Asia-Pacific (APAC) LED Lighting Market by Product Type (Luminaires, Lamps), by Installation Type (New Installation, Retrofit [A-Lamps, Reflectors, T-Lamps), by Application (Indoor [Commercial [Offices, Retail, Hospitality and Tourism, Hospitals, Government, BFSI, Education, Transportation], Residential, Industrial [Automotive, Food and Beverage, Electronics and Semiconductors, Energy and Utilities, Chemicals and Pharmaceuticals, Oil and Gas], Outdoor [Road Network, Transportation, Parks, Parking Spaces, Stadiums/Sports Complex]), by Geography (China, Japan, India, South Korea, Australia) –Market Size, Share, Development, Growth and Demand Forecast, 2014–2024
NEW YORK, April 02, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Asia-Pacific LED lighting market is expected to reach $58.0 billion by 2024, registering a CAGR of 13.0%, during the forecast period, the growth in the market can be attributed to the growing number of smart cities, high energy efficiency, and rising government initiatives, globally.
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On the basis of installation type, Asia-Pacific LED lighting market is classified into new installations and retrofit. Among these, retrofit installation is projected to be fastest growing category in the region due to increasing replacement of incandescent and sodium vapor lamps with LEDs in the countries such as India, China, Japan, Australia, and South Korea.
Based on indoor LED lighting application, Asia-Pacific LED lighting market is segmented into residential, commercial and industrial. Among these, commercial category is expected to hold largest share in 2018. The commercial category includes offices, retail, hospitality and tourism, hospitals, government, BFSI, education, transportation, and others. The commercial category is predominantly driven on account of increasing government initiatives toward the adoption of LED lighting in commercial spaces, predominately in China, Japan, India, and Australia.
On the basis of outdoor LED lighting, the Asia-Pacific LED lighting market is categorized into road network, parks, parking spaces, stadiums/sports complex, transportation, and ‘others’; wherein others include agriculture, architectural, and religious institutions. Among these, road network sub-category is expected to hold largest share in the market in 2024. This can be attributed to increasing replacement of older technology lights used in street lights with LED lights. Countries such as India, China, South Korea, and Australia are increasingly installing LED lights on roads to reduce energy consumption and CO2 emissions.
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Based on industrial LED lighting, Asia-Pacific LED lighting market is categorized into chemicals and pharmaceuticals, automotive, energy and utilities, oil and gas, food and beverage, electronics and semiconductors and ‘others’; wherein others include telecom, mining, and textile. Among these, energy and utilities expected to be fastest growing sub-category during the forecast period. This can be attributed to increasing construction of power plants and energy utilities substations in the region.
Rising number of smart cities is supporting the growth of Asia-Pacific LED lighting market. Presently, several smart city development projects are on the line in countries such as China, India, and South Korea. China introduced national smart city development project in 2012 to build smart cities with modern technology. Further, Chinese government aimed to nurture 100 new smart cities to lead their urban planning and development by 2020. To showcase their achievements in smart cities, the country held its fourth China Smart City International Expo in Shenzhen from 21 August 2018 to 23 August 2018.
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The major players in the Asia-Pacific LED lighting market in the region are mainly involved in product launches, and partnerships. The companies involved in product launches and partnerships are Cree Inc., Osram Licht AG, Samsung Electronics Co. Ltd, Zumtobel Group AG, and Koito Manufacturing Co. Ltd. It would strengthen the product offerings of the company and support in acquiring large number of customers. Other activities in the market include mergers and acquisitions, and client wins.
Major companies in the Asia-Pacific LED lighting market include Koito Manufacturing Co. Ltd., Stanley Electric Co. Ltd., Osram Licht AG, Samsung Electronics Co. Ltd., Cree Inc., Signify N.V., LG Electronics Inc., Panasonic Corporation, Zumtobel Group AG, and Seoul Semiconductor Co. Ltd.
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