According to the latest market research study by Technavio, the global light-emitting diode lighting module market is expected to grow at a CAGR of close to 20% during the forecast period of 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global LED lighting module market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
Source: Technavio
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The top three revenue contributing end-user segments are discussed below
Global LED lighting module market in the retail sector: Major retail outlets worldwide are transitioning to energy-efficient LED lighting from traditional lighting. With the extensive adoption of LED lighting systems in the retail sector, the demand for LED lighting modules in the sector is expected to witness steady growth during the forecast period.
“Various initiatives by the retail sector has been taken. For instance, in 2015, Cancer Research UK charity stores deployed LED lighting to enhance store ambiance and attract younger generation consumers,” says Chetan Mohan, a senior analyst at Technavio for research on embedded systems.
Global LED lighting module market in the architectural sector: The demand for high-power LED lamps in architectural lighting is growing due to the extensive use of high-intensity light sources for decorative lighting in landscapes, museums, statues, and historical monuments. Moreover, green, red, and blue (RGB) color controllability of LEDs in architectural applications allows them to be tuned to an extensive range of colors as per customer preferences.
Global LED lighting module market in office sector: The office segment is expected to show substantial growth owing to the rapid decline in average selling price (ASP) of LEDs and government regulations on the use of LEDs to save energy and reduce carbon footprint. Moreover, LED lighting is more suitable for lighting control systems than traditional lighting, which, in turn, is expected to influence the demand for LEDs in this segment positively.
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The top vendors operating in the global LED lighting module market are:
- Cree
- GE Lighting
- OSRAM
- Philips
The other prominent vendors in the market include Acuity Brands, Advanced Lighting Technology, Bridgelux, Cooper Lighting, and LG Innotek.
A more detailed analysis is available in the Technavio report titled, ‘Global LED Lighting Module Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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