Latest report reveals that China LED lighting market is forecast to surpass US$ 24 Billion by the end of year 2024.
Power resilience, efficient and cost-effective lighting systems is lauding the market demand. LEDs are shaping the future as China takes over a good chunk of global market. Latest report reveals that China LED lighting market is forecast to surpass US$ 24 Billion by the end of year 2024.
That’s quite a value for semiconductor players bidding on the future of smart lighting systems. The emboldening consumer demand for energy-efficient lighting systems, decreasing prices of LED, and high penetration of LED as a light source in the general lighting market are expected to drive the growth of the product.
LED lighting has gone from a costly product outside the cost-conscious sweet-spot of Chinese buyers to value-adding solutions, gaining market share and realizing sustainable growth. China’s lighting market is experiencing shifts from conventional lighting to LED technology.
China Government Lighting the LED Future
For promoting high-efficiency LED lighting products, National Development and Reform Commission (NDRC) and China’s Ministry of Finance (MOF) have collaborated to look after interim measures on the administration of financial subsidies.
The actions like financial subsidies to promote LEDs lighting. In the current scenario, Local governments have been more rapidly in response than China’s central government in implementing LED subsidies. In China, Guangdong Province, consist the largest LED industry size and has relatively higher amount of subsidies. As of 2013, Foshan in Guangdong Province, Dongyuan, Zhongshan and many other cities have launched several subsidy projects to promote LED lighting products in mass level. In the meantime, Power costs saved by LEDs are all used to subsidize construction projects in Zhongshan city.
Year on Year, due to cutting edge technology and innovation in Led lightening products, the average price of Led bulbs is gradually diminishing and reaching closer to the conventional lightening products. Therefore, as of now, the demand of led lightening products especially in residential and commercial lightening market is expanding.
Since October 2012, China has banned the import and sale of all incandescent bulbs over 100 watts, and on October 1, 2016, steadily the country extended the ban to those over 15 watts.