London, 01 August, 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global LED Industrial Lighting Market 2014-2018, which is expected to grow at a CAGR of 29.64 percent during the forecast period.
An LED is a semiconductor that emits visible light, and the technology is currently used in almost every application that uses lighting systems. LEDs allow a lot of flexibility in terms of luminescence and power consumption, thus increasing the potential for savings, which has made them popular in industrial applications.
Key Market Drivers
- Need for Energy-efficient Lighting Solutions
- Long Life Span of LEDs
- Shift to Large Diameter Sapphire Wafers
Key Market Trends
- Declining ASP of LED Light Bulbs
- Demand for Intelligent Lighting Systems
- Favorable Government Legislation
“Increased concern over the depletion of non-renewable power sources and the need to minimize power consumption are driving the demand for LEDs in industrial facilities,” says Faisal Ghaus, Vice President of TechNavio.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
