LED Lighting to reach $42.5B by 2020
Zion Research has released a report on the global LED lighting market which forecasts it will reach around $42.5 billion by 2020, growing at a CAGR of 13 percent between 2015 and 2020. In 2014, the market was approximately $20.0 billion.
'LED Lighting Market for Residential, Architectural and Outdoor Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020' shows that residential, architectural and outdoor lighting are the key application markets of LED lighting market.
Residential lighting segment dominated the global LED lighting market in 2014 accounting for over 40 percent share. Architectural was the second largest application market for LED lighting in 2014 and is expected to exhibit rapid growth owing to the price and luminous efficiency of white light.
Europe accounted for over 30 percent share of the total demand in 2014. Strong demand for LED lights in countries such as, Germany, France and UK is expected to trigger the growth of this industry in the region.
Asia pacific expected to be major contributor in growth of the LED lighting market due to government initiatives and rapid urbanisation in the region. China, Japan, South Korea and India will be major growth markets for LED lights in the region.