Technavio analysts forecast the global LED market to grow at a CAGR of close to 16% during the forecast period, according to their latest market research report.
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Technavio has announced its latest market research report titled global LED market 2018-2022. (Graphic: Business Wire)
The growing number of households and urbanization is one of the major trends being witnessed in the global LED market 2018-2022. Governments across the world are increasingly investing in large-scale urban infrastructure projects owing to rapid urbanization. This is increasing the installation of new lamps and LED luminaires, which is expected to fuel the growth of the LED market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global LED market is the declining manufacturing cost of LEDs:
LED Market: Declining Manufacturing Cost Of LEDs
Since 2012, the manufacturing cost of LED has been declining and will continue to do so over the next five years. This decrease in the manufacturing cost of LED lamps and fixtures is resulting in a significant decline in the installation costs, which is leading to an increase in installation across all application segments. Thus, the declining manufacturing cost of LEDs is expected to fuel the growth of the global LED market during the forecast period.
According to a senior analyst at Technavio for research on semiconductors & semiconductor equipment, “The market is witnessing a growing number of strategic partnerships between LED lighting solution providers and IoT solution providers, aimed at developing new and innovative products to increase their market shares. Such partnerships are providing consumers with the option of connecting their smart bulbs with different smart home platforms as well as encouraging them to buy products from various manufacturers.”
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LED Market: Segmentation Analysis
The global LED market research report provides market segmentation by application (general lighting, backlighting, automotive lighting, and others) and product (luminaires and lamps) and geography (Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for close to 47% share, followed by the Americas and EMEA respectively. The APAC region will continue to dominate the market throughout the forecast period with the highest incremental growth, as well as market share. This is mainly due to the increase in demand for LED solutions from the residential and commercial segments in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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