LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global light-emitting diode (LED) lighting module market to grow at a CAGR of close to 20% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global LED lighting module market for 2017-2021. The report also lists luminaires and lamps as the two major application segments, of which luminaires accounted for over 77% of the market share in 2016.
According to Chetan Mohan, a lead analyst at Technavio for embedded systems research, “As LEDs are more efficient than traditional lighting sources, countries such as Singapore, Malaysia, and Thailand in Southeast Asia are observing high demand for LED lighting in infrastructure development, which is a positive trend that is likely to be followed by countries across the world.”
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Technavio hardware and semiconductor analysts highlight the following three market drivers that are contributing to the growth of the global LED lighting module market:
- Government support and incentives for LED lighting
- Demand for energy-efficient lighting solutions
- Minamata Convention on Mercury
Government support and incentives for LED lighting
Global warming and rapid depletion of non-renewable energy sources highlight the indispensable need for energy conservation. As of 2016, lighting applications accounted for more than 20% of global electricity consumption. This high consumption has led several countries to frame policies that ban the use of inefficient lighting sources and promote the use of efficient lighting sources through subsidies and tax incentive programs. These incentives are being offered by different governmental as well as non-governmental entities.
Demand for energy-efficient lighting solutions
Increasing energy costs and rise in consumption have been compelling governments and consumers to reduce energy consumption and employ power-saving lighting solutions. LEDs are more efficient in terms of lighting and power consumption as compared to conventional incandescent bulbs. Moreover, LED bulbs are considerably more durable than incandescent bulbs, by up to thousands of hours. Also, flexible LED technology enables the effective use of lighting controls and thus, increases the potential for saving.
Minamata Convention on Mercury
The Minamata Convention on Mercury is an international treaty signed by delegates from 128 countries in 2013. It seeks to reduce emissions of mercury and mercury compounds. The treaty is named after the Japanese city Minamata after it went through a devastating incident of mercury poisoning that caused the Niigata Minamata disease. This treaty is expected to drive the demand for mercury-free LEDs in household lighting and is expected to reduce mercury usage through replacement of fluorescent with LED lamps and fixtures. Mercury is one of the highly toxic compounds present in fluorescent lamps and its disposal in landfills can lead to air and water pollution.
“The Minamata Convention on Mercury is expected to accelerate the adoption of LEDs lamps and fixtures, thereby directly contributing to the growth of the global LED lighting module market,” says Chetan.
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