LED Lighting market to Worth USD 33.1B as Market Penetration Rate Hit 52% by 2017
LED lighting market to worth US $29.6 billion in 2016 and is to rise to US $ 33.1 billion as of 2017. Meanwhile, the penetration rate of LED lighting is to reach 52%. Thanks to regional lighting development, LED lighting is to account for 23% of total lightings in Europe by 2016, which is the highest across the world. The second and third highest region are to be found in North America and China. However, Asia- Pacific region is to witness fastest growth rate in LED lighting.
US Lighting Market
Strong Dollar Policy makes the United States become the growth driver of global LED lighting demand market and the world’s products become relatively cheaper. This trend is expected to still affect the American market in 2016. Meanwhile, in order to maintain industrial development, the United States is promoting LED lighting local assembly, which will meet the local market demand better and expand market.
In addition, American major manufacturers are actively developing LED lighting business, with the rising LED lighting penetration rate. LED commercial and industrial lighting demand is strong in the US market, among which demand for Troffer, panel lights, tunnel lights and high bay lights grows fastest and they begin to develop towards intelligence and optical communications and other new application areas.
Furthermore, plant lighting market benefits from legal medical cannabis cultivation and recreational marijuana in Colorado and Washington. Entrepreneurs and lighting manufacturers aiming at the Gold Rush are waiting for action.
Southeast Asian Lighting Market
LED lighting in Southeast Asia has strongly developed in recent years and gradually strengthened to replace traditional lighting. Although under the influences of the overall economic environment in 2015, growth slows down, it is expected that along with policy incentives and increase of replacement demand, LED lighting penetration rate and import scale of Southeast Asia will continue to increase in the next few years. Southeast Asia is becoming a major hub for Chinese manufacturers exporting LED lighting products.
Australian Lighting Market
Australia possesses about 7-8 million families and each family has 75 lamp holders on average. Due to an early start to phase out incandescent lights, the current products are mainly dominated by MR16 lamps and traditional ceiling lights. Under the requirements of pursuing lighting energy conservation, LED lighting will have more opportunities. In recent years, filament lighting is much applied in commercial lighting space, spur the filament lighting orders demand in China.
Indian Lighting Market
Indian LED industry has obtained its government’s full support. The government has promulgated a series of policies from all perspectives to support the industry’s development, among which the most important is SLNP and DELP. In addition, to help multiple investment enter India, the government implements free tariff (basic tariff) of LED component imports, facilitating LED products into assembly in India as semi-finished products and developing the local market.