ResearchMoz.us has announced the addition of a new research report on the global LED lighting market titled “LED Lighting: Market Shares, Strategies, and Forecasts, Worldwide, 2014 to 2020” to its extensive report database. The report states that the global lighting market will achieve tremendous growth, from US$4.8 billion in 2012 to US$42 billion by 2019, registering growth at a CAGR of 45% over the period. The 403 pages’ report includes 183 tables and figures to illustrate market figures and statistics for easy comprehension. The report states that the next generation of lighting systems will observe a total replacement of incandescent filament bulbs with the new generation LED lighting systems that seek to provide more energy efficiency, low cost of operation and a longer lifetime.
LED lights offer a lifetime of up to 50,000 hours of illumination and work efficiently by utilizing literally only a fraction of energy as is used by traditional incandescent bulbs. Also, LED lighting systems develop nearly 90% lesser heat as compared to incandescent bulbs. Thus, by extending time between replacement of lighting, consuming less power and generating less heat, LED lighting systems lower the overall cost of any installation. These factors, coupled with the rising demands for cost effective lighting systems from buildings and communities will drive demands for LED lighting systems in the future. In some instances, utility plants are also advocating the use of these systems through funding and financing for these systems. The continuous decline in LED prices is also another intriguing factor for the end-users, and one that directly leads to increased demands.
In entirety, these factors hint at the fact that LED lighting systems are the best lighting systems for the globe right now, and the fact that they have led to a complete phase-out of incandescent lamps does not come as a surprise. However, incandescent lamps and some other forms of traditional lighting systems are still in regular use in distant corners of the globe. Thus, the global market of LED lighting systems observes a certain level of competition from traditional lighting technology vendors in the general lighting market.
The report states that the global LED lighting systems’ market comprises nearly 150 different varieties of LED bulbs and styles of lamps to fit specific needs of businesses and consumers. The market has observed a revolutionary level of expansion in real terms after cost-competitive LED lighting systems started emerging in the market. Emergence of such products brought a paradigm shift to the face of the global LED lighting systems market.
According to the report, frequent innovations in technologies and product designs have largely helped in characterizing the market. The market now features a highly competitive pricing model, which could become more intense through continuous innovations leading to even cheaper products.