A new market research estimated the Global LED Lighting Market value to reach more than 120 billion USD by 2025. The report includes all aspects, from Product Type (LED Bulbs, Fixtures, Down light, Bare LED Tubes and Others), Services (Consulting, Installation Services, Maintenance & Support), Application Type (Indoor, Outdoor, Automotive, Backlighting and Others), Geography (Asia-Pacific, Europe, North America, South America, and Middle East) and the End-use Industry (Residential, Commercial and Industrial). Moreover, the Coherent Market Insights highlighted in its published report show a 16.61% CAGR (Compound Annual Growth Rate) is anticipated. This will occur between 2018-2025, pertaining to the years covered in the global forecast.
Fueling the growth of the LED market is the high demand for green technologies world over. State-of-the-art technology imbued in Caltrans LED lighting reduces energy consumption by up to 50% while generating intensities similar to CFL (Compact Fluorescent Lamps) and CCFL (Cold Cathode Fluorescent Lamps). In observance of the current market trends, these are the two technologies that will soon be replaced by LEDs. Not only are LED lighting systems favored for efficient use of resources, but for reducing carbon dioxide emissions by a massive 700 million tons per year.
Companies are launching LED lighting innovations like mono-color and multi-color lights, which generally have higher color quality, reliability and longer lifespans than conventional lamps. The distribution and quality of light as well as dissipation of heat are altogether emphasized by LED lights.
Key Takeaways of the Global LED Lighting Market Report
The Global Forecast to 2025 comprised over 300 pages with approximately 40 Market Data Tables and 60 Figures on the LED lighting market.
By product type: The LED Bulb is the major component of LED lighting systems, which accounted for the highest market share with a market demand that amounted to 150 million pieces in 2016.
By service type: In 2016, Installation Services was in a dominant position due to the high demand for energy efficient lighting such as LED lamps to replace incandescent lamps.
By application: The automotive industry has given the LED Lighting Market a boost, thanks to advancements in laser and head lighting, dynamic beam functionality, front and rear signature lighting, ADAS and autonomous driving applications.
By geography: The Asia-Pacific market is the largest market share which can be attributed to the high demand from countries like China, Japan, and India. The numbers are projected to grow during the forecast period, ultimately ranking Asia-Pacific with the highest CAGR.
LED lighting for End-Users: The global market categorized by end users involve Municipal LED street lighting, Industrial lighting, Commercial and Residential applications. HDR 4K, ultra-slim, and curved TVs are some technologies that utilize indoor LED lighting systems in today’s smart home. Commercial lighting is expected to exhibit a higher growth rate from 2017-2025.
Residential, Commercial and Municipal LED Lighting Installation in California and Nevada
Enjoy the long term green energy benefits that LED lighting has to offer with Great Basin Lighting’s award winning residential, commercial and municipal LED lighting services. Great Basin Lighting even offers custom Nevada and California LED lighting design if you have a unique design in my mind. To learn more about installing the lighting technology of the future, give us a call at (925) 240-1566 (California office), (775) 333-0900, (Nevada office) or use our online contact form.