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World LED Lighting Markets Report 2015
June 5, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "World LED Lighting Markets (2015 Update)" report to their offering.
By late 2014, LED lighting was closing in on 40% penetration of the global lighting market. It was the second consecutive boom year, confirming the breakthrough in the key regions of Europe, North America, and China. Driven by enhanced controllability and energy efficiency, the revolution will continue and momentum will build throughout 2015. This transformational change brings massive opportunities across value chains, but also presents huge strategic challenges to incumbent participants in terms of pace of technology change and business model. The growth will continue to 2020 and beyond, bringing a future that is totally different than the familiar traditional lighting markets.
The main drivers for LED lighting came largely on the back of government decisions, such as bans of inefficient lighting by the European Union, the United States, and Canada, and the Chinese government's decision to adopt LED ahead of its planned ban. It was further supported by initiatives such as the rebates offered by utilities in the United States.
Government initiatives, however, will play a decreasing role over the forecast period. 2014 brought LED lighting mainstream - awareness is very high, and LED products are available widely and at different price levels.
Pricing is key to further adoption, especially in applications less prone to total cost of ownership (TCO) calculations.
In 2014, the largest applications for LED were residential, outdoor, architectural, and retail. Except for architectural, which pioneered LED lighting, the applications have been the winners of the 2013-14 boom.
The fastest-growing applications in the 2014 - period are expected to be industrial, office, and hospitality. Industrial in particular will grow from a low base, while adoption in the large office space will increase outside of the headquarters/representative buildings that were more of the architectural adopters.
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