LED Lighting Market Report 2022, By Segmentations, Key Company Profiles and Demand Forecasts to 2029
Lately, LED lighting has been experiencing consistent technological advancements, increasing its demand on the global front. Under such a continuum of state-of-art, high-tech advancements have made these LEDs more affordable and energy efficient. Likewise, LED lighting significantly enhances environmental performance and effectively withstands frequent switching. They have a long service life, advocate for zero UV emissions, and can perform well even in lower voltages. Against this backdrop, LED lighting has found its application across a spectrum of commercial places that open on daily basis. Malls, retail stores, offices, schools, restaurants, and hospitals are a few most prominent end users of LED lighting. In the coming years, progressive developments, rapid industrialization, and the growing construction of commercial spaces are projected to sustain the growth of the LED lighting market.
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Rampant Technological Advancements & Higher Propensity to Intelligent Industrial Lighting Systems Unlock New Avenues for Growth
Rapidly accelerating technological advances have left a remarkable impact on the consumer electronics space, resulting in the introduction of profound tech-driven products. With business owners and manger making more informed decisions apropos to energy consumption, the demand for affordable, safe, and convenient use of energy has risen at a record pace. Considerable efforts are being made to implement efficient lighting control systems as an intrinsic part of building management systems (BMS). To this end, smart LED lighting systems have gained a momentous rise in application across business and facility spaces. An intelligent lighting system is highly capable of fixing schedules to disable lights in absence of individuals, thereby saving energy and curtailing costs. Greater flexibility to operate remotely, provided ease of accessibility, and better convenience of these smart solutions are boding well for the LED lighting market.
LED Lamps to Reflect High Value and Volume Growth
Improved quality of light, high durability, energy efficiency, and better reliability have increased the uptake of LED lamps in residential applications. Sophistication of technology has further enhanced the efficiency of LED lamps while mitigating costs and providing much better ROI. These lamps offer optimum brightness with minimal environmental impact and substantial energy savings. Growing environmental concerns have triggered a shift towards eco-friendly solutions, augmenting the demand for LED lamps. Such factors, coupled with flexible design and availability of different colour combinations are contributing to the holistic valuation of the LED lighting market. Customer inclination toward low-wattage and high-lumen products is further creating a promising outlook for the global LED lighting market.
Asian Countries Expected to Remain at Vanguard of LED Lighting Market with Soaring Adoption of Technology
During the projection period, Asia Pacific is likely to have major revenue pockets in the LED lighting market. This can be attributed to the growing adoption and acceptance of technologically advanced products in day-to-day operations. A steady rise in GDP per capita and favourable government initiatives regarding energy consumption is further fuelling the demand for LED lighting in the region. The region remains lucrative with a substantial consumer pool and a rise in the regional population. This is creating an affirmative business environment, encouraging consumer electronics companies to engage in manufacturing and R&D in the domain.
Competitive Market Players
Some of the most prominent players consolidating a strong foothold in the global LED lighting market include Panasonic Corporation, Dialight PLC, Heliospectra AB, Nichia Corporation, OSRAM GmbH, Savant Systems Inc., and Hubbell Lighting.
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