Published on : Aug 03, 2017
Albany, New York, August 03, 2017: The report furnishes detailed information on the size of the market, the prevailing competitive dynamics in it and its growth prospects going forward. The report finds that the market for global LED lighting is characterized by stiff competition on account low entry barriers which has resulted in the foray of numerous small firms into the space. This has also triggered price wars, thereby putting downward pressure on prices.
Benefits of LED lights over the traditional light sources are their enhanced lifespan and energy efficiency. Besides, they have lesser impact on the environment, zero UV emission, design flexibility, and require low voltage, among others. These unique perceived benefits are leading to their swift uptake. Driving growth in the global LED lighting market, primarily, is the surging popularity and the resultant rising sales of LED TVs, a burgeoning automotive industry, phasing out of incandescent bulbs in many countries, helpful government policies, and thrust on energy efficiency.
Proving counterproductive to the market, on the other hand, is the temperature dependence, steep upfront costs of LED, and considerable amounts required for research and development. Despite the challenges, the market is slated to expand at a phenomenal pace in the years to come.
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Depending upon application, the global LED lighting market can be classified into lighting, backlighting, signage, automotive lighting, etc. Geographically, the key segments of the market are North America, Asia Pacific, and Europe. Currently, Asia Pacific is a key region having comparatively considerable market share. In the years ahead too, the region is predicted to hold on to its significant market share. This is because Asia Pacific is home to numerous LED lighting manufacturing units. The market in Asia Pacific is said to be mainly powered by China and India. Their dominance is a result of rapid infrastructure-building activities being undertaken on account of the fast-expanding economies leading to rampant urbanization and industrialization.
The report studies each application and geographical segment in details to uncover their market shares, competitive dynamics, and growth trajectory in the near future.
Owing to the presence of a copious number of domestic and global players, the LED lighting market is extremely fragmented, worldwide. In order to beat competition, savvy players are focusing on product development and better manufacturing processes to reduce costs. Some of the key players in the market profiled in the report are Cree, Philips, and OSRAM. The report sheds light into their net sales, revenue, market shares, and growth prospects. The report has been prepared after thorough research by a group of analysts with in-depth knowledge in the area.
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