Penetration of LEDs as A Light Source in General Lighting

The global LED lighting market is expected to be valued at USD 92.40 Billion by 2022 and is expected to witness a shipment of 14.01 Billion units by 2022, at a CAGR of 13.66% and 21.23%, respectively, between 2016 and 2022. The increasing consumer demand for energy-efficient lighting systems, reduction in prices of LEDs, and high penetration of LEDs as a light source in the general lighting market are expected to drive the growth of this market. The base year considered for this report is 2015, and the market size forecast is provided for the period between 2016 and 2022.

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In the market by end-use application, indoor lighting is expected to have a higher growth rate than outdoor lighting. The reason for the large market size and high growth rate of indoor lighting is increasing infrastructural activities across the world, mainly focused on residential lighting.

In the market by installation type, retrofit installation is expected to experience the highest growth. Increasing replacement of incandescent lamps with energy-efficient light sources such as LED lamps is the major factor contributing to the growth of the market for retrofit installation. The old generation lamps are being slowly phased out and the fixtures are being retrofitted with LED lamps as they offer a longer working life and also consume less energy.

In the market by product type, the lamps segment is expected to be the dominant market within the market. The lamps subsegment is expected to be the dominant market as it is the major light source and main component of an LED lighting system.