LED Displays, Lighting and Fixtures Market Overview:
There is a growing concern about the global electricity consumption. According to the 2018 Energy Statistics Pocketbook by United Nations, the global electric energy consumption was 24,321.6 TWh in 2015, which was approximately 12% more than that in 2010. Additionally, global electricity demand is predicted to increase in the coming decades. However, the energy sources in the world are depleting, and the world is in need for energy conservation, be it electricity or fossil fuels. Now, a lot of electricity consumption attributes to lighting, displays, and fixture, and the fact that it can be significantly minimized by using LED products is flourishing the LED displays, lighting and fixtures market which already had a global market size of an impressive $58.64 billion as of 2018. Furthermore, the demand for these products is estimated to grow with a profitable CAGR of 12.21% during the forecast period 2019-2025.
The expansion of real estate and proliferating industrialization are well-known phenomena in countries of North America. These factors are collectively leading to rising demand for LED products in North America which bears a substantial LED displays, lighting and fixtures market share of 27.75% through 2025.
LED Displays, Lighting and Fixtures Market Outlook:
LEDs are basically light emitting diodes that are often used in stage lights, and do not require an external reflector. These lights illuminate brightly and homogenously, have wider beam aperture, and impart an aesthetic appeal to ambiance. LED products have diverse applications in advertising, lighted wallpapers, general lighting, automotive headlamps, traffic signals, and even in medical devices. Digital signage has been replacing the billboards in many countries for a long time. Now, digital signage boards are prevalent and are majorly comprised of LEDs.
The growing usage of LED lightings in the residential sector for domestic purposes is creating a sustainable LED displays, lighting and fixtures marketplace which the existing market players and emerging vendors are leveraging. The application CAGR of LED displays, lighting and fixtures in the residential sector is projected to be 29.48% through to 2025.
LED Displays, Lighting and Fixtures Market Growth Drivers:
· The Growing Population and Its Positive Impact on Real Estate –
In 2017, the total population of the world was valued to be 7.5 billion by the United Nations according to the report by the United Nations. Furthermore, the organization estimates that the population mark will cross 8.5 billion by 2030. This is leading to remarkable development in real estate sector. Rising real estate sector will boost demand of lighting systems, and nowadays, builders and residents are preferring LED lights over conventional incandescent lights. Real estate industry is going to play a vital role in sustainable development goals (SDGs) of the United Nations (UN), and the industry is expected to expand. This anticipated growth of the real estate sector will create a substantial customer base for LED displays, lighting and fixtures market.
· Government Initiatives Driving the Demand Growth –
In their sustainable development targets, the United Nations have particularly mentioned the need for controlling electricity consumption. This has influenced governments across the globe that are taking power-saving initiatives which encourages the usage of LED lights; a major reason for the LED displays, lighting and fixtures market growth.
· Application of LED Products–
Retail shops and offices in the commercial sector need lighting, displays, and fixtures for regular operations. LED products are less energy consuming products thus helping business to work economically, subsequently improving the profitability by a considerable margin, hence, rising demand of LED products from businesses are boosting the LED displays, lighting and fixtures market revenue.
LED Displays, Lighting and Fixtures Market Trends:
· In January 2018, Ring, the market leader of home security acquired Mr. Beams – a prominent LED lighting technology company and created a new venture called Ring Beams which will provide an end-to-end solution in outdoor security light domain.
· In January 2018, Sharp Corporation and Universal Display Corporation ventured into an updated OLED evaluation agreement. It is a collaborative partnership with a mission to gain leading position in LED displays, lighting and fixtures market.
LED Displays, Lighting and Fixtures Market Challenges:
The major challenge in LED displays, lighting and fixtures market is high initial cost. Many prospective customers are dithering to make a purchase. However, the increasing awareness about energy conservation along with robustness and durability of the products are some factors which are attributed to catapult the sales in future.
LED Displays, Lighting and Fixtures Market Key Players Perspective:
The market leader in LED displays, lighting and fixtures market is Philips Lighting. According to its 2017 annual report, company registered 65% year on year sales growth in their LED products.
General Electric Company, Osram Licht AG, Cree, Inc., Cooper Industries, Inc., Virtual Extension, Dialight PLC, Zumtobel Group, AG, Samsung, and Sharp Corporation are some other key players crusading for LED displays, lighting and fixtures market share.
LED Displays, Lighting and Fixtures Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the LED displays, lighting and fixtures market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of LED displays, lighting and fixtures market, and their specific applications for backlighting, signage, the LED general lighting market, automotive LED lighting, and others.
LED displays, lighting and fixtures Market Report: Industry Coverage
The report analyses the product demands on basis of product type which varies from conventional LED display, surface mounted device, and LED lighting & fixture.
The LED displays, lighting and fixtures market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Key Questions Addressed in the LED Displays, Lighting and Fixtures Market Report
Is the market demand for LED displays, lighting and fixtures growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market?
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the LED displays, lighting and fixtures market?
A Few Focus Points Of This Research Are Given Below: