Japan, Japan, Mon, 14 Mar 2022 09:56:52 / Comserve Inc. / -- LED Lighting MarketWith Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
Market OverviewThe LED lighting market is valued at USD 58.91 billion in 2018 and is expected to reach USD 127.97 billion by 2024, with a CAGR of 13.75% during the forecast period. By transitioning to energy-efficient LEDs, an estimated savings of USD 18 billion in electricity costs can be achieved. Furthermore, more than 160 million metric ton of carbon dioxide emissions can be avoided every year.- In the United States, all electrically controlled devices, including LED light bulbs must meet minimum safety standards. The regulations regarding these safety standards are covered in the United States by laws, such as the Occupational Safety and Health Act (OSHA), Code of Federal Regulations (CFR), and standards, such as the National Electric Code (NEC).- Also, as part of the 2007 national energy bill passed by Congress with bipartisan support and signed into law by the President of the United States, energy efficiency standards were established for new light bulbs that ensured a smooth and gradual national transition to energy-saving bulbs. California's regulations made the transition happen a little faster. Furthermore, on May 2018, the United Nations announced a groundbreaking energy efficiency regulation for light bulbs that can be easily adopted by developed, as well as, developing economies.- Along with the government mandates for energy efficience, the growing consumer awareness about the environment, and the durabilliy of these lights are the drivers for the growing adoption of LEDs. For instance, the Chennai airport, as part of its green initiatives, bought six sets of LED base lights for use for disaster relief as part of the measures to make its lights and fixtures energy-friendly.
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- Smart lighting is expected to be the future of LED lighting with various companies like Philips, Magiclight, and Xiaomi investing in the technology. Philips is one of the market leaders with its product offering, Philips Hue, which can be integrated with voice assistants.Scope of the ReportLED stands for light emitting diode. LED lighting products produce light approximately 90% more efficiently than incandescent light bulbs, such as fluorescent and incandescent lights. 95% of the energy in LEDs is converted into light, and only 5% is wasted as heat, which is leading consumers to opt for a more efficient form of lighting.The market is segmented by different applications of LED lighting such as indoor and outdoor with various sub-applications. In the indoor segment, the market is further segmented into residential, commercial, industrial and government. And in the outdoor segment, the market is further segmented into highway and roadway, architectural, and public places. The market segmentation is further done based on product types, and a detailed regional analysis is also given.Key Market TrendsCommercial Segment Expected to Witness Significant Growth RateCommercial floor lighting segment has evolved with the LED lights being offered from 4000 lumens to more than 60,000 lumens. LED lights are manufactured with integrated LEDs instead of traditional bulbs. Such a method of manufacturing eliminates the need for frequent replacements. These lighting solutions have a longer life span, outlasting the HID and halogen fixtures.- The desire to save energy, high efficiency, reliability, and longer life span has been the driving factors for LED adoption in the commercial buildings. Also, building energy codes are beginning to increase adoption by requiring more advanced controls strategies in more commercial spaces.- LED lights provide a consistent light improving the overall visibility and provides added security for commercial locations and can be paired with motion sensors, photocells, and timers to offer a lighting control system for efficient usage.- Regulatory adherence and safety test required for new products are expected to delay the new products available in the commercial lighting market. Also, countries that implement the regulation in a harmonized manner will reduce trade barriers and provide new opportunities.Latin America is Expected to occupy Significant Market ShareIn Latin America, nearly 80% of the total population resides in urban areas, which is expected to rise during the forecast period. It is estimated that by the end of 2045, urban dwellers might increase by two billion globally. In this scenario, it becomes essential for nations to use energy more efficiently.- The growth of the LED lighting market in the country can be attributed to the declining manufacturing cost of LEDs and increasing demand for energy efficient and sustainable lighting. Also, healthy economic growth, robust industrialization and urbanization tend to be some macroeconomic factors driving the market.- Further, growing awareness over the importance of energy efficiency combined with the regional government mandates to set higher standards for more energy efficiency, and continuous innovations in LED technology by the leading manufacturers are some significant factors driving the growth of the market in this region.- Furthermore, buildings are among the largest consumers of electricity worldwide. However, estimates put that 80% of the energy efficiency potential of the buildings is not utilized. Rio de Janeiro, for instance, consumes 60% more energy for public lighting than that of New York City.
Download Sample PDF of this Report: - https://www.sdki.jp/sample-request-83508Competitive LandscapeThe Global LED lighting market is highly fragmented due to the presence of large number of regional and international players across the globe. Due to the fragmented nature of the market, the competition amongst the players is high. The major companies in the LED lighting market are launching new products to improve their position in the market.- For instance, in March 2018, Samsung Electronics Co. Ltd. announced the launch of H inFlux, a linear module that uses the company's LED chip package LM301B. H inFlux is specially designed for lighting applications in factories, warehouses, and covered parking lots. The product comes with different luminous flux levels, offering a variety of footprints and color temperatures (such as 3000K, 3500K, 4000K and 5000K).- Also, in January 2018, Sharp Corporation and Universal Display Corporation entered into an extended and updated evaluation agreement. Under the agreement, Universal Display will supply its proprietary Universal PHOLED phosphorescent OLED materials and technology to the Sharp Corporation for usage in the Company's OLED displays.- In May 2018, Cree expanded its SmartCast intelligence platform, including various capabilities, such as wireless enabling smart building solutions catering to the rising demand from internet of things (IoT). This is likely to boost its presence and foster the financial growth.
1 INTRODUCTION2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY4 MARKET INSIGHTS4.1 Market Overview4.2 Industry Attractiveness - Porter's Five Force Analysis4.2.1 Bargaining Power of Suppliers4.2.2 Bargaining Power of Buyers/Consumers4.2.3 Threat of New Entrants4.2.4 Threat of Substitute Products4.2.5 Intensity of Competitive Rivalry4.3 Industry Value Chain / Supply Chain Analysis5 MARKET DYNAMICS5.1 Introduction to Market Dynamics5.2 Market Drivers5.2.1 Favorable Government Regulations5.2.2 Declining Prices of LED Products5.2.3 Increase in Need for Energy-efficient Lighting Systems5.3 Market Restraints5.3.1 High Initial Investment5.3.2 Development of Alternative Technologies5.4 Market Challenges6 MARKET SEGMENTATION
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