Albany, NY (PRWEB) November 24, 2014
The report states that the global LED lighting market was valued at US$4.8 billion in 2012 and is estimated to reach US$42 billion by 2019. Registering a CAGR of 45% from 2013 to 2019, the worldwide market for LED lighting is poised to achieve immense growth.
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The 403-page market study features over 180 tables and figures. Analyses are based on interviews with worldwide stakeholders such as suppliers, vendors and end-users.
Factors propelling the LED lighting market
LED lighting offers many benefits over incandescent light bulbs: improved energy efficiency, durability, digital controllability, compact size, and increased environmental friendliness. Generating 90% less heat than incandescent light bulbs, LED lighting bulbs are considered to be near-zero maintenance lighting systems. Moreover, with the introduction of new semiconductor technology, demand for LED lighting from buildings and community sectors is likely to increase.
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Competitive landscape of the LED lighting market
The presence of numerous market players and financing from utility plants has helped make LED lighting affordable to major sections of the population, thereby fueling the LED lighting market. The price of an LED bulb in 2013 was US$10, which is now set to fall to US$6 per unit. As a result, LED lighting systems in North America are anticipated to completely replace traditional bulbs in a few years.
Some of the leading players featured in the LED lighting market report are Cree, Solid State Lighting Systems, GE Lighting Solutions, Philips, Maxion Technologies, QD Vision, Mitsubishi / Verbatim, Lighting Science Group, Toshiba, and Osram.
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