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LED Service Market Analysis | Coherent Market Insights

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Title: LED Service Market Analysis | Coherent Market Insights


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
LED SERVICES MARKET ANALYSIS
  • LED Services Market, By Application (Residential
    (Home), Public Lighting (outdoor)(Smart Lighting,
    Street Lighting), Business Lighting (Indoor)
    (Government and Private)and by Region (North
    America, Europe, Asia Pacific, Latin America,
    Middle East and Africa) - Size, Share, Outlook,
    and Opportunity Analysis, 2019 2027
  • 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.

3
Market Drivers
  • Increasing installation of LED lighting due to
    longer lifespan is expected to drive growth of
    the global LED Services Market during the
    forecast period
  • The major reason behind rising installation of
    LED light bulbs is the longer lifespan of LED
    lighting. LEDs have a longer lifespan, nearly
    about 100,000 hours, as compared to incandescent
    bulb with 1000 hours and CFL with 8000 to 10,000
    hours lifespan. LEDs can also reduce the labor
    cost and achieve lower maintenance work due to a
    longer operational life. Furthermore, LED
    lighting fixture is far more efficient than
    conventional incandescent bulbs. It has an
    efficiency of 80 to 90 as compared to
    conventional light bulbs with 20 efficiency. LED
    lights to use around 50 less energy than
    traditional incandescent and halogen options that
    are primarily employed for residential and
    commercial applications. Moreover, use of violet
    LEDs instead of blue with gallium nitride
    material offers longer life and greater
    efficiency. Thus, these factors are expected to
    drive growth of the market.

4
  • Long-term contracts offered by service provides
    is expected to propel the global LED services
    market growth over the forecast period
  • Earlier, LEDs were limited to the residential
    application and some parts of the commercial
    segment. However, growing concerns related to
    energy efficiency, quality of lighting, and
    stringent environmental policies have increased
    installations LED lightings. Currently,
    conventional LED lighting fixtures are replacing
    traditional lighting systems. Moreover, concepts
    such as smart cities, smart homes, and smart
    street lighting are creating a demand for LED
    services. Hence, these factors are expected to
    propel the global LED services market growth over
    the forecast period.

5
  • Europe region dominated the global LED services
    market in 2019, accounting for 35.2 share in
    terms of value, followed by North America and
    Asia Pacific, Middle East and Latin America
    respectively

6
Market Restraints
  • High initial costs related to LED devices,
    installation, and services are expected to hamper
    the global LED services market growth over the
    forecast period
  • The major restricting factor for adoption of LED
    lightings is its relatively high initial
    installation costs as compared to substitute
    technologies such as CFL. This is due to the fact
    that LED performance majorly depends upon
    installation type and fixture. The fixtures need
    to be installed in such a way that minimum heat
    is generated by the LED.  Any harm to the LED
    chip by heat can lead to device failure.
    Therefore, adequate heat sinking is required to
    maintain longer life of the LED. Moreover, LED
    installation process in many applications may
    take a longer time and higher cost since the
    process includes site survey, designing,
    consulting, installation, and maintenance. Hence,
    these factors are expected to hamper the global
    LED services market growth over the forecast
    period.
  • Quality concerns and lack of awareness in
    emerging regions is expected to restrain growth
    of the global LED services market during the
    forecast period
  • Lack of awareness among populace combined with
    low quality of LED lightings, especially in
    emerging regions such as MEA and Asia Pacific is
    expected to restrict growth of the market. There
    is still a massive unawareness among consumers in
    India and China where they prefer incandescent
    bulbs and CFLs over LED lights. Moreover, there
    are major issues regarding low quality of LED
    lightings MEA region, which is hindering adoption
    of the same. Thus, these factors are expected to
    restrain growth of the global LED services market
    in the near future.

7
Market Opportunities
  • Advent of IoT-enabled LED in smart cities and
    smart homes can provide major growth
    opportunities Many consumers are preferring LED
    lighting systems integrated with Wi-Fi, chips,
    and sensors. These lightings are being preferred
    in shopping malls, hospitals, offices, and malls.
    Such devices offer enhanced energy-savings and
    can monitor the environment in the surrounding
    with help of software to collect and analyze
    data. There is constant demand for IoT-enabled
    LED lighting in smart cities and smart homes. For
    instance, in 2016, The U.S. Department of
    Transportation invested US 165 million in
    smart-city solutions. The funds are aimed to ease
    traffic congestion and improve driver and
    pedestrian safety. Moreover, in September 2016,
    Panasonic announced that it is likely to play a
    key role in setting up the smart residential
    project Future Living Berlin in the Adlersh, a
    district of Germanys capital.

8
  • Increasing demand for LED lighting architectural
    applications can present lucrative business
    opportunities The demand for LED lighting
    solutions has increased significantly in the
    recent past. This is owing to features such as
    RGB (red, green, blue) controllability,
    flexibility, and speed of color control.
    Previously, conventional lighting required high
    maintenance cost while RGB code colors are
    controlled by color film filters and also
    flexibility and speed of color control are
    limited. However, LED has overcome these
    drawbacks and can adapt to new applications.
    Thousands of LEDs are linked together and still
    can be controlled individually. This is a
    significant advantage over conventional lighting
    solutions. Furthermore, LED strips, outdoor wall
    fixtures, and LED bulbs are used to light
    architectural creations to create a uniform
    lighting, which looks impressive and people get
    attracted to the same.

9
Market Trends
  • North 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.
  • Latin America Trends
  • Increasing demand for public lighting application
    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.

10
  • Regulations
  • Alabamas Local Government Energy Loan Program
    offers zero-interest loans to public schools and
    universities for energy efficiency improvement
    projects that will pay back in utility savings.
    Upgrades eligible for funding include heating and
    cooling equipment, insulation improvements,
    water-saving efficiency measures, and
    energy-efficient lighting upgrades.
  • Competitive Section
  • Key players operating in the global LED services
    market are Thorlux Lighting, Bright Special
    Lighting S.A., Cree Inc., LEDVANCE GmbH, KKDC
    Co., Ltd., Philips Lighting Holding B.V., Global
    Light LLC, OPPLE Lighting Co., Ltd., Endo
    Lighting Corp., Ideal Industries, and Reggiani
    SPA.

11
Segment information
  • In global LED services market, by application
    segment, the residential, sub-segment dominated
    the global market in 2019, accounting for 45.1
    share in terms of value, followed by Business
    lighting and public lighting respectively.

12
Key Developments
  • Major companies in the market are focused product
    launches, in order to expand product portfolio.
    For instance, in May 2017, Philips Lighting
    Holding B.V. introduced first integrated,
    connected LED lighting system designed for
    recreational sports fields. The Philips
    PerfectPlay system enables recreational sports
    centers to reduce energy costs, simplify
    operations, and maximize revenue potential while
    providing better quality lighting for sports
    events.
  • In February 2017, Bright Special Lighting S.A.
    provided lighting solutions for the exhibit
    Melpomene, presented at the exhibition The
    Muses Project held at the house of Cyprus in
    Greece.

13
  • Request Sample Report
  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • Reference https//www.coherentmarketinsights.com/
    market-insight/led-services-market-3767

14
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

15
Contact Us
  • Mr. Shah
  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

16
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