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LED Lighting Market in Japan Forecast to Grow at 17.73% CAGR

Reviewed

Jan 14 2015

Research and Markets has announced the addition of the "LED Lighting Market in Japan 2015-2019" report to their offering.

A light-emitting diode (LED) is a semiconductor diode that emits visible light when voltage is applied. A diode is an electronic component that allows electricity to flow solely in one direction. LEDs were initially used as indicators in different applications. Later, they were used to display numbers in electronic meters and sign boards. Currently, LEDs have penetrated nearly every application that makes use of lighting systems. The control that users have over LEDs in terms of luminescence and power consumption has made them popular in industry applications.

One major trend upcoming in the market is the declining average selling price of LED light bulbs, resulting in their increased adoption in various lighting applications. Currently, many LED vendors in Japan are actively participating in price wars and are offering 40W and 60W replacement LED light bulbs at significantly lower prices. This has made LED light bulbs affordable to consumers, resulting in their increased adoption.

According to the report, one of the major drivers of the market is the focus on LED standardization. LED lighting specifications and standards differ from country to country because of the absence of any specific common testing standard. This may curtail vendors from entering the LED Lighting market in Japan.

Further, the report states that low consumer awareness is one of the major challenges that the market faces. Most application segments in the Global LED General Lighting market have a low LED penetration rate because consumers give higher preference to cost than to the quality and nature of lighting.

LED lights have many advantages over other lighting sources. They include: