LED Lighting Market Scope, Share, Key Driver, Key Players, Analysis and Forecast 2022-2027 – Queen Anne and Mangolia News – Queen Anne and Mangolia News
According to IMARC Group’s latest report, titled “LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 68.8 Billion in 2021. Light-emitting diode (LED) is an electroluminescence device that emits light by combining electrons and holes within the semiconductor materials. The lights offer various advantages over traditional lighting technologies, such as reliablity, higher efficiency, longer life space, easier to control, and environment friendly. Consequently, it is extensively utilized in decorative lights, remote-control circuits, and fluorescent light applications.
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The rising consumer demand for energy-efficient lighting systems on account of rising environmental consciousness represents the key factor driving the LED lighting market growth. Additionally, the increasing awareness regrading the cost-effectiveness of LED lighting, along with low maintenance is further boosting the market growth. The governments of various countries are offering rebates and incentives on the replacement of conventional lamps with LED products across various establishments, which is providing an impetus to the market growth. Apart from this, the significant boost in infrastructural activities, rapidly expanding automotive industry, and increasing product adoption in aviation, general lighting, medical devices, camera flashes, automotive headlamps, and traffic signals are creating a positive outlook for the market. Looking forward, IMARC Group expects the LED lighting market to reach US$ 121.2 Billion by 2027, exhibiting at a CAGR of 10% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Samsung Electronics
- Everlight Electronics
- LG Innotek
Global LED Lighting Market Drivers:
- As LED lights contain zero toxic elements and are eco-friendly in nature, their demand is being influenced by initiatives and policies by the governments of several countries introduced for environmental protection and energy conservation.
- Currently, the price of electricity in several developing countries is rising due to the growing demand-supply gap. On account of this, consumers are shifting towards energy-efficient lighting sources such as LED lights.
- LED lights are now widely being used in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, academics and street lighting, which is providing a boost to the growth of the market.
- In order to widen their consumer-base, manufacturers are not only coming up with different LED lighting products, but are also investing in marketing through newspapers, televisions, etc. This is increasing product awareness among the consumers which, in turn, is strengthening the growth of the market.
Breakup by Application:
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, …….