LED Lighting Market Likely to Cross USD 54.28 Billion by End of 2022

Residential application sector ruled the LED lighting market and added up for more than 40% of LED lightening market share in 2016. Residential applications for LED lighting comprise lighting for bathrooms, dining rooms, kitchens, and hallways. Elevating employment of LED lighting for outdoor application such as parking lots, traffic lights, garages, roadways, and tunnels is likely to offer significant development opportunities to LED lightening market in years to come. The architectural application comprises both decorative as well as functional lighting. Decorative LEDs are employed to light up fountains, pools, statues, and gardens and thereby boosting LED lightning market. The functional application comprises building and landscaping facades.

The growth of LED lighting market is mainly attributed to benefits offered by LED lights over incandescent and fluorescent lamps. In additions, energy efficiency of LED lights, higher brightness and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous introduction of new product by manufacturers such as Phillips and GE with innovative technology are attracting the consumer’s attention globally.  On the other hand, high production cost is expected to have adverse impact on LED lighting market. Even so, screen and display backlighting market development is likely to open new doors for the LED lighting demand.

Residential application sector ruled the LED lighting market and added up for more than 40% of LED lightening market share in 2016. Residential applications for LED lighting comprise lighting for bathrooms, dining rooms, kitchens, and hallways. Elevating employment of LED lighting for outdoor application such as parking lots, traffic lights, garages, roadways, and tunnels is likely to offer significant development opportunities to LED lightening market in years to come. The architectural application comprises both decorative as well as functional lighting. Decorative LEDs are employed to light up fountains, pools, statues, and gardens and thereby boosting LED lightning market. The functional application comprises building and landscaping facades.

The growth of LED lighting market is mainly attributed to benefits offered by LED lights over incandescent and fluorescent lamps. In additions, energy efficiency of LED lights, higher brightness and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous introduction of new product by manufacturers such as Phillips and GE with innovative technology are attracting the consumer’s attention globally.  On the other hand, high production cost is expected to have adverse impact on LED lighting market. Even so, screen and display backlighting market development is likely to open new doors for the LED lighting demand.

North America is another leading regional market for LED lighting and is expected to witness noteworthy growth in the near future. Regulation over energy efficient product and high disposal income will help to drive demand for LED lighting for architectural application. U.S. is expected to be one of the lucrative markets for LED lighting manufactures.