Global LED Market Trend
The Global trend towards LED lighting is promising and prolific with more innovations on the horizon and a booming market that stands at $ 25.7 million; with each year seeing the addition of more companies vying for the largest market share in the LED lighting industry.
The most recent addition to this fray is China. Being the largest lighting production base in the world, in the recent years it has made rapid progress in the LED industry by adopting LED technology and increasing their market share in the industry throughout the value chain.
As of 2016, the high-end commercial LED lighting market is on its highest peak and, thus, the demand for superior light quality is also on the rise. The market is witnessing such acceleration due to factors like competence of SDCM control, ongoing development of efficiency, and colour rendering index in LED lights.
With the world becoming more and more receptive to the shift to LED lighting technology, there is pressure on the manufacturing companies to keep prices competitive in the face of usage volume growth. Based on these observations, LED inside projects that in the next five years, the LED industry’s compound annual growth rate (CAGR) is likely to reach more than 10% in the future.
At the same time manufactures are looking at different cost cutting solutions. Besides lowering LED chip prices, manufacturers will start to evaluate whether LED driver and other component prices can be further lowered.
On the whole globally LED technology is finding widespread acceptance, which indicates the willingness of the world to move towards a more energy efficient environment taking the first step to win “the war on energy wastage”. This enthusiastic reception by users has also spurred the manufacturers to strive towards seeking more innovations that enhance applications harnessing the LED advantages while at the same time improving existing processes and products to make them more competent and cutting edge.
Hence it can be expected that in the coming years the LED Industry will continue to witness increased competition, steady cost reduction and improved technology performance.