LED Trunking Market to Reach US$ 8.86 Bn at CAGR of 5.9% in 2027

The global LED Trunking market accounted to US$ 5.33 Bn in 2018 and is expected to grow at a CAGR of 5.9% during the forecast period 2019 - 2027, to account to US$ 8.86 Bn by 2027.

Geographically, the LED trunking market is segmented into North America, APAC, Europe, and RoW regions. Asia Pacific leads the LED Trunking market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years. The use of linear fluorescent trunking systems is one of the efficient solutions, providing good financial returns in the future. The florescent trunking systems deliver high ROI when these are used in place of high bay lighting. Owing to the fact of better quality standards and reducing the price of the LEDs, it might be considered as an expensive lighting alternative product to traditional lighting systems.
North America is the second largest market in the LED Trunking market. Apart from Asia Pacific and North America, Europe remains at the third largest geographic segment, as with the support of the government in funding in Asian countries, the LED Trunking market in APAC is progressing. Moreover, Different initiatives are undertaken between the players or research laboratories to fulfill the demand of LED lighting in the commercial applications. For instance, Department of Energy's Oak Ridge National Laboratory developed a technology which improves the life span of light-emitting diode lamps. Such initiatives would help the LED lighting manufacturers to introduce new products in the LED Trunking market.

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The List of Companies

Aesthetics Lighting Solutions Ltd.
AGC Lighting Co., Ltd.
Bergstrom Lighting
LED Linear GmbH
OSRAM Licht AG
Shenzhen FusionBrite Technology Co. Ltd.
Shenzhen Hitoplux Optoelectronic Co., Ltd.
Signify Holding (Philips Lighting)
TRILUX GMBH & CO. KG
Zumtobel Group AG

Market Insights

Abundant production LEDs due to its attractive characteristics

The adoption of LED lights is multiplying and is successfully transforming the definition along with the scope of lighting technology. The LED bulbs/lamps are highly durable, lowers environmental damage while slashing the costs with a longer lifespan of LEDs. Over time, now the LED lights have a positive impact on multiple industries, large spaces, parking lots, and others. Also, the stringent rules proposed by the government and regulatory bodies of the US, Canada, and the European Union on using less efficient lighting, has paved the growth path of LED light. These factors are expected to influence the growth of LED trunking market..

Broader scope for connected LED lighting and trunking system

In this era of modernization, the use of smart devices and IoT technology has been raising for real-time accessibility, effectiveness, control, and easy managing. The manufacturers of LED trunking present in the market are taking initiatives to integrate their system with IoT. These connected LED trunking systems offers a new level of scalability, which helps in achieving light effects as per the need and also combines different IoT technologies into a single system. This trend is anticipated to provide prosperous opportunities to the market to grow in the region; thus, positively impacting the LED Trunking market.

Type Insights

The global LED Trunking market by type is segmented into narrow distribution and wide distribution. Wide distribution segment dominates the LED Trunking market heavily and is expected to continue its dominance throughout the forecast period from 2019 - 2027. In the wide distribution, it finds its broader applications in providing illumination to the larger spaces including open retail, open plan offices, and industrial facilities for production.

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Some of the market Initiatives were observed to be most adopted strategy in the global LED Trunking market. Few of the recent market initiatives are listed below:

2018:Zumtobel Group opened new plant in Niš, Serbia. The site consists of two production areas: Production Area 1 for components (Tridonic) and Production Area 2 for luminaires with a total investment volume of EUR 30 million on a surface of 40,000 square metres.
2018:LED Linear GmbH unveiled a new tape family LUMINARIS. The LUMINARIS tape is the perfect LED product for applications where cost savings are required without sacrificing light quality.
2017:Zumtobel Group launched new Zumtobel Group Services business unit. Through this brand, the lighting group is offering a wide range of services - not only providing light contracting, design services, and consultation on intelligent lighting controls and emergency lighting systems, but also meeting the growing demand for project management of turnkey lighting solutions from a single source.
2017:Philips Lighting launched new LED trunking system for retail and industrial spaces. This connected-ready system support to create buildings future-proof by delivering high quality LED lighting combined with the liberty to adjust light effects and to scale the system with supplementary Internet of Things technologies.

GLOBAL LED TRUNKING MARKET SEGMENTATION

Global LED Trunking Market - By Type

Narrow Distribution
Wide Distribution

Global LED Trunking Market - By Application

Commercial
Industrial
Warehouse
Others

Global LED Trunking Market - By Geography

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia Pacific (APAC)
South Korea
China
India
Japan
Australia
Rest of APAC
Rest of the World (RoW)
Africa
Middle East
South & Central America

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This release was published on openPR.