Published on : Dec 14, 2015
Global LED market has a bright future despite the fluctuations in the economy in the recent past. The commonly seen applications of LED lighting are seen in residential, outdoor, and architectural construction sectors. The outdoor LED lighting is usually seen in roadways, traffic lights, parking lots, tunnels, and garages. On the other hand the residential application of LED lighting is seen in dining areas, hallways, kitchens, bedroom, and bathrooms. Finally, the architectural usage of LED lighting is seen in functional and decorative lighting.
According to Forbes, the global LED market will continue to grow in the coming ten years. Another renowned research firm stated that Asia will hold a share of 45% in the overall LED market by 2020. The primary factor helping Asia gain this stance will be the growing penetration in China and Japan and the rapid transition to LEDs in overall lighting scenario. Segments such as architectural and residential will project the highest growth of nearly 70% to 50% each by 2020 and 2016 respectively.
The electronic companies and product developers are constantly striving to take innovative approaches and arrive at simple conclusions to keep pace with the changing demands and evolving market trends. Crafting LEDs includes several challenges such as ensuring protection for LED electronics and circuits from lighting, transient surges, and electrostatic discharge. Currently, designers are trying to overcome these challenges that put the consumer in danger, thereby hampering the growth of this market. Furthermore, LED companies and manufacturers also have the risk of facing compliance and safety issues due to overvoltage transients.
Industry experts suggest, the global LED market will grow at a rapid pace in the coming years. However, it needs to work on delivering better and reliable circuit protection technologies that will lead to a consistent demand for these lighting solutions.