The Global LED Lighting Market 2015-2019 report, released by Research and Markets, says that the market is expected to grow at a CAGR of 25.89% over the period. The report also states that market vendors are facing intense competition; therefore, they are trying to differentiate their products in terms of features including light quality
Research and Markets has announced the addition of the Global LED Lighting Market 2015-2019 report to its offering. The Global LED Lighting market is, as the report says, expected to grow at a CAGR of 25.89% over the period 2014-2019.
An LED is a semiconductor light source used in various applications such as general lighting, backlighting, and automotive lighting. LEDs are used in exterior as well as interior lighting. LEDs are gaining acceptance because of their efficiency and low cost. LEDs also enhance safety and offer an aesthetic appeal. They are environment-friendly as they reduce energy consumption by up to 40%.
The increasing penetration of LEDs in the lighting market is one of the key trends being witnessed the market. The ability of LEDs to provide high-quality and energy-efficient light compared to other existing lighting technologies has accelerated the demand for LEDs worldwide. LEDs ease energy consumption level to a great degree and help reduce the energy output of multiple nuclear reactors across geographies.
According to the report, the rapid decrease in LED prices in recent years has accelerated the demand for LED devices in the market. This decrease stems from the massive R&D investment in LED chips and packages in China, which has resulted in increased brightness of LED chips and packages. This has triggered demand for low-priced LED chips and packages in the General LED Lighting segment.
The report also states that market vendors are facing intense competition; therefore, they are trying to differentiate their products in terms of features including light quality. High installation costs could lead to an increase in the price of LED lighting in various applications.