|By PR Newswire||
|January 13, 2017 08:30 AM EST|
PUNE, India, January 13, 2017 /PRNewswire/ --
According to a new market research report "LED Lighting Market by Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), Product Type (Lamps and Luminaires), and Geography - Global Forecast to 2022", published by MarketsandMarkets, the total LED lighting market, in terms of value, is expected to be valued at USD 92.40 Billion by 2022, growing at a CAGR of 13.66%; in terms of volume, the market size is expected to reach 14.01 Billion units by 2022, at a CAGR of 21.23% during the forecast period. The growing consumer demand for energy-efficient lighting system is expected to be the major factor driving the market.
Browse 74 market data Tables and 63 Figures spread through 150 Pages and in-depth TOC on "LED Lighting Market"
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Residential indoor lighting application expected to dominate the LED lighting market in terms of value
Increase in infrastructure-building activities, a large chunk of which is the residential sector, is the major factor contributing to the high growth of the residential indoor lighting end-use application.
Lamps segment expected to be the dominant during the forecast period
The lamps subsegment is expected to be the dominant market as it is the major light source and main component of an LED lighting system. Increasing consumer awareness about conserving energy and installing light systems with high energy efficiency is expected to boost the LED lighting market for lamps.
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LED lighting market in APAC expected to grow at the highest rate during the forecast period
The market in APAC is expected to grow at the highest rate between 2016 and 2022. The high growth rate can be attributed to the rapid infrastructure-building activities being undertaken in the APAC region.
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The key players in this market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Cooper Industries, Inc. (Ireland).
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