Global LED lighting market gains significant traction during the forecast period since the commercial and industrial LED lighting has become a major business opportunity and is expected to rise at a double-digit CAGR in the forecast period. LED lighting is a better and eco-friendly alternative over electric bulbs and also helps in cost saving. LED lighting thus seems to be a game changer with well-equipped and technological advantages in comparison with conventional lighting.
Commercially, LED manufacturers can best acclimatize their business to existing & future market companies by focusing on key strategies such as enhancing the global footprint, developing an integrated, solution-driven value chain strategy, providing innovative products, switching the supply chain to enhance flexibility and reduce costs. LED manufacturers are expected to experience a major setback in form of tough competition and commoditization. To tackle such situations, LED companies are expected to bring out innovative commercial range of products, streamline product development and influence global design investments more commendably.
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Overall the LED lighting industry is anticipated to grow at a significant CAGR in the assessment period. LED lighting industry is driven by factors such as rising usage in several applications such as street lighting, automotive, mobiles, backlighting and signs and signals. Additionally, the increase in use of LEDs for lighting is gaining traction in international market. Moreover, LED sales are expected to grow by leaps and bounds in the forecast period. The market is anticipated to grow at a rapid pace owing to extensive use in automotive and associated domain.
LED lighting industry is segmented into basic LED, high brightness LED, ultraviolet LED, organic LED, polymer LED, based on technology. Based on application, the LED lighting industry is segmented into automotive, mobile device, general lighting, signal and signage, healthcare, forensic, academic and research. Based on type, the LED lighting market is segmented into new installation and retrofit installation. LED lighting industry is bifurcated into indoor lighting and outdoor lighting based on end-use application. Based on product type, the LED industry is segmented into lamps & luminaires.
LED lighting industry geographically spans North America, Latin America, Europe, Asia-Pacific, Middle-East & Africa. APAC regions such as China, Japan, India, Singapore dominate the international market owing to latest technology, favourable opportunities and large consumer pool. European markets are anticipated to rise at a higher CAGR owing to extensive use in automotive, residential and commercial domain. North American market is anticipated to grow at a higher CAGR owing to production of eco-friendly products and sustainable energy. Middle-East regions such as Saudi Arabia, Kuwait and Iran are anticipated to grow during the forecast period due to modernization. African market is anticipated to grow at a steady CAGR in the assessment period due to low number of industries and modernization. The key players in the LED industry market include Zumbotel Group, Havells, Philips, Syska, Osram Inc, General electric company, Cree Inc, Cooper industries, Virtual Extension Inc, Dialight Plc, Sharp Corporation and Samsung Corporation.
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