Present State of the LED Market Solution
Recent statistical data clearly supports the pivotal position of LED technology in the global lighting market. Over the past few years, it’s being monitored on a regular basis that the usage of LED light in the residential architectural and outdoor setting has increased considerably. However, outdoor LED lighting is gaining a quick popularity compared to the others. Nowadays, LED lights are being extensively used in roadways, tunnels, garages, parking lots and traffic. According to the report published by Strategies Unlimited, the revenue earned from outdoor LED lighting in the current financial year is $0.7 billion. The same firm has also reported that so far nearly two million LED lights have been installed in tunnels and roadways in 2016. According to Forbes, it’s also been stated that out of the 140 million streetlights installed worldwide in 2017, about 19 million of them were LEDs. Residential applications for LEDs include lighting in hallways, kitchens, dining rooms and bathrooms. Being highly energy efficient, the LEDs are considered the perfect replacement for fluorescent lighting. As they are available in several varieties and offer a technology that is quite easy for consumers to learn, LEDs are gaining market quickly. According to McKinsey’s lighting market report, the largest general application segment for LED lighting is the residential sector”.
The Future Outlook
According to the predictions of Forbes, the LED market will continue to grow massively throughout the next decade, with the global LED market share reaching about 70 percent by 2020. In the report of McKinsey, it’s been clearly mentioned that Asia will have 45 percent share of the global market by 2020. The report has also pointed out that the rapid penetration in Japan and China is steering Asia’s lighting market to a successful direction. According to the current statistics of Forbes, outstanding growth is projected across various LED market segments has also been published. However, the major share in the market goes to the residential and architectural set up. Apart from the residential sector, the outdoor segment is also expected to grow at a rapid rate in the upcoming years. Following the reports of Strategies Unlimited, the global outdoor LED lighting market has reached $1.9 billion by 2017. However, the figure is going to rise by 400% over the next five years. As revealed from the statistics, the outlook for the LED lighting market remains apparently bright. Despite myriad fluctuations in the economy, LED lighting solution continues to enjoy an undivided share of popularity in the next few years.