Fueled by customers seeking cost-savings and higher quality of LED lights, the global LED market will increase to $54 billion by 2022, according to a recent report from Zion Market Research, a New York City-based global trend research firm.
The report, “LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022’’ predicts a 13 percent increase in the global LED market from 2017 to 2022.
In addition to longer life, higher brightness and energy efficiency, innovative, new LED product lines have drawn increasing consumer interest over fluorescent and incandescent lighting. Also, display and screen backlighting technologies should also push demand for LED lights in the coming years.
Residential applications continue to lead the LED lighting market and compose more than 40 percent of the lighting market share, according to research from 2016.
Europe leads demand for LED lighting, accounting for about one-third of the global market. Growth in the European market can be attributed to strict environmental regulations along with the demand for outdoor applications for LED lights. Also, enactment of measures in the EU Green Paper may also create additional opportunities for the LED market to expand in the region.
North America is also poised for growth in the LED lighting market. High disposable income and energy-efficiency regulations will drive this demand. And Asia-Pacific region is one of the fastest-growing markets for LED lighting. With on-going, developing infrastructure and construction projects, countries such as China, India and Indonesia are expected to create massive demand for residential as well as outdoor application LED lighting.