Published on : Oct 13, 2016
ALBANY, NY, Oct 13, 2016: Factors such as connectivity, IoT, built-in light sources, emerging power technologies, LEDs range, and healthy lighting options have been helping the new LED lighting solutions to gain more attention. The global LED lighting market has undergone many changes owing to the adoption of new technologies and innovations by key manufacturers. Key manufacturers are now focusing on introducing LED lights in a variety of shapes and sizes and with a wide variety of power. The new energy-efficient LED lighting solutions are more in demand across many regions, finds a new report added by ResearchMoz.us to its database.
The report, titled “Global LED Lighting Market: Industry Analysis & Outlook (2016-2020),” says that the popularity of LED lighting is increasing at a significant pace primarily because of their energy efficiency quality. The report highlights the changing trends adopted by key companies operating in the global LED lighting market. As per the findings of the report, the demand for miniatures is predicted to be the highest in the next five years. Some other types of LED lighting systems manufactured by key companies include LED strips, high-powered LEDs, LED corn bulbs, and others. As LED lighting solutions are energy efficient and light up quickly, they are being used by many industries.
The use of LED lighting solutions is increasing in commercial and residential buildings. More and more roads and tunnels are being lighted by LED lighting. Owing to the energy efficiency, powered-LEDs are being used by various industries and manufacturing units.
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Conventional lighting is being taken over by LED lighting in many areas across many nations. The changing preference for LED lighting is expected to propel the global market in the years to come. The availability of LEDs in the form of bulbs and tube lights is likely to boost the sales of LEDs throughout the forecast period.
The report analysts say that the global LED lighting market is primarily boosted by the falling prices of LEDs, the rising global penetration of LEDs, phasing out of traditional lighting solutions, the rising application of LEDs in various industries, and the favorable government policies. The demand for LEDs is increasing from the industrial sector and the global market is predicted to experience a maturing light culture. Although the global market for LEDs is experiencing a smooth growth, it is predicted to face a few challenges. Factors such as initial installation cost, confused distribution channel, and slow adoption of LEDs in the developing nations are predicted to hamper the growth of the global LED lighting market.
Key companies are focusing on adopting changing trends in the global LED market. The shifting distribution channels and the rising options with LED lighting are predicted to create new opportunities in the market. Some of the key companies operating in the global LED lighting market are Zumbotel Group, Philips, Acuity Brands, and Osram Licht Group. Key companies are currently concentrating on introducing new varieties of LED lamps and luminaries.
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