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Global LED Market to See CAGR of 16% during 2018-2022
July 25, 2019 | Business WireEstimated reading time: 1 minute
Technavio analysts forecast the global LED market to grow at a CAGR of close to 16% during the forecast period, according to their latest market research report.
The growing number of households and urbanization is one of the major trends being witnessed in the global LED market 2018-2022. Governments across the world are increasingly investing in large-scale urban infrastructure projects owing to rapid urbanization. This is increasing the installation of new lamps and LED luminaires, which is expected to fuel the growth of the LED market during the forecast period.
LED Market: Declining Manufacturing Cost of LEDs
Since 2012, the manufacturing cost of LED has been declining and will continue to do so over the next five years. This decrease in the manufacturing cost of LED lamps and fixtures is resulting in a significant decline in the installation costs, which is leading to an increase in installation across all application segments. Thus, the declining manufacturing cost of LEDs is expected to fuel the growth of the global LED market during the forecast period.
According to a senior analyst at Technavio for research on semiconductors & semiconductor equipment, “The market is witnessing a growing number of strategic partnerships between LED lighting solution providers and IoT solution providers, aimed at developing new and innovative products to increase their market shares. Such partnerships are providing consumers with the option of connecting their smart bulbs with different smart home platforms as well as encouraging them to buy products from various manufacturers.”
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
LED Market: Segmentation Analysis
The global LED market research report provides market segmentation by application (general lighting, backlighting, automotive lighting, and others) and product (luminaires and lamps) and geography (Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for close to 47% share, followed by the Americas and EMEA respectively. The APAC region will continue to dominate the market throughout the forecast period with the highest incremental growth, as well as market share. This is mainly due to the increase in demand for LED solutions from the residential and commercial segments in the region.
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