Valley Cottage, NY -- (SBWIRE) -- 11/08/2017 -- LED light bulb is a type of solid state lighting device that fits in the standard screw-in connections but uses light emitting diodes to produce light. LED bulbs use a semiconductor device that emits visible light when an electric current is passed through it. This property is known as electroluminescence.

The LED lights are highly efficient, reliable and have a longer life span as compared to the traditional incandescent light. LED lights possess higher brightness levels, have a smaller size, consumer lesser power and are sturdy in nature. Thats why LED lights are growing popular day by day due to variety of advantages that they possess.

The market for LED lights is booming due to the factors such as increasing demand for power efficient lighting systems across industries, fast depletion of the non-renewable sources of energy and also the declining prices of LED lights. Moreover, the inherent efficiency of LED lights combined with an ease of control related to brightness and intensity will also contribute to the growing market for LED lights. Due to the spiralling costs of energy, both the governments and the consumers will be tempted to use power saving modes of lighting solutions, and LED lights are ideal for such purposes.

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This Future Market Insights report on the global LED lights market forecasts that the global LED lights market will touch a value of nearly US$ 66,115 Mn in the year 2022 and grow at a robust CAGR during the assessment period.

As per the forecast of Future Market Insights, the lamps product type segment is expected to reach a value of nearly US$ 22,640 Mn in the year 2022. This represents a robust CAGR during the forecast period of 2017-2022.

As per the forecast of Future Market Insights, the modern trade segment is slated to touch a figure of nearly US$ 23,970 Mn in the year 2022. This represents a CAGR of 11.3% during the assessment period from 2017 till the year 2022.

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The market in APEJ is set to dominate the global LED lights market in terms of value and this trend is projected to sustain itself throughout the assessment period.

The report also profiles companies that are expected to remain active in the expansion of global LED lights market through 2022, which include OSRAM Licht AG, HELLA KGaA Hueck & Co, Koito Manufacturing Co., Ltd, Stanley Electric Co. Ltd, Koninklijke Philips N.V., Valeo SA, Imasen Electric Industrial Co., Ltd, Texas Instruments

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