LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global high brightness LED market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global high brightness LED (HB LED) market for 2017-2021. The report also lists consumer electronics, general lighting and automotive as the three major application segments, of which the consumer electronics segment accounted for more than 37% of the market share in 2016.
According to Sunil Kumar Singh, a lead analyst at Technavio for lighting research, “The stringent government regulations regarding the use of energy have increased the adoption of HB LED lighting market worldwide. In terms of revenue, the residential and commercial segments are the largest contributors to the HB LED lighting market.”
Looking for more research from this report? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global HB LED market:
- Demand for energy-efficient lighting solutions
- Upcoming mega events and infrastructure projects
- Government support and incentives for LED lighting
Demand for energy-efficient lighting solutions
Escalating energy costs and consumption have been compelling both governments and consumers to reduce energy consumption and employ power-saving lighting solutions. HB LEDs are technically efficient in terms of lighting and power consumption. In addition to providing power-efficient lighting, HB LED bulbs last longer than incandescent bulbs by up to thousands of hours. In addition, flexible HB LED technology enables the effective use of lighting controls and thus increases the potential for saving.
Upcoming mega events and infrastructure projects
The 2018 FIFA World Cup, which will be hosted by Russia, is expected to contribute significantly to the global HB LED market. The Russian government has allocated USD 25 billion for the installation of LED flood lights and other high-power outdoor lighting for nearly 30 large sports stadiums. There will be increased demand for flood lights and other commercial lighting due to the construction of athletes' villages and the upgrade of infrastructure facilities like roads, hotels, tourist facilities, and commercial complexes. This will accelerate the demand for HB LED lighting solutions, particularly for the outdoor segment.
Apart from the above event, there are several infrastructure projects announced by the government of several countries to complement economic growth and to cater to the demands of the fast-growing urban population.
Government support and incentives for LED lighting
Global warming and rapid depletion of non-renewable energy sources impel the need for energy conservation. It is estimated that lighting applications account for more than 20% of the global electricity consumption currently. 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 government and non-government entities.
For instance, in 2016, Melrose Public Utilities and its supplemental power supplier Missouri River Energy Services in the US, announced the Bright Energy Solutions Program for business customers. Under this program, Melrose Public Utilities would offer a rebate to customers who purchase and install energy-efficient lighting in new buildings.
“The subsidies offered by governments and utility companies will accelerate the installation of LED lamps and fixtures in all the application segments. This will drive the unit shipment of HB LED lighting solutions during the forecast period,” says Sunil.
Browse Related Reports:
- Global LED Lighting Market for Horticulture Application 2016-2020
- Electrical Equipment Market in Bulgaria 2016-2020
- Global LED Lighting Ballast Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like displays, computing devices, and embedded systems. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.