LED Lighting Market in North America 2018-2022
About LED lighting
LED is a semiconductor diode electronic device that emits light when current passes through it.
Technavio’s analysts forecast the LED lighting market in North America to grow at a CAGR of 11.78% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the LED lighting market in North America for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of LED lighting.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – LED Lighting Market in North America 2018-2022
Technavio recognizes the following companies as the key players in the LED lighting market in North America: Acuity Brands, Cree , Eaton , GENERAL ELECTRIC , Koninklijke Philips, OSRAM
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is New guidelines and government policies for smart lighting. Energy efficiency has become a major global concern nowadays, particularly as a result of global warming and the rapid depletion of non-renewable energy sources. The increased power consumption has resulted in several countries framing policies that ban the use of incandescent light bulbs in a phased manner, which have a relatively low power efficiency.”
According to the report, one of the major drivers for this market is Declining manufacturing cost of LEDs. The manufacturing cost of LEDs has declined steadily since 2012 and will continue to decline during the forecast period. This decline can be mainly attributed to the decreasing ASP of chips and components used in the manufacturing process of LED devices. The decline in the manufacturing cost of LEDs is also reducing the initial installation cost of LED lamps and fixtures, which will accelerate the installation of new LED lamps and fixtures across all application segments.
Further, the report states that one of the major factors hindering the growth of this market is High average cost per LED fixture. Though the total cost of owning LED lamps and fixtures is low compared to traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance. The total cost of installation includes the cost of LED luminaires and labor charges. In addition, consumers who install smart lighting fixtures require plenty of resources to set up an IoT infrastructure. The price of incorporating smart bulbs in a fixture also varies depending on the type of manufacturer.
Acuity Brands, Cree , Eaton , GENERAL ELECTRIC , Koninklijke Philips, OSRAM