• Home
  • About Us
  • Contact Us
Semiconductor for You
  • Home
  • Semiconductor News
  • Technology
    • Automotive
    • Consumer Electronics
    • IoT
    • Lighting
    • Power Management
    • Wireless
    • Personal Electronics
    • Hardware & Software
    • Research
    • Medical Electronics
    • Embedded Design
    • Aerospace & Defence
    • Artificial Intelligence
  • DIY Projects
  • Market
  • Industries
    • Renesas Electronics
  • Knowledge Base
  • Events
  • Tools
    • Resistor Color Code Calculator
No Result
View All Result
  • Home
  • Semiconductor News
  • Technology
    • Automotive
    • Consumer Electronics
    • IoT
    • Lighting
    • Power Management
    • Wireless
    • Personal Electronics
    • Hardware & Software
    • Research
    • Medical Electronics
    • Embedded Design
    • Aerospace & Defence
    • Artificial Intelligence
  • DIY Projects
  • Market
  • Industries
    • Renesas Electronics
  • Knowledge Base
  • Events
  • Tools
    • Resistor Color Code Calculator
No Result
View All Result
Semiconductor for You
No Result
View All Result
Home Semiconductor News

LED market growing at 18% CAGR, boosted by demand for energy-efficient lighting

Semiconductor For You by Semiconductor For You
September 9, 2017
in Semiconductor News
0

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.

Favorable policy environment and governmental support

The rapid depletion of natural resources and global warming have generated an indispensable need for energy conservation worldwide. In 2016, lighting applications were estimated to account for more than 20% of global energy consumption. There is an urgent need to reduce this energy consumption, and governments across the globe are focusing on the implementation of favorable policies to promote the use of energy-efficient lighting products.

“Governments of established economies like the US and the UK and emerging economies like China and India are engaging in the promotion of LED lighting products by providing tax incentives and subsidies on these products,” says Chetan Mohan, lead analyst for lighting research.

Demand for energy-efficient lighting

Both governments and organizations across the globe are working on reducing the energy consumption and running costs for lighting. Compared with their counterparts such as incandescent lamps, LEDs are technically advanced and efficient in terms of energy consumption, luminous intensity, and efficacy.

“In addition to providing energy-efficient lighting, LED bulbs provide larger product life spans compared to incandescent bulbs, by up to thousands of hours,” notes Chetan. “As a result, the consumers spend lesser amounts on the replacement of these products, given the high product lifetime.”

Increasing outreach of energy-efficiency certification programs

Energy-efficiency programs (such as the ENERGY STAR certification, DLC, and Lighting Design Lab certification) aim to highlight the importance and need for energy efficiency. These programs are actively encouraging and promoting the use of energy-efficient lighting sources that help organizations and households to reduce their carbon footprints.

The ENERGY STAR program was established by the US Environmental Protection Agency (EPA) in 1992 to promote the use of energy-efficient lighting for buildings, homes and industries. The introduction of stringent government regulations on energy efficiency has encouraged the adoption of ENERGY STAR-certified products worldwide.

Upcoming international events and infrastructure projects

The FIFA World Cup 2018 (to be held in Russia) is expected to contribute significantly to the global LED market. The increased construction of sports infrastructure such as stadiums and the athletes’ village; public infrastructure like roads; and commercial buildings like hotels, tourist facilities, and shopping complexes will drive demand for LED lighting, especially in the outdoor segment in the country till 2018.

In addition to the events, the governments of various countries such as China and India are making significant investments in the development of infrastructure projects and smart cities to complement the economic growth and to cater to the requirements of the growing urban population. These developments augur well for the growth of the global LED market during the forecast period, concludes Technavio.

Content Protection by DMCA.com
Semiconductor For You

Semiconductor For You

Browse by Category

  • Aerospace and Defence
  • Articles
  • Automotive
  • Consumer-Electronics
  • Hardware & Software
  • Interview
  • IoT
  • Knowledge Base
  • Lighting
  • Market
  • personal-electronics
  • Power Management
  • Research
  • Semiconductor Events
  • Semiconductor News
  • Technology
  • Wireless
Semiconductor for You

Semiconductor For You is a resource hub for electronics engineers and industrialist. With its blend of
technology features, news and new product information, Semiconductor For You keeps designers and
managers up to date with the fastest moving industry in the world.

Follow Us

Browse by Category

  • Aerospace and Defence
  • Articles
  • Automotive
  • Consumer-Electronics
  • Hardware & Software
  • Interview
  • IoT
  • Knowledge Base
  • Lighting
  • Market
  • personal-electronics
  • Power Management
  • Research
  • Semiconductor Events
  • Semiconductor News
  • Technology
  • Wireless

Recent News

onsemi Divests Wafer Manufacturing Sites as Part of Fab-Liter Strategy

onsemi and Kempower Enter Strategic Agreement for Electric Vehicle Chargers

May 15, 2023
SEGGER and Nuvoton extend emWin GUI software partnership

SEGGER and Nuvoton extend emWin GUI software partnership

May 12, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 Semiconductor For You

No Result
View All Result
  • Home
  • Semiconductor News
  • Technology
    • IoT
    • Wireless
    • Power Management
    • Automotive
    • Hardware & Software
  • Market
  • Knowledge Base
  • Tools
    • Resistor Color Code Calculator

© 2022 Semiconductor For You

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT