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Global LED Lighting Market will reach $54.28Bn by 2022

Published: Apr 06,2017

According to the ZMR (Zion Market Research) Market Data, Global LED Lighting Market will reach $54.28Bn with 13% annual increase by 2021.

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Light-emitting diodes (LEDs) are lighting sources for general lighting applications with ten times as efficient as compared to incandescent lighting. Such attribute combined with their long working life and reliability has made them the suitable choice for next generation of lighting systems including emergency, backlight, automotive, indoor and outdoor.

To ensure accurate operation and to control the light intensity, LEDs need an efficient driver, normally implemented by power electronics-based conversion stages to match the LED characteristics with the AC grid voltage and to generate a controllable and high-quality light.

Benefits offered by LED lights over incandescent and fluorescent lamps is the major factor driving the LED lighting market growth. In additions, the energy efficiency of LED lights, higher brightness, and longer life span are some of the major reason offers tremendous market opportunities for LED lighting in coming years. Continuous new product introduction by manufacturers such as Philips and GE with innovative technology are attracting the customer globally.

However, the high production cost is expected to have an adverse impact on LED lighting market. Nonetheless, screen and display backlighting market development are likely to open new doors for the LED lighting demand.

Europe emerged as dominating the regional market for LED lighting in 2016 and accounted over 31% of market share. North America & European market is expected to show considerable growth in outdoor and residential application segments.

LED lighting market has huge growth opportunity in the emerging markets of Asia Pacific due to tremendous demand from residential application segment. The Middle East and Africa is expected to show remarkable growth in coming years.

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