Asia-Pacific $58 Billion LED Lighting Market to 2024 - Growing Popularity of Smart LED Lighting

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Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. Asia-Pacific (APAC) LED lighting market is predicted to reach $58.0 billion by 2024, advancing at a 13.0% CAGR during the forecast period (2019-2024). The factors driving the growth of the market are increasing number of smart cities and government initiatives toward the adoption of LEDs. The increasing sale of lights with the ability to be controlled anytime from anywhere using smartphones is a key trend in the market. Based on installation type, the APAC LED lighting market is bifurcated into retrofit and new installations. Of these, during the historical period (2014-2018), retrofit installations registered faster growth, which is expected to continue in the forecast period as well in the region, owing to the ongoing replacements of sodium vapor and incandescent lamps with LEDs in countries such as India, China, Australia, Japan, and South Korea.On the basis of indoor LED lighting application, the APAC LED lighting market is classified into industrial, commercial, and residential. Out of these, in 2018, the commercial classification held the largest share in the market. The commercial category includes hospitality and tourism, office, retail, hospital, education, transportation, government, BFSI, and others. The growth of the indoor application of LED lights is mainly attributed to the increasing government initiatives promoting energy-efficient lighting in commercial spaces, especially in India, China, Japan, and Australia.Furthermore, based on industrial LED lighting, the APAC LED lighting market is divided into automotive, chemicals and pharmaceuticals, food and beverages, oil and gas, electronics and semiconductors, energy and utilities, and others, wherein others' include textile, telecom, and mining. Out of these, energy and utilities are predicted to be the fastest-growing division during 2019-2024, owing to the expanding construction of energy substations and power plants in the region. Now, coming to the outdoor LED lighting application, the APAC LED lighting market is categorized into parks, parking spaces, road network, transportation, stadiums and sports complex, and others where others' include architectural, agriculture, and religious institutions. Out of these, in 2024, road network sub-category is projected to hold the largest share in the market. This can be ascribed to the rising replacement rate of conventional lights installed on streets with new, energy-efficient LED lights. Countries such as China, India, Australia, and South Korea are rapidly installing LED lights to minimize CO2 emissions and energy consumption.Some of the key players in the LED lighting market in APAC are focusing on partnerships and product launches. The companies participating in such activities include Osram Licht AG, Cree Inc., Zumtobel Group AG, Samsung Electronics Co. Ltd, and Koito Manufacturing Co. Ltd. 1.1 Research Objectives1.2 Market Definition1.3 Research Scope1.4 Key Stakeholders2.1 Secondary Research2.2 Primary Research2.3 Market Size Estimation2.4 Data Triangulation2.5 Assumptions for the Study4.1 Definition of Market Segments4.1.1 By Product Type4.1.1.1 Luminaires4.1.1.2 Lamps4.1.2 By Installation Type4.1.2.1 New installation4.1.2.2 Retrofit4. A-lamps4. Reflectors4. T-lamps4. Other lamps4.1.3 By Application4.1.3.1 Indoor4. Commercial4. Offices4. Retail4. Hospitality and Tourism4. Hospitals4. Government4. BFSI4. Education4. Transportation4. Others4. Residential4. Industrial4. Automotive4. Food and Beverage4. Electronics and Semiconductors4. Energy and Utilities4. Chemicals and Pharmaceuticals4. Oil and Gas4. Others4.1.3.2 Outdoor4. Road Network4. Transportation4. Parks4. Parking spaces4. Stadiums/Sports Complex4. Others4.2 Value Chain Analysis4.3 Market Dynamics4.3.1 Trend4.3.1.1 Growing popularity of smart LED lighting4.3.2 Drivers4.3.2.1 High energy efficiency and greater life span4.3.2.2 Government initiatives driving the adoption of LED lights4.3.2.3 Increasing number of smart cities4.3.2.4 Impact analysis of drivers on market forecast4.3.3 Restraint4.3.3.1 Development of alternative technology4.3.3.2 Impact analysis of restraints on market forecast4.3.4 Opportunity4.3.4.1 Upcoming sports events in APAC5.1 By Product Type5.2 By Installation Type5.2.1 Retrofit Installation, by Type5.3 By Application5.3.1 Indoor LED Lighting Market, by End-Use5.3.1.1 Commercial LED lighting market, by type5.3.1.2 Industrial LED lighting market, by type5.3.2 Outdoor LED Lighting Market, by End-Use5.4 By Country12.1 Market Share Analysis of Key Players12.2 Companies' Benchmarking Based on LED Light Offerings12.3 Recent Activities of Major Players12.4 Strategic Developments of Key Players12.4.1 Mergers and Acquisitions12.4.2 Product Launches12.4.3 Partnerships12.4.4 Client Wins

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Related Topics: LED (Light Emitting Diodes)

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Globe Newswire: 11:04 GMT Wednesday 15th May 2019

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