LED Services Market: Development of Smart Cities to Propel Market Growth

In the highly competitive global LED services market, key players are vying to withstand the competition with differentiator product offerings and by enhancing the functionality of their existing products. Long term lighting contracts and sponsorship of industry events are some other crucial growth strategies for success in this market.

Some of the key growth drivers of the global LED services market are need for energy efficient and cost effective lighting solutions that are suitable for a range of application segments. Integration of LED lighting with wireless communication technology and availability of IoT-enabled LED lighting is offering a whole new experience to consumers than what was offered by traditional ones.

As per a report by Transparency Market Research, the global LED services market is likely to expand at a CAGR of 10.6% between 2017 and 2025 for the market to reach a valuation of US$22.42 bn by 2025 increasing from US$9.26 bn in 2016.

Browse the Report to Know Worldwide Industry Analysis and New Market Opportunities Explored @

https://www.transparencymarketresearch.com/led-services-market.html

Residential Application Segment to Stay in Lead until 2025

The application segments into which the global LED services market is segmented in this report are residential, public lighting, and business lighting. The segment of public lighting is further segmented into smart lighting and street lighting. Smart lighting includes video-surveillance, intelligent crosswalks, intelligent traffic lights, electric vehicles charging stations, and traffic monitoring.

In 2016, residential lighting accounted for the leading share of almost 45% in the global LED services market. Rising at a promising growth rate, the segment is expected to hold on to its lead position over the forecast period. This is mainly because of increasing demand for smart lighting solutions for residential spaces that provides higher luminosity.

The public lighting application of the LED service market is predicted to surpass the growth rate of other applications over the forecast period. Commencement of large scale street lighting projects and development of smart cities in many parts of the world will benefit the public lighting application segment in the forthcoming years.

Street lighting segment within public lighting is expected to display promising growth rate over the forecast period due to favorable regulations for LED lighting systems and need for energy efficient and cost effective solutions. Ongoing and infrastructure developmental projects in the future are expected to present immense growth opportunities to this segment of the market.

Request Sample to Know An Insight On the Important Factors and Trends Influencing the Market @

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=27911

Energy Efficiency of LED Lighting Boosts Uptake in Asia Pacific

The global LED services market is segmented into five key regional segments, namely North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Europe stood as the leading regional market amongst all in 2016. Infrastructure development, changing government policies and regulations, long term contracts, and focus on energy efficient lighting solutions are the key factors behind the supremacy of the region.

North America stood as the second-leading market for LED services in 2016 revenue-wise. Favorable government regulations for switching to energy efficient lighting and developed infrastructure are leading to increased adoption of LED solutions in the region.

Get TOC of This Report @

https://www.transparencymarketresearch.com/report-toc/27911

Asia Pacific, powered by China and India is anticipated to emerge as a significant market for LED services over the forecast period.

Some key players in the global LED services market are Thorlux Lighting, LEDVANCE GmbH, Philips Lighting, OPPLE Lighting Co. Ltd., Reggiani Spa Illuminazione, Bright Special Lighting S.A., Endo Lighting Corp., Global Light LLC, KKDC Co. Ltd., and Cree Inc.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Contact

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.