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Market Overview
In its research report, Market Research Future (MRFR), emphasizes that over the review period, the global market 2020 is projected to rise exponentially, ensuring a significant Enterprise Governance, Risk, And Compliance Market valuation of USD 105 billion by 2023 and a healthy 14% CAGR over the analysis.
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Drivers and Restraints
Increasing regulatory stringency in inefficient lighting technologies and stepping up policy efforts toward sustainable development are key drivers for growth. Market growth has been driven by an significant decline in Light-Emitting Diode (LED) rates, coupled with the change of energy policies around the world. In addition, attractive incentives and rebates offered by the governments in several countries for the use of LED lighting can increase demand. Technological developments moving from traditional to green lighting, improved energy efficiency requirements, and declining prices have also fueled demand for the drug. In addition, stringent regulatory policies on conventional lighting and energy use in the U.S., European Union, China, and Canada are expected to stimulate demand for the drug in the coming years. Governments provide incentives and rebates to replace conventional lamps with LED bulbs and this makes it possible to increase the worldwide acceptance of LED bulbs. In addition, smart illuminations are expected to deliver lucrative applications in industrial and commercial areas. High-resolution demand for 10 mm billboards and signs, exemplary for high-volume pedestrian traffic areas, and customizable material are expected to revolutionize the outdoor scenario over the coming years.
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Segmental Analysis
segmentation by installation type: new installation, retrofit installation
segmentation by product: lamps, luminaires
segmentation by application: indoor lighting, outdoor lighting
Regional Analysis
The geographical synopsis of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
During the forecast period, the LED lighting market is expected to expand in all the area with positive growth rate. Asia-Pacific region dominates and is projected to continue to dominate LED lighting market in 2017. High technology advancement and growing application areas of LED lighting are one of the major driving factors behind market growth. Also, the presence of wealthy semiconductor manufacturing companies in Asian countries such as Taiwan, China, South Korea and Taiwan is also one of the major driving factors behind the growth of the Asia Pacific LED lighting market.
Driven by the strong government interest in using energy-efficient lighting solutions, Europe is the second largest market for LED lighting. The region is also well equipped with state-of-the-art technologies and has some of the key players that improve the European region's LED lighting market. Europe's debt crisis adversely affected demand for LEDs because their development needs huge capital investments. Recently, Europe and North America have been seeing a boom in many sectors due to government funding and growing use of ultra-modern lighting. Whereas North America region plays a vital role in the expansion and distribution of technology around the world. The area has the influence of developed nations like the U.S. and Canada that are global technology pioneers and that promote business development. North America has experienced a boom in many industries due to government funding and the rising use of ultra-modern lighting. The U.S .- China trade war has triggered a increase in import tariffs and, inevitably, total commodity costs. It is hoped this aspect would prove beneficial to European manufacturers. For these manufacturers significantly increased priority over American manufacturers is expected by the Chinese suppliers to drive regional growth.
Competitive Analysis
The key market players operating in the global market as identified by MRFR are Phillips Lighting Holding B.V. (Netherlands), Osram Licht AG(Germany), General Electric Company (U.S.), Cree Inc. (U.S.), Cooper Industries, Inc. (Ireland), Sharp Corporation (Japan), Virtual Extension (Israel), Zumtobel Group AG (Austria), Dialight Plc. (U.K.), Samsung (South Korea), among others.