forecast period owing to their elevated popularity occurring from availability of LEDs in different customized shapes for both residential and commercial applications .
By Application , the market can be segregated into residential , commercial and government and based on correlated color temperature , the technology market can be segmented into 2700K-3000K , 3500K-4000K , 4000K-5000K , 5000K- 6500K and more than 6500K . The residential sector is estimated to be major sector driving the demand , although government segment is anticipated to swiftly adopting the technology in their premises , public places and initializing the smart cities projects for further development of the technology .
Europe accounts for highest share in the global industry owing to the high adoption rate of the energy efficient solutions and the initiatives taken by European Union attributed towards zero energy building by 2020 . The market is further followed by the North America and Asia Pacific regions . The growth in the Asia Pacific region is attributed to increasing implementation of the technology coupled with growing urbanization .
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