The global light-emitting diode (LED) market is increasing at a compound annual growth rate (CAGR) of more than 18% during 2017-2021, rising from $18.51bn in 2016 to $24.67bn in 2012, forecasts market research firm Technavio.
In particular, the luminaires segment comprised $14.28bn in 2016, while the general lighting segment will account for 77.37% market share by 2021. The Asia-Pacific (APAC) region is growing at 20.56% during the forecast period.
Demand for energy-efficient lighting solutions across sectors (such as the retail, hospitality, architecture, commercial and residential) is leading to increased adoption of LED lighting worldwide, notes the report ‘Global Light-emitting Diode (LED) Market 2017-2021’. The high luminous efficacy, greater life span, reduced energy use and falling average selling price (ASP) of LED lighting products is compelling consumers to switch to LED technology, it adds.
Four market drivers are contributing to the growth of the global LED market: a favorable policy environment and governmental support; demand for energy-efficient lighting solutions; increasing outreach of energy-efficiency certification programs; and upcoming international events and infrastructure projects.
By Baishakhi Dutta
