Numerous benefits of LEDs over conventional lighting technologies, rising urbanization rates, rising awareness for energy management and the continuous efforts to reduce the per unit production costs for LEDs are expected to drive the global demand of LED products in the next five years.
A light-emitting diode (LED) is a semiconductor device that emits visible light when an electric current passes through it. LEDs are currently on their way of transforming the global lighting sector. Although the high costs of LEDs prohibited its penetration in many applications, heavy investments from a number of companies have proved to be an active component in cutting down the cost of LEDs. Due to this, they are now becoming an affordable technology in the lighting industry. LEDs have many benefits over conventional lighting technologies. They are smaller, have a longer operating life, exhibit high efficiency, emit no radiation or heat from light and consume up to 90% less electricity than traditional light sources. As a result, LEDs are now replacing incandescent and florescent technologies worldwide. Moreover, the global concern of conserving energy and reducing the CO2 emissions has further increased the demand of LEDs.
According to IMARC group’s latest study “LED Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue” the global LED market has grown at a CAGR of around 39% during 2008-2015, reaching a market value worth US$ 40.8 billion in 2015. The report has segmented the market on the basis of LED products mainly LED lamps, modules and fixtures. LED lamps and modules are rapidly replacing conventional lamps used for general lighting especially in the residential and commercial sectors. On the other hand, with the construction of new green buildings and retrofitting of existing buildings, the demand for energy efficient LED fixtures is also on the rise. Based on application, retrofit represented the largest segment where LED based lighting products were used. Retrofit segment was followed by retail & hospitality, outdoor, offices, architectural, homes, industry and others.
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Region wise, China represented the world’s largest market for LED based lighting products, followed by Europe, North America, Asia Pacific, Japan, Middle East & Africa and Latin America. Mapping out the competitive layout, Nichia represented the largest player in the global LED market, followed by Osram, Samsung Electronics, Everlight Electronics, LG Innotek, Epistar, Seoul Semiconductor, Cree, Lumileds, Mulinsen and others. Looking forward, growing urbanization, rising awareness towards energy management and the continuous efforts to reduce the per unit production costs for LEDs are expected to drive the global demand of LED products in the next five years.
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