The global LED lighting market, which was valued at US$4.8 billion in 2012, will grow to almost ten times that size by 2019 to be worth US$42 billion. With a 45% growth expected per year, the market could easily conquer 100% of the lighting solutions in the world.
The global LED lighting market brings the latest lighting solutions for most locations and organizations. In comparison to conventional halogen and incandescent lightings, the relatively new LED lights are far superior in terms of brightness, duration of use, and energy-saving capabilities.
Almost all new households in developed and even most developing regions are supplied with LED lighting by default, unless specified otherwise. On the same page, Ikea, the biggest furniture chain in the world, has announced that it will replace all of their lighting solutions on sale with LED lightings. They shall no longer sell halogen lights and CFLs; they all will be replaced by LED technology, which the retailer mentioned has reached its tipping point. The global LED lighting market is making strides even in emerging economies, which lack the scale of implementation seen in developed countries but are still not so far behind. In India, for example, the Bombay Municipal Corporation has authorized the use of yellow LED lightings on Mumbai’s Marine Drive.
Large Number of Players in Global Market Leading to Rapid Development
While the list of all players in the global LED lighting market is substantially large, the key players in the market are Cree, Lighting Science Group, Mitsubishi/Verbatim, QD Vision, Solid State Lighting Systems, Maxion Technologies, Toshiba, GE Lighting Solutions, Osram, and Philips. Other players include Acuity Brands Lighting, NaturaLED, C.V, Epistar, Everlight, GE, IEE, Siemens, Newport Corporation / ILX, iWatt, Larson, LED Microsensor, Lightkiwi, LLC, Litecontrol, Verbatim, Lightwave, Nichia, Soraa, TCP, Prolighting TCP, Sony, Thorlabs Acquires / Maxion Technologies, and Toyoda Gosei.
Browse the full Press Release of LED Lighting Market : http://www.mrrse.com/led-lighting-market-report
The Definitive Superiority of LED Lightings
We know that the world is switching to LED to take care of its lighting. Below are the reasons why:
The global LED lighting market is in need of constant innovation. With current lighting solutions dropping in price due the heavier implementations of LED lamps, market competitors are tied in a race to create the best of the best in order to attract customers towards their products.