BURNABY, British Columbia, April 11, 2015 /PRNewswire/ --
Declining LED prices coupled with supportive government initiatives driving US LED lighting market
With continuing innovation over the last decade, LED technology has made huge in roads into general lighting applications due to it being highly energy efficient, cost effective and environment friendly. United States witnessed the launch of LED lighting products in early stages of technology development, and over the last five years, the LED lighting market has witnessed a phenomenal growth and is gradually moving towards maturity. General lighting, backlighting and automotive segments are the major end-use LED applications. Presently, the general lighting segment dominates LED lighting market and is expected to account for majority of the market demand by 2020.
According to a recently published report by TechSci Research "United StatesLED Lighting Market Forecast & Opportunities, 2020", the US LED lighting market is expected to touch an estimated USD5.2 billion in 2015. Key factors boosting the demand for LEDs include continuously declining LED prices due to decreasing production cost coupled with initiatives taken by the US government such as Energy Policy Act of 2005 and increasing consumer inclination towards adoption of green technologies. Cree, Philips, GE and Osram Sylvania are few of the major players in the US LED lighting market. These leading players are expected to witness further increase in their respective market shares during the forecast period as a result of their wide ranging product portfolio and highly competitive product pricing strategies.
"Continuing innovation in LED lighting technology along with recovering construction and automobile industry and favorable government initiatives to promote the use of LED technology are expected to positively influence the US LED lighting market over the next five years. The market is also expected to witness increasing consolidation in the coming years. In addition, ban on use of incandescent lamps and sharply declining LED prices are expected to further boost the demand for LED lighting products in the country," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"United StatesLED Lighting Market Forecast & Opportunities, 2020" has evaluated the future growth potential of the US LED lighting market and provides statistics and information on market structure and consumer behaviour trends. The report includes LED lighting projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies the emerging trends along with essential drivers, challenges and opportunities in LED lighting market in the US.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research