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LED Services Market Lucrative Opportunities Across Globe
To withstand the competition, key players are engaged in differentiating their products offerings from those of their competitors and enhance the functionality of existing products that may help them steal a march from their competitors.
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Further, long term lighting contracts, sponsorship of industry events, and new product development are some of the growth strategies that have become crucial for success in this market which is crowded with numerous small and medium-sized manufacturers.
Some prominent names in the global LED services market are Bright Special Lighting S.A., Endo Lighting Corp., Global Light LLC, Thorlux Lighting, KKDC Co. Ltd., OPPLE Lighting Co., Ltd., LEDVANCE GmbH, Reggiani SPA, Philips Lighting Holdings B.V., and Cree Inc.
The global LED services market is projected to rise at a healthy CAGR of 10.6% for the forecast period of 2017 to 2025 as a result of which the market is estimated to reach a valuation of US$22.42 bn by 2025. The market pegged an opportunity of US$9.26 bn in 2016.
Residential Lighting to Display Substantial Demand through 2025
The segments of the global LED services market based on application are residential, public lighting, and business lighting. Residential lighting stood as the leading application segment in 2016 holding almost 45% market share. The segment is expected to display promising growth over the forecast period of 2017 and 2025. However, public lighting application is predicted to surpass other application segments in terms of growth rate over the forecast period.
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Region-wise, Europe led the global LED services market in 2016 and going forward too, the region is expected to display a healthy growth rate.
Energy Efficiency and Advantages of Higher Luminosity Drive Adoption
Amongst several factors driving the growth of LED services market, the rising demand for LED lighting services across a range of application segments is a key one.
In particular, surging adoption of LED lighting in the public lighting sphere has significantly boosted the LED services market. Increasing environmental awareness, need for energy efficient lighting, and favorable government regulations for the adoption of LED lighting solutions are also acting in favor of this market.
With the integration of wireless communication technology with LED lighting solutions and availability of IoT-enabled LED lighting, the new lighting solutions are offering a whole new experience to consumers than what was offered by traditional ones. The popularity of newer lighting solutions is further on the rise due to their tangible benefits.
Another notable factor driving the growth of LED services market is increasing investments from key players for the development of new LED products and services. These new products are energy efficient and cost effective to be suitable for a range of applications.
Large scale infrastructure development projects and development of smart cities, especially in emerging economies, are expected to generate substantial demand for LED services market.
This is mainly because LED lighting solutions are energy efficient and cost effective to keep with the need for environment-friendly lighting solutions with respect to reduced Co2 emissions. Furthermore, citywide street lighting and smart lighting projects are expected to have a positive impact on the demand for LED services in these regions.
Last but not the least, favorable government initiatives, architectural applications, and long-term contracts are further boosting the adoption of LED products.
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