LED Services Market - Energy Efficiency of LED Lighting Boosts Uptake
One of the significant growth promoting elements of the world market for LED services is the demand for cost effective and energy efficient lighting solutions which are apt for a wide range of application segments. Integration of wireless communication technology with LED lighting and with the availability of LED lighting that is IoT-enabled make an offering of a whole new experience to the consumers as opposed to what is being offered by traditional lighting systems.
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Some of the leading names in the world market for LED services are Cree Inc., LEDVANCE GmbH, Bright Special Lighting S.A., Thorlux Lighting, Endo Lighting Corp., Philips Lighting Holdings B.V., Global Light LLC, Reggiani SPA, OPPLE Lighting Co., Ltd, and KKDC Co. Ltd.
In accordance with a report by Transparency Market Research, the world market for LED services is quite likely to expand at a growth of around 10.6% CAGR in between 2017 and 2025 for the said market to reach a market valuation of around US$ 22.42 bn by the year 2025 thereby rising from an earlier market valuation of around US$ 9.26 bn in the year 2016.
The world market for LED services has been categorized into five major geographies of North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Europe occupied the leading position in the international market for LED Services amongst all other regions in the year 2016. Focus on lighting solutions that are energy efficient, development of infrastructure development, long term contracts, and the changing government regulations and policies are the major growth promoting factors behind the supremacy of this region.
Taking revenue into consideration, the region of North America came as the second-leading market for LED services in the year 2016. Many favorable government regulations are in place for the purpose of switching to energy efficient lighting system and developed infrastructure that are resulting in increased adoption of LED solutions in the North American region.
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Countries like India and China power Asia Pacific is expected to come up as an important market for LED services over the period of forecast.
Favourable Government Initiative to Fuel Market Growth
Amongst many of the factors that are propelling the progress of LED services market, the growing need for LED lighting services across a wide range of applications is particularly a crucial one. Specifically, augmented adoption of LED lighting in the sphere of public lighting has substantially impacted the world market for LED services. Encouraging regulations of various governments for the purpose of increased adoption of LED lighting solutions, growing environmental consciousness, and demand for energy efficient lighting are also playing in favor of the said market.
Another important element that is driving the progress of LED services market is the augmented investments from the various eminent players in the research and development activities to come up with new LED products and services. These new products are more cost effective and energy efficient and are manufactured to be suit the needs of a wide range of applications. In addition to that, development of smart cities and large scale projects of infrastructure development, particularly in emerging economies, are anticipated to create substantial demand for the world market for LED services.
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