[January 23, 2017]

$92.40 Billion LED Lighting Market by Installation Type, End-Use Application, Product Type and Geography - Global Forecast to 2022 - Research and Markets

Research and Markets has announced the addition of the "LED Lighting Market by Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), Product Type (Lamps and Luminaires), and Geography - Global Forecast to 2022" report to their offering.

The global LED lighting market is expected to be valued at USD 92.40 billion by 2022 and is expected to witness a shipment of 14.01 billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022.

The increasing consumer demand for energy-efficient lighting systems, reduction in prices of LEDs, and increasing penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market. Lack of awareness regarding installation costs and payback periods and development of alternative technologies are inhibiting the growth of the LED lighting market.

The large market size and high growth rate of indoor lighting application is attributed to the increasing infrastructural activities across the world, mainly focused on residential lighting. Other factors such as low maitenance costs and low power consumption make LED lamps a good choice for room lighting by residential consumers.

The market in Asia-Pacific is expected to grow at a high rate during the forecast period. The combination of multiple factors makes APAC the most dynamic region in the LED lighting market. The reason for APAC to be the leading market is it is home to some of the top players in the LED lighting market such as Sharp Corporation (News - Alert) (Japan) and Samsung (South Korea).

Besides this, APAC has a very large population with a standard of living that is improving every day, and there is an increasing growth of smart homes. The countries of the APAC region are also introducing legislations for energy efficiency and LED lighting.

Market Dynamics

Drivers

• High Demand for LED Lighting Driven By the Modernization and Development of Infrastructure Such as Smart Cities
• Need for Energy-Efficient Lighting Systems
• Reduction in Prices of LEDs
• Penetration of LEDs as A Light Source (News - Alert) in General Lighting

Restraints

• Lack of Awareness Regarding Installation Costs and Payback Periods
• Development of Alternative Technologies

Opportunities

• Development of Wireless Technology for LED Lighting Systems
• Systems/Solutions Market in Future

Challenges

• Lack of Common Open Standards

Companies Mentioned

• Cooper Industries, Inc.
• Cree (News - Alert), Inc.
• Dialight PLC
• General Electric Company
• Osram Licht AG
• Philips Lighting Holding B.V.
• Samsung (News - Alert)
• Sharp Corporation
• Virtual Extension
• Zumtobel Group AG

For more information about this report visit http://www.researchandmarkets.com/research/79p568/led_lighting

View source version on businesswire.com: http://www.businesswire.com/news/home/20170123005633/en/

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