The Global LED General Lighting market will grow at a CAGR of 27.55 percent over the period 2013-2018.
A major trend emerging in this market is the dropping average selling price of LED light bulbs, which has increased their adoption in various lighting applications.
Many LED retailers are involved in price competition and are offering 40 W – 60 W LED light bulbs at lower prices making it more affordable, resulting in increased adoption.
A major factor driving the market growth is the need for energy-efficient lighting solutions. Due to reduction in energy consumption and environmental impacts, consumers are increasingly adopting energy-efficient lighting LEDs.
Further, the low consumer awareness is one of the major challenges that the market faces. Most of the application segments in the Global LED market have a low LED penetration rate as consumers do not prefer the quality and nature of lighting over the cost.
In addition, the market can be divided based on application into eight segments, namely, architectural, hospitality, industrial, office, outdoor, residential, retail and others.
Key vendors of this market are Cree, LG Innotek, Nichia, OSRAM Opto Semiconductors, Philips Lumileds Lighting, Samsung LEand Seoul Semiconductor.
Sabeena Wahid