LED Displays, Lighting and Fixtures Market Overview:
According to the 2018 Energy Statistics Pocketbook by United Nations, the global electric energy consumption was 24,321.6 TWh in 2015 which was around 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 dire need for the conservation of energy, 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 stroking the LED displays, lighting and fixtures market which already had a global market of size of an impressive $70 billion to $75 billion according to the market analyst of IndustryARC. Furthermore, the market analyst estimates the demand for these products to grow with a superlative CAGR of 12% to 14% during the forecast period of 2019 to 2025.
The expansion of real estate, proliferating industrialization, and the increasing population are well-known phenomena in countries like China, India, Indonesia, Taiwan, the Philippines, and others. Now, these factors are collectively leading to the rising demand for the LED products in the APAC region which bears a substantial LED displays, lighting and fixtures market share of 35% to 38%.
LED Displays, Lighting and Fixtures Market Outlook:
LEDs are basically light emitting diodes that are often used in stage lights, and they do not require an external reflector. These lights illuminate brightly and homogenously, have wider beam aperture, and impart an aesthetic appeal to the 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 chiefly comprised of LEDs.
“The growing usage of LEDs in the retail sector for store branding, product promotion, and customer engagement is creating a sustainable LED displays, lighting and fixtures marketplace which the existing market players and emerging vendors will be leveraging,” remarks the market analyst in the market research report. According to the market analyst, the application CAGR of LED displays, lighting and fixtures will be a glaring 16% to 18% during the forecast period of 2019 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 by 2030. This is leading to a remarkable development in the real estate sector. Now, the real estate sector will create a need for lighting systems, and nowadays, builders and residents are preferring LED lights over the conventional incandescent ones. This projected growth of real estate will create a substantial customer based for the vendors in the 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 the electricity consumption for sustainable energy for the future. This has influenced governments across the globe that are taking power-saving initiatives which encourage the usage of LED lights. It is one of the major reasons for the LED displays, lighting and fixtures market growth.
- The Application of LED Products Increasing Profitability of Businesses –
Businesses need lighting, displays, and fixtures for regular operations. Now, the LED products are reducing the energy consumption and thus helping businesses to reduce the amount attributing to the electricity payment in their balance sheets, subsequently improving the profitability by a considerable margin. So, there are many organizations giving preference to the application of LED products which is bolstering the LED displays, lighting and fixtures market revenue of the vendors.
LED Displays, Lighting and Fixtures Market Challenges:
The major challenge in the LED displays, lighting and fixtures market is that the initial cost of these products is high. So, a lot of prospective customers are dithering to make a purchase. However, the increasing awareness about energy conservation and the robustness and durability of the products are a few factors which are attributed to catapult the sales in the 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 their 2017 annual report, they saw 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 Trends:
- In January 2018, Ring, the market leader of home security acquired Mr. Beams – a prominent LED lighting technology company and create a new venture called Ring Beams which will provide an end-to-end solution in the outdoor security lights domain.
- In January 2018, Sharp Corporation and Universal Display Corporation ventured into an updated OLED evaluation agreement. It’s a collaborative partnership with a mission to gain the leading position in the LED displays, lighting and fixtures market.
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 the bases of the 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:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia