According to a new report by Fortune Business Insights, titled “Lighting Market Size, Share & Industry Analysis, By Lighting Type (LEDs, CFLs, LFLs, HIDs, Halogens and Incandescent), By Application (General Lighting, Automotive Lighting, Backlighting, Others), by End User (Residential, Commercial and Industrial) and Regional Forecasts, 2019-2026”, the global lighting market value in 2018 stood at USD 115.44 billion. The report, in addition to this, also contains a detailed analysis of the different factors and dynamics that will influence the market during the forecast period.

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Multiple Benefits of LED Lighting to Boost the Market -

Light Emitting Diodes (LED) are energy-efficient light bulbs that use electro-luminescence and semiconductors to produce light, offering a variety of economic and ecological benefits. For example, the US Department of Energy estimates that 20% of energy consumption in the US comes from lighting. The department’s calculations suggest that LEDs can reduce lighting costs to just 5% of the total household energy consumption in the US. Moreover, LEDs have a long shelf life. For example, a 6 to 8 Watt LED bulb has a lumen output of 800 and has the ability to last for 50,000 hours; the traditional incandescent bulb lasts just 1200 hours.

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Some of the leading companies Mentioned in the Global Lighting Market are -

Cree, Inc.
Panasonic Corporation
GE Lighting
LED Leader USA
OSRAM Licht AG
Koninklijke Philips N.V.
LEDtronics, Inc.
CITIZEN ELECTRONICS CO., LTD.
Havells India Ltd.

The most vital advantage of using LED lighting are its environmental benefits. For example, LED bulbs do not contain harmful mercury. Further, LED lights are extremely energy efficient, a claim that was authenticated in 2012 when the US saved close to USD 675 million, after installing around 49 million LED lights across the country. By 2030, the US aims to have 75% lighting through LEDs, which will result in reducing carbon emissions by 1800 million metric tons. This will result in higher adoption of LED technology in lighting and expand the global lighting market size during the forecast period.

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