LED Services Market Growth During Forecast Period

1
LED Services Market Size Growth During Forecast
Period.
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Key Insights from LED Services Market

• LED Services Market size is expected to grow
  exponentially in the coming years driven by
  demand for cost effective and energy efficient
  lighting solutions across various industry
  verticals. Increasing need for lighting
  management in industrial events long-term
  projects are promoting the market growth.
• The need for cost saving lighting solutions in
  commercial residential sectors is creating high
  LED light demand further supporting industry
  expansion. Several governments have adopted
  policies to promote the energy efficient
  solutions to reduce harmful environmental impact
  is supporting the LED services market growth.

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Continued

• In the LED services market, a major challenge is
  high maintenance cost and repair cost associated
  with the lights. These devices are complex to
  repair and can cause damage to entire system
  during the process of repairing. Repairing and
  maintaining these complex devices requires highly
  skilled technicians, due to which the cost is
  increased.
• These processes of repairing require special set
  of tools and devices which are expensive and
  intricate to handle. These factors limit the
  consumers to deploy services and increase the
  chances of replacement due to decreasing cost.
  Another, challenge in the LED services market is
  requirement of special drivers for these lights,
  which aid in constant power supply rate. These
  drivers support in smooth functioning of lights
  further incurring additional installation and
  replacement cost.

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Market research reports Key analytical components

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Major Companies in LED Services Market

• Osram GmbH
• LEDVANCE GmbH
• Global Light LLC
• Philips Lighting Holdings B.V.
• OPPLE Lighting Co.Ltd
• Endo Lighting Corp

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Regional Insights LED Services Market

The Europe LED services market is growing rapidly
owing to stringent government regulation high
adoption of advanced lighting systems in the
region. In 2012, the European Union announced a
directive 2012/27/EU which includes measures
policies to achieve EUs 20 energy efficiency
target by 2020. Wide adoption of smart homes and
smart lighting technology in Germany is creating
high LED demand boosting the market. The Asian
countries including China, South Korea, and Japan
are witnessing growth in lighting LED
manufacturing activities due to the presence of
several key players in this region. These
activities have led to decrease in the price of
LEDs further promoting the demand for these
devices. Moreover, the Indian government has
launched a scheme Prakash Path for LED bulb
distribution to increase the usage of energy
efficient lighting further driving the market
growth.
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