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LED Lighting Market in North America - Declining Manufacturing Cost to Drive Growth| Technavio
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TMCNet:  LED Lighting Market in North America - Declining Manufacturing Cost to Drive Growth| Technavio

[April 02, 2018]

LED Lighting Market in North America - Declining Manufacturing Cost to Drive Growth| Technavio

The LED lighting market in North America is expected to grow at a CAGR of close to 12% during the period 2018-2022, according to a new market research study by Technavio.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180401005052/en/

Technavio has published a new market research report on the LED lighting market in North America fro ...

Technavio has published a new market research report on the LED lighting market in North America from 2018-2022. (Graphic: Business Wire)

The report presents a comprehensive research of the LED lighting market in North America by product (LED lamps and LED luminaires) and by application (residential, commercial, industrial, and outdoor). The report also covers the latest trends and developments in the market that are expected to promote growth.

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Market driver: declining manufacturing cost of LEDs

The manufacturing cost of LEDs has been declining steadily since 2012 and will continue to decline during the forecast period. This decline can be mostly attributed to the decreasing ASP of chips and components used in the manufacturing process of LED devices. The decline in the manufacturing cost of LEDs is also contributing to the reduction in the initial installation cost of LED lamps and fixtures will accelerate the installation of new LED lamps and fixtures across all application segments.

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Market trend: growing traction for intelligent lighting systems

The digital revolution has been driving the lighting industry with the introduction of new generation intelligent lighting systems and controls. Lighting products that have embedded intelligence can adapt to changing space needs such as office buildings. Multiple lights can be controlled using a single controller, which provides dimming, timer, and color changing functionalities. Smart LED bulbs redefine the ambiance of a room by providing superior attributes such as energy efficiency and color change.

According to a senior analyst at Technavio for lighting research, "Smart bulbs are controlled through a device that is popularly known as the hub. The user can control lighting through mobile apps, and the hub must be connected to the Internet. LEDs are integrated with sensors and controls. The demand for LED lighting products is growing at a rapid pace, particularly in outdoor and industrial applications. This is because industrial and outdoor segments use light for a longer period compared with other application segments."

Market challenge: high average cost per LED fixture

Though the total cost of owning LED lamps and fixtures is low compared to traditional incandescent and halogen bulbs, the high initial cost acts as a hindrance. The total cost of installation includes the cost of LED luminaires and labor charges. Furthermore, consumers who install smart lighting fixtures require plenty of resources to set up an IoT infrastructure. The price of incorporating smart bulbs in a fixture also varies depending on the type of manufacturer.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.


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