19 Feb 2016 11:02:58
2016- LED Lights in USA takes the Lead in the Market of Efficient Lighting Technology
With the increased usage of CFL and LED, traditional incandescent bulbs are expected to become obsolete. The report cites the increased usage of LED lighting applications due to their higher energy efficiency and longer lifetime. The report estimates the LED segment to be the fastest growing segment of the global energy efficient lighting technology market. However, the report points out that the high cost of LED coupled with lack of suitability for heat-sensitive applications is expected to hamper the LED market during the period between 2011 and 2016.
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Global Energy-Efficient Lighting Technology Market is estimated to be USD 118.7 billion in 2011 and expected to reach USD 173.4 billion in 2016 at a CAGR of 7.9% over the forecast period 2011 to 2016. The LED segment is the fastest growing with CAGR14.9% during 2011 and 2016.
The field of lighting has witnessed tremendous improvements in the past few years, especially in the area of solid state lighting and compact fluorescent lamps (CFL). The traditional incandescent bulbs market is expected to be superseded with the onset of CFL and LEDs (light emitting diodes).
As compared to incandescent bulbs, fluorescents have been considered for offering greater efficiency. LED lasts longer than fluorescent and HID lighting and has proven to be the most efficient in the industry. The typical lasting power of LED light bulbs is 50,000 hours – twice as long as fluorescents. They are four to six times more efficient than incandescent. One advantage about LED lights is it does not get hot when in use. This makes it the present market leader in energy efficient lighting solutions.
Today, lighting accounts for about 18% to 20% of total energy consumption globally, while around 27% to 30% of total energy consumed is for domestic purposes. The U.S. is projected to be the largest market of LED in 2016. However, this will be taken over by the Asian regions that will witness the highest growth rate at a CAGR of 16.6% from 2011 to 2016.
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This report is aimed to cover in-depth energy-efficiency lighting market on the basis of correlated color temperature (CCT). According to the study report, the LED market by Correlated Color Temperature (CCT), the 5000K - 6500K segments accounted for the largest market share at over 40% revenue share, which was followed by 2700K - 3000K segments at around half of the revenue share as compared to the 5000K - 6000K segments in 2010. In addition, the 5000K - 6500K segments are also expected to grow fastest at a CAGR of 15.8% from 2011 to 2016. The report includes all the major products, applications, ingredients, and submarkets under each of these technologies along with an exhaustively geographic analysis for the major regional markets such as, the U.S, Europe, Asia, and Rest of the World (ROW). The report provides a brief market overview, mentioning the major lighting issues across the globe, global trends, and consumer preference. Three major energy efficient lighting technologies – LED, CFL, and fluorescent – have been discussed in detail. The report further points out the drivers, restraints, and opportunities regarding the market for each of these technologies.