The LED lighting industry is advancing at a rapid pace and is poised to take over a massive chunk of the lighting market by 2020. The Global LED Lighting Market: Trends and Opportunities report (2016 – 2020) intends to give you an in-depth analysis of LEDs current market size, market share, growth, and how it affects the industry economically.
The report contains regional market analysis of Europe, North America, and Asia Pacific. While the detailed report is exceptionally comprehensive, we are here to break it down for you through a bite-sized summary. So here are the things that the report found:
A Summary of The Global LED Lighting Market: Trends and Opportunities report (2016 – 2020)
LED lights can be broadly segmented into various applications such as backlighting, lighting, automotive lighting, signage, etc. Some of these classes have an innate advantage over others as well as traditional light sources. LED is generally more energy efficient, durable, environmentally-friendly, consumes low voltage, and emits zero UV rays.
The LED market has grown globally at a significant rate in the year 2015. The rate of growth is quite high compared to 2014, and according to experts, the market for these lights would rise even further from 2016 – 2020. Now we are seeing the signs of rising. The cause of upsurge can be attributed to many factors such as increased focus on fuel and energy, expansion of the automobile industry, etc.
- Causes of growth
The growth causes of the LED market aren’t only because of increased environmental consciousness and development of the automobile sectors. It can also be attributed to the rising popularity of LED TVs and LED light bulbs, which are quickly phasing out their incandescent varieties in many places around the world. The government is also in support of LED usage due to its economic and environmentally friendly nature.
- The rising stars
The top LED lighting companies of today are Cree and Osram. It would be interesting to see how their status changes in the next three years. Cree is especially famous and their lights are used for anything ranging from municipal LED street lighting to outdoor lighting design and everything in between.
What does the future have in store?
As we move closer to 2020, we can expect to see more incandescent and mercury vapor light sources being phased out. In fact, many LED lighting California companies have taken the initiative to educate their clients about the advantages that come with switching to LED. Why should you be left behind? For more information call (925) 240-1566 (California office), (775) 333-0900 (Nevada office), or send us a message via our online contact form.