LED Services Market | Energy Efficiency of LED Lighting Boosts Uptake
The world LED services market is projected to be highly competitive with many crucial market players vying to withstand the market competition with innovative product offerings and by improving the functionality of their already existing products. Sponsorship of industry events and various long term lighting contracts are some of the significant growth strategies for the success of this market.
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.
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.
Europe is Estimated to Continue with its Regional Supremacy
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.