2016 is coming to an end. This calls for a time of reflection on all the great places 2016 took LEDs, and all of the great places LEDs will go in 2017. You’ll find LED lighting trends and market numbers for 2016, as well as expectations for 2017, in today’s blog.
According to LEDinside.com, the 2016 value of the LED market is worth $29.6 billion US dollars. It is also estimated that 23 percent of Europe is to be lit by LED lighting by the end of 2016, which is the highest percentage around the world. In second place is North America, followed by China in third.
Recent research has shown that the LED market will grow from $29.6 billion in 2016 to $33.1 billion US dollars in 2017, with the expected LED penetration to reach 52% of the global lighting market. The Asia-Pacific region is expected to see the most rapid growth in the LED lighting market.
According to LEDinside, Strong Dollar Policy makes the United States the growth driver for the global LED market demand, while the world’s products are becoming cheaper. This trend in reduced LED light prices is expected to continue to affect the U.S. lighting market. The United States is also promoting LED local lighting assembly in order to maintain industrial development, promote local market demand and expand the market overall.
2016 has seen a large growth in market penetration for LED lighting, with manufacturers working hard to create LED business. LED commercial and industrial lighting demands are strongest in the United States, with the most popular lights being troffers, high bays, panel lights and tunnel lights.
The US has also seen an increase in plant LED lighting, as more states legalize medical and recreational marijuana.
The LED market will only continue to grow into 2017, so join the LED bandwagon and start 2017 off right with LEDs from Sitler’s. We will come out to your home or business and provide a free walk-through and proposal. Call us today at (319)-519-0039 or send us an email!
Posted in LED Economic Impacts
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