Asia-Pacific LED Lighting Market by Product Type, by Installation Type, by Application, by Geography Market Size, Share, Development, Growth and Demand Forecast, 2014-2024
NEW YORK, May 22, 2019 /PRNewswire-HISPANIC PR WIRE/ -- 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
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According to the report, the Asia-Pacific (APAC) LED lighting market, by 2024, is predicted to reach $58.0 billion, 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.
APAC LED Lighting Market Segmentation
Market Segmentation by Product Type
- Luminaires
- Lamps
Market Segmentation by Installation Type
- New Installation
- Retrofit
- A-Lamps
- Reflectors
- T-Lamps
- Other Lamps (Self-Ballasted LED Lamps, Parabolic Aluminized Reflector (PAR), Multifaceted Reflector (MR) and Bulged Reflector (BR) lamps)
Market Segmentation by Application
- Indoor
- Commercial
- Offices
- Retail
- Hospitality and tourism
- Hospitals
- Government
- Banking, financial services and insurance (BFSI)
- Education
- Transportation
- Others (Entertainment, and Museum)
- Residential
- Industrial
- Automotive
- Food and beverage
- Electronics and semiconductors
- Energy and utilities
- Chemicals and pharmaceuticals
- Oil and gas
- Others (telecom, mining, and textile)
- Outdoor
- Road network
- Transportation
- Parks
- Parking spaces
- Stadiums/sports complex
- Others (agriculture, architectural and religious institutions)
Market Segmentation by Country
- China LED Lighting Market
- By product type
- By installation type
- By application
- Japan LED Lighting Market
- By product type
- By installation type
- By application
- India LED Lighting Market
- By product type
- By installation type
- By application
- South Korea LED Lighting Market
- By product type
- By installation type
- By application
- Australia LED Lighting Market
- By product type
- By installation type
- By application
- Rest of APAC LED Lighting Market
- By product type
- By installation type
- By application
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