The global LED lighting market is set to double in size by 2022, according to the latest report from Zion Market Research.
Figures from the analyst show that the global LED lighting market was worth just over $26 billion in 2016, including applications outdoors, in architectural construction and in residential lighting products.
Over the coming five years, this value is predicted to increase by over 100%, taking the global market to more than $54 billion by 2022.
In order to achieve this, the analyst forecasts a compound annual growth rate for the industry of 13% worldwide.
LED lighting is used in a wide range of applications, including roadway lighting, car parks and tunnels among its outdoor uses.
It is also a significant technology in emergency lighting and in hazardous area lighting in general, thanks to several of its defining characteristics.
These include the high intensity of illumination that can be achieved from a relatively small and inexpensive luminaire.
It also benefits from longevity and reliability with minimal maintenance, making it a good option for hazardous area lighting in remote positions, while its low running temperature can be beneficial for industrial lighting in many different types of environment.