LED SERVICES MARKET ANALYSIS

Led Services MarketSize and Trends

Market Insight- Global LED Services Market

Market Overview

Light-emitting diode (LED) is a semiconductor source of light that emits light when current flows through it. LEDs are more efficient, brighter, more cost-effective, and more lasting than conventional incandescent bulbs. These lights are cost-effective that delivers around 50,000 hours of illumination with a very small amount of energy consumption. As a result of these advantages, LEDs are adopted in various residential, business, commercial, industrial, and public settings. Many developed, as well as emerging economies, are encouraging the use of LED lighting fixtures that can save energy as well as costs. LED Services Market includes lighting services such as installation/design/maintenance/others provided by commercial electrical/lighting contractors/integrated solution providers.

The global LED services market was valued US$ 11.8Mn in 2019 and expected to grow at CAGR of 11.1% over the forecasted period 2019-27.

Market Trends

1. North America Trends
2. Latin America Trends

Growing adoption of wireless lighting controls is a major trend in the market

End users in North America are increasingly adopting wireless lighting controls due to advantages offered by these lightings such as Energy-efficient lighting systems, reduced run-time, and flexibility. Companies such as GE lighting have gained benefits of optimized performance, improved cost control, etc. For instance, GE has developed ‘LightGrid’, an Outdoor Wireless Control System for consumers within the North America region.

Demand for energy-efficient products and LED lighting has increased due to paradigm shift toward renewable energy. Various technology features of LED such as longer lifespan, energy-saving capacity, durability, flexibility are gaining the competitive advantage over other lighting products such as CFL and Incandescent lamps. The LEDs are witnessing significant demand in the region, owing to aforementioned advantages. Moreover, stringent government norms and regulatory policies toward energy conservation are driving growth of the regional market.