Horticultural Lighting Project at NASA to Test Multi-Channel SSL Design
- Surya Roshni Reorganizes its Business with the Separation of Lighting & Consumer Durables and Steel Pipes & Strips Businesses
- T-H Marine Acquires Blue Water LED Enterprises, a Market Leader in LED Light Kits for Bass Boats & Professional Bass Fishermen
- Osram to Acquire Fluence Bioengineerings, a ‘Smart Grow’ Lighting Company based in the U.S.
- Outlook in Key Market Segments
- Through 2024, Residential sector will remain the largest end-use market for LED Lighting, followed by the Commercial sector.
- Outdoor LED Lighting is projected to witness the fastest growth driven by the focus on energy efficient street lighting in emerging smart cities.
Product Definition & Scope
- An LED light basically is a cluster of LEDs. LED is a semiconductor technology that emits limit from a solid matter as opposed to vacuum in the case of an incandescent bulb or gas in a CFL. Several such LEDs are clustered into a package, attached with the required optics and integrated into a casing and made to resemble a traditional incandescent light bulb. The technology is being improved continuously for achieving significant price reductions and lumen efficiency. LEDs as such have been around for many years lighting up digital clocks, traffic signals, flash lights etc., It has taken a long time for LEDs to take off in the general illumination sector as several drawbacks restricted manufacturers to produce the correct replacement LED light that can replace the incumbent light sources.
- Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America)
Market Segmentation & Classification
- Residential, Architectural, Commercial, Outdoor, and Others
- Acuity Brands Lighting, Inc.
- Bajaj Electricals Ltd.
- Crompton Greaves Ltd.
- Dialight plc
- Eaton Corporation plc
- Havells India Limited
- Osram GmbH
- Philips Lighting Holding B.V.
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