US LED Market - By Type of Use (Indoor Lighting, Outdoor Lighting), Category Type (General Purpose, Integrated Fixtures/Luminaire, Linear), Trends, Forecast (2018 - 2023)
The market was valued at USD 8.05 billion in 2017 and is expected to reach a value of USD 15.97 billion by 2023 at a CAGR of 12.6% over the forecast period (2018 - 2023).
The demand component, on the other hand, was valued at USD 3.10 billion in 2014, and is projected to grow at a CAGR of 12.80% over the forecasting period to reach USD 6.38 billion by the end of 2020.Light-emitting diodes (LEDs) are a type of solid-state lighting (SSL) which are transforming the whole lighting market. LEDs have outshone many traditional lighting technologies in terms of lifetime, energy efficiency, color quality and versatility. Due to their increasing cost competitiveness, this technology has begun to successfully compete in a variety of lighting applications.
LED technology holds unique advantages over traditional technologies, such as halogen, incandescent and compact fluorescent lamp (CFL) lighting. LED lights are currently three to five times more energy efficient than traditional technologies and will become even more efficient, a very important advantage considering that more than 50% of the total cost of lighting comes from the energy consumed. LEDs are more versatile than other technologies. They come in a wide range of colors and their small size can lead to interesting new applications. Another key advantage LEDs hold is the longevity. LED lamps last roughly 10 times the life span of incandescent lamps and 4 times to that of CFL lighting.
This increasing popularity of LEDs will also lead to the adoption of smart lighting systems (connected lighting). Given the flexibility of LEDs in terms of color variation and brightness, it makes more sense for connected systems to use LEDs than traditional lighting sources. Increasing penetration of smartphones and energy saving advantages associated with connected lighting systems will further drive the market for LED lighting, especially in countries where the technology adoption happens swiftly, such as the United States.
The US LED market is segmented by subcategories such as indoor and outdoor lighting , LED display , sign and chips as well as it is segmented as subdivision , LED bulb, spotlight , street light , panel light and flood light as major ones. The report consists of company profiles of acuity brands, Cree , general electric, Hubbell , cooper lighting , Samsung electronics to name a few.
Major Players - Acuity Brands, Inc., Cree Inc., Ge Lighting (General Electric Co.), Cooper Industries (Eaton Corporation), Hubbell Incorporated, Feit Electric Company Inc., Osram Licht Ag, Philips Lighting (Signify Holding), Samsung Electronics Co. Ltd., And Bridgelux Inc. among others.
Reasons to Purchase the Report
- Market Definition for US LED market along with identification of key drivers and restraints for the market.
- Market analysis for the US LED Market, with region specific assessments and competition analysis on regional scale.
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market -on regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
- Identification and analysis of the Macro and Micro factors that affect the US LED Market on global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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