SEATTLE, May 25, 2020 (GLOBE NEWSWIRE) -- A light-emitting diode (LED) is a semiconductor source of light that releases light when an electric current is passed through it. Previously, LEDs were used as indicator lamps, which replaced small incandescent bulbs. However, technological developments have produced high-output white light LEDs that are suitable outdoor area lighting. LEDs offer many advantages over conventional incandescent lamps including longer lifetime, lower energy consumption, enhanced physical robustness, faster switching, and smaller size. LEDs can be used in a number of applications including automotive headlamps, aviation lighting, general lighting, lighted wallpaper, advertising, medical devices, horticulture grow light, etc.
The global LED Services market is estimated to account for US$ 11.84 Mn in 2019 and is expected to grow at a CAGR of 10.6 % over the forecasted period 2020-27.
Market Drivers
- Rising need for energy-efficient lighting systems is expected to support growth of the global LED services market during the forecast period
- Growing demand for smart controls in street lighting systems is expected to boost the global LED services market growth over the forecast period
Market Opportunities
- Development of wireless technology for LED street lighting systems can present lucrative growth opportunities
- Lucrative projects such as smart cities can provide major business opportunities
Market Restraint
Lack of common open standards are expected to restrict growth of the global LED services market during the forecast period
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Key Takeaways
- Europe holds the dominant position in the global LED Services market and is expected to witness significant growth over the forecast period 2020-27. This is owing to recent technological developments done by the European LED lights manufactures. For Instance, Luxtella Company, a European manufacturer of LED lights, has developed Specially designed LED lights for street lighting. Optic G and Optic C LED lights are specially designed for the wider and narrow roads respectively.
- Among application segment, Residential (Home) sub segment is expected to dominate the global LED Services market over the forecasted period 2020-27. This is owing to increasing demand of the LED lights by the various households. The demand of LED lights is expected to show a significant growth during the forecast period owing to the number of advantages. The LED lights are energy efficient, long life and emits low radiated heat.
- Among Public lighting segment Street lighting sub segment is expected to create a lucrative opportunity for global LED Services market. This is owing to the initiatives taken by various government to lower the energy consumption around the globe. For instance, Indian Government have decided to replace the 35 Million conventional street lights with energy efficient LED lights under the Street Light National Programme.
Market Trends
- Research and development activities in the field of LED is a major trend in the market
Key players in the market are focused on research and development activities, in order to innovate novel products and expand their product portfolio. For instance, in December 2019, Lenovo Group Limited introduced Lenovo Smart Bulb that can be controlled with Google Assistant and Amazon Alexa with a lifetime of over 15,000 hours. Furthermore, in December 2019, Honeywell lighting solution INNCOM Digital Addressable Lighting Interface (DALI) for the hospitality industry with energy-efficient operations. In October 2019, Heliospectra, a provider of intelligent lighting solutions, introduced MITRA modular lighting system with electrical efficiency up to 2.9 µmol/J.
- Merger and acquisition activities among major market players
Major market players are involved in merger and acquisition activities, in order to enhance the market presence and gain a competitive edge in the market. For instance, in February 2019, Phoenix Lighting, a subsidiary of JMC Capital Partners, acquired Bright Light Systems, Inc., a Georgia-based light controls system company.
Competitive Section
Major companies involved in the global LED services market are Reggiani SPA, Thorlux Lighting, Ideal Industries, Bright Special Lighting S.A., Endo Lighting Corp., Cree Inc., OPPLE Lighting Co. Ltd., LEDVANCE GmbH, Global Light LLC, KKDC Co., Ltd., and Philips Lighting Holding B.V.
Key Developments
- Major companies in the market are involved in product development, in order to enhance product portfolio. For instance, in December 2019, Xiaomi launched Mi Smart Desk Lamp 1S in the Indian market.
- Key market players are focused on product launches, in order to strengthen market position. For instance, in October 2019, Signify intruded Phillips T beamer, and easy-to-install LED batten in the Indian market.
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Market Segmentation:
- By Application
- Residential (Home)
- Public Lighting (outdoor)
- Smart Lighting
- Street Lighting
- Business Lighting (Indoor)
- Government
- Private
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America