According to a report published by P&S Market Research, the global LED lighting market size is projected to cross $70.2 billion by 2023, growing at a CAGR of 12.6% between 2017 and 2023.
The growing adoption of energy efficient lighting solutions across the globe is one of the primary factors attributing to the growth of the LED lighting industry. The increased investment in infrastructure enhancement, along with continuous price erosion of LED lighting solutions is also driving the growth of the market. Apart from this, an increase in demand for LED for various applications of general lighting have also benefited the market in recent years.
The adoption of LEDs is continuously increasing in the residential, commercial and industrial lighting applications. A recent report states that the commercial solar market has grown 22% year over year.
The Latin American market for LED lighting is expected to witness the fastest growth between 2017 and 2023. The LED lighting market in Latin America is projected to grow at a CAGR of 14.5% during the forecast period. Among all the countries in the Latin American region, Brazil is estimated to contribute the largest revenue to the Latin American market for LED lighting between 2017-2023. The growth of the market in this country can be attributed to the declining manufacturing cost of LEDs and increasing demand for energy efficient and sustainable lighting.
The major companies in the LED lighting market are launching new products to improve their position in the market. For instance, in March 2018, Samsung Electronics Co. Ltd. announced the launch of H inFlux, a linear module that uses the company’s LED chip package LM301B. H inFlux is specially designed for lighting applications in factories, warehouses, and covered parking lots. The product comes with different luminous flux levels, offering a variety of footprints and color temperatures (such as 3000K, 3500K, 4000K and 5000K).
Some of the major companies operating in the LED lighting market include General Electric Company, Phillips Lighting N.V., Cree, Inc., OSRAM Licht AG, Virtual Extension, Eaton Corporation Plc, Zumtobel Group AG, Dialight plc and Samsung Electronics Co. Ltd.