LED Lighting Market Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets

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MarketsandMarkets Presents
LED Lighting Market worth 92.4 billion by 2022
150 Pages Report The increasing consumer
demand for energy-efficient lighting systems,
reduction in prices of LEDs, and high penetration
of LEDs as a light source in the general lighting
market are expected to drive the growth of this
market. The base year considered for this report
is 2015, and the market size forecast is provided
for the period between 2016 and 2022.
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The prime objectives of LED lighting market can
be summarized as follows To define, describe,
and forecast the global LED lighting market on
the basis of installation type, end-use
application, product type, and geography To
provide market statistics with detailed
classification and split in terms of value and
volume To forecast the size of market segments
with respect to four major regions, namely, North
America, Europe, APAC, and RoW To provide
detailed information regarding the major factors
influencing the growth of the LED lighting market
(drivers, restraints, opportunities, and
challenges) To detail the industry trends,
insights based on the value chain analysis, and
strategic benchmarking of the LED lighting market

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In the market by end-use application, indoor
lighting is expected to have a higher growth rate
than outdoor lighting. The reason for the large
market size and high growth rate of indoor
lighting is increasing infrastructural activities
across the world, mainly focused on residential
lighting. In the market by installation type,
retrofit installation is expected to experience
the highest growth. Increasing replacement of
incandescent lamps with energy-efficient light
sources such as LED lamps is the major factor
contributing to the growth of the market for
retrofit installation. The old generation lamps
are being slowly phased out and the fixtures are
being retrofitted with LED lamps as they offer a
longer working life and also consume less
energy. Asia-Pacific held the largest share of
the LED lighting market in 2015, while the market
in Europe is expected to be the second largest by
2022. Europe has a population that has a
relatively high standard of living. The people in
this region have the required financial means to
invest in smart homes which are fitted with
several innovative LED lighting systems. The high
growth of the market in APAC can be attributed to
the ongoing infrastructure modernization projects
in the developing economies such as China and
India, where the governments have approved the
construction of several smart cities.
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Lack of awareness regarding installation costs
and payback periods and development of
alternative technologies are the major restraints
for the growth of this market. The major players
in the 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), among others.
These players adopted various strategies such as
new product developments, partnerships,
collaborations, and business expansions to boost
their revenue in the LED lighting
market. ContactMarketsandMarkets INC. 630
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