Global LED Lights Market to Surpass US$ 66 Billion in Revenues by 2022, According to a New Research Report
The market in APEJ is set to dominate the global LED lights market in terms of value and this trend is projected to sustain itself throughout the assessment period.
The global LED lights market is likely to surpass US$ 66 billion in revenues by 2022, according to a new research report added to the comprehensive repository of Market Research Reports Search Engine (MRRSE). The report titled, “LED Lights Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2022” offers detailed insights and analysis on the global LED lights market for the next five years.
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The report begins with an executive summary which highlights the key happenings in the global LED lights market. The next sections of the report offer comprehensive analysis on the drivers, restraints, opportunities, and threats on the global LED lights market. According to the report, demand for LED lights is growing in commercial and residential sector, as consumers are realizing the benefits in terms of energy savings in the long run. LED lights are priced 3x higher than the incandescent bulbs which impeded their adoption on a large scale. However, owing to increasing awareness on the long run cost benefits, demand for LED bulbs has grown. In many urban centers, LED lights have replaced incandescent bulbs. Real estate developers are offering standard LED lights in their offerings, which has provided growth opportunities to manufacturers on a large scale.
According to the report, there is a considerable increase in the demand for luminaries, and the trend is likely to continue during the forecast period. By 2022, luminaries are likely to account for the bulk of LED lights sold globally. Sales of LED lights through departmental stores will gain further momentum during the forecast period. Demand for LED lights in residential infrastructure projects is likely to grow during the forecast period.
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According to the report, the U.S. and Western European countries have remained attractive markets for LED lights globally. However, as LED lights were introduced in these markets long time ago, opportunities for manufacturers remain limited to replacing of old LED lights. Renewal in construction activities following moderate recovery in the global scenario is also likely to offer growth opportunities to manufacturers. The report opines that it will be the developing countries in APEJ and Latin America that are likely to offer the next level of opportunities to manufacturers. Of particular significance will be the markets in China and India, where demand in high volumes will create sustained demand for LED lights.
To offer readers complete insights into the competitive landscape, the report offers detailed profiling of the key manufacturers. Some of the manufacturers covered in the report include OSRAM Licht AG, HELLA KGaA Hueck & Co, Koninklijke Philips N.V., Imasen Electric Industrial Co., Koito Manufacturing Co., Ltd, Nichia Corporation, Hyundai Mobis Co., Ltd., Stanley Electric Co. Ltd, General Electric Company, Ltd, Magneti Marelli S.p.A., Cree, Inc., Texas Instruments, EPISTAR Corporation, Cooper Industries, LLC and Valeo SA.
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