Global LED Retrofit Market Benefits from Energy Saving Feature of LED Lighting

Published Date : Jun 28, 2018

ALBANY, New York, June 28, 2018 - has announced the addition of a new business intelligence publication, titled “LED Retrofit Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026,” to its expanding database. The report presents an in-depth reports of the LED retrofit market along with future growth trends based on past performance and current growth trends. It examines vital market indicators and technological developments that could influence the growth trajectory of this market over the report’s forecast period.

According to the report, rising popularity of LED lighting worldwide is the foremost factor driving the LED retrofit market. In addition, multiple initiatives undertaken by government agencies to install LED for street lighting is projected to boost the LED retrofit market between 2018 and 2026.

Furthermore, increasing demand for LED lighting for home lighting needs due to energy saving factor is boosting the LED retrofit market. However, the industrial sector is predicted to expand at a significant CAGR over the report’s forecast period. This is because of initiatives undertaken by governments to encourage adoption of LED lighting due to its energy saving features and eliminate the use of traditional lighting solutions.

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The global market for LED retrofit has been studied in terms of type, application, and region. By type, the market for LED retrofit has been segmented into outdoor and indoor. By application, the market for LED retrofit has been classified into residential, commercial, and industrial, and others. Of them, residential sector is predicted to contribute substantial revenue to the overall LED retrofit market by 2026 mainly because of undertake of smart city projects and widespread urbanization globally.

Additionally, the increasing use of round and linear LED retrofits in commercial, residential, and industrial sectors is predicted to have a significant impact on the global LED retrofit market. Moreover, increasing use of indoor LED retrofits in the expanding horticulture industry is having a positive impact on the indoor segment of the LED retrofit market.

Geography-wise, the LED retrofit market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America, among them, is predicted to hold a substantial share of the overall market by the end of 2026. The region being home to some well-established market players for LED retrofit accounts for its substantial market share. In addition, continuous advancements in LED retrofits and initiatives undertaken by governments for installation of LED lighting in public places also favors the North America LED retrofit market. For example, in April 2018, the state of Tennessee in the U.S. announced agreement with OSRAM Licht Group to increase LED lighting in government facilities in the state.

The report profiles key companies operating in the global LED retrofit market, namely Philips Lighting Holdings B.V., Fulham Co. Inc., General Electric Company, OSRAM Licht Group, Tridonic, Eaton, and Cree Inc.

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