|Base Year||2018||Researched through internet|
Market Size and Forecast
Lighting by application area
The first segment to embrace LED lighting in a major way was architectural lighting - which includes lighting for monuments, accentuating building features, bridges etc.
The biggest application in lighting, Residential, was almost 40 percent of the aggregate general lighting market in 2011. The LED piece of the pie in residential was evaluated at around 7 percent in 2011 and is expected to be just about 50 percent in 2016, climbing to more than 70 percent in 2020.
Reasons for increased uptake in residential is driven by a shorter payback time because of the speedier decrease in LED costs. In a few nations, the cost of LED lights is expected to compete aggressive with CFLs as early as in 2015, this will further accelerate the move from CFLs to LEDs. Additionally, accentuated regulation guides to eliminate energy hogging lights (especially in China and Europe) will likewise quicken the LED piece of the pie in residential applications.
Share of LEDs in lighting is expected to over 30% in 2016, and over 50% in 2020. Fluorescent lighting has a very high level of penetration in this segment. Moreover, the party that owns the lighting and the party that pays the electricity bills are usually different - hence the decision making process for changing office lighting with an energy saving goal is usually not aligned - as the party who pockets the savings is not the same one who has to pay for changing the lighting.
Current LED piece of the overall industry in the retail application is assessed at around 7 percent and is expected to grow to more than 45 percent by 2016, expanding to as much as 70 percent by 2020.
The application with the second-speediest uptake in LED entrance after architecture is the hospitality sector. Its current LED piece of the pie is evaluated at around 9 percent and is expected to grow to near to 45 percent by 2016, expanding to around 80 percent by 2020.