LED Lighting Market to Reach US$30.5 Billion in 2016
LED Lighting Market to Reach US$30.5 Billion in 2016 and Professional Lighting Markets to See Explosive Growth
Prospects are bright for the U.S. and Indian lighting markets as applications diversify
Lighting companies have focused on professional lighting solutions in developed markets such as the U.S., Europe and Japan. They seek to capture certain market segments via product diversification and differentiation. In the emerging markets, rapid economic growth, favorable government policies, and mega urban projects are constantly generating new opportunities. Wu noted that the main growth centers in the global lighting market next year will be the U.S. and India.
Demand has been relatively strong in the U.S. lighting market this year, with growth residing in applications such as commercial/industrial lighting, horticultural lighting and marine lighting. Major U.S. lighting companies are proactively developing various LED lighting businesses and giving a greater share of their portfolios to LED lighting products. Demand growth for LED lighting products has been strong in the commercial/industrial applications, with the fastest growth found in troffers, panel lights, tunnel lights and high/low bay lights. New applications are also emerging, including smart lighting and light communication