Mar 2 2015
TechNavio, a tech-focused research firm, has published a new report on the Global LED Lighting Market, which is expected to grow at a CAGR of 25.89 percent from 2014-2019.
The latest report by TechNavio emphasizes the rapid decrease in LED prices that has accelerated the demand for LED devices in the market. The decrease in price stems from massive R&D investment in LED chips and packages in China, which has resulted in brighter LED chips.
“China is by far the market leader, and the growth of the LED Lighting Market in China will have a direct effect on the global market,” says Faisal Ghaus, Vice President of TechNavio.
The new report also draws attention to the ability of LEDs to provide high-quality and energy-efficient lighting, compared to existing lighting technologies, which has accelerated the demand for LEDs worldwide. The growing use of LEDs for lighting in a variety of industries will gain momentum during the forecast period.
“The increasing penetration of LEDs in the lighting market mainly comes from the correction in the price of LEDs in recent years, which has accelerated the use of LEDs in numerous applications,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
Source: http://www.technavio.com/