The LED Industry is easily one of the industries that has rapidly grown. It hasn't stopped there - statistics have shown that by 2022 the LED Market will have a net worth of 45.52 Billion Euros.
Why is the LED Market expected to take a hike?
The demand for high quality and sustainable LED Lighting has rapidly increased in all sectors as people have started to enjoy the benefits offered by LED lighting. From residential to resorts, to roadways and airports, LED lights are now being used everywhere. Therefore, a CAGR growth of 13% is expected between 2017 and 2022
LED lighting has become popular among people due to its high energy efficiency, affordability and availability.
The LED Industry had a rocky start. LED's were expensive and consumers were clouded with several misconceptions.
Today, Lighting Manufacturers are making LED Lighting affordable for everyone and have started educating consumers about why these lights can dominate conventional lighting. As a result, most residential areas these days use LED lighting and unsurprisingly, they account for almost 40% of the LED Lighting Market.
Additionally, LED Lights don't contain toxic chemicals such as mercury or other gases which could harm the environment during disposal. Environmentalists prefer LED Lighting due to, both, its low energy consumption and its eco-friendly features.
What's more is that schools and offices are starting to switch to LED lighting for a better lifestyle. Light is not only important for visual assistance – certain wavelengths of light have an impact on performance and the ability of individuals to stay alert. LED Lighting production has been revolving around the idea of HCL to provide better vision.
Therefore, LED's won't just benefit economic growth, but it will also help us conserve electricity and our natural resources. Governments around the world have started LED Conversion projects, and have started replacing traditional lighting with LED lighting in order to slash down electricity costs and maintenance costs - leading to a hike in the production and selling of LED lights.
(PS: Click on the image to the left to check out one of the many projects which are aimed at making the world brighter with LED's)
With a population of 740 million people, Europe has managed to hold the largest share of the global LED market and is set to take over the world marketplace soon. This sudden growth is due to the rising demand for outdoor lighting, paired with energy efficient regulations.
Currently, the LED market in Asia Pacific is rapidly budding while the market is fairly new in Latin America. Over time, the market is going to grow exponentially due to the raise in awareness around the world, and hence demand will increase as well, resulting in the bloom of the LED market.
For more about the LED market, check out these blogs:
- LEDs: The Intelligent Lighting Solution
- The impact of Pricing on LEDs Market-Share in the Lighting Industry
- Social Housing - The LED Lighting Industry Joins The Cause
Check out our insights on the LED Market and talk to us if you've got questions!