The global LED services market is anticipated to grow at a modest CAGR of around 10.6% during the forecast period (2021-2027). The factors augmenting the growth of the global LED services market include the rising demand for cost-effective smart LEDs, the increasing government incentives for use of LEDs in place of conventional lights, and the adoption of LEDs in residential sectors on a large level. Additionally, the LED manufactures are getting government support in form of subsidies and rebates to increase their production. This helps them to run their manufacturing process more smoothly, The LEDs find their applications in various verticals which include automotive, residential, healthcare, media & entertainment, among others. The adoption of LEDs in residential applications owing to the advantages provided such as cost-effective, easy installation, energy-efficient, and longer timespan is expected to increase their demands, which, further led to the market growth. The new developments in LEDs by major market players are fulfilling the market prospects, and are expected to increase the market growth during the forecast period. For instance, in April 2021, Lumileds, one of the leading companies provides lighting solutions company for the automotive industry, has recently launched its advanced line of Philips X-tremeUltinon LED headlight bulbs and fog light bulbs for the replacement of conventional halogen headlight bulbs in Canada.
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Besides, in November 2020, the LEDVANCE launched OSRAM LED SLIMLINE R7S, a new family of LED lamps. These slim and compact LED lamps replace conventional double-ended halogen lamps for narrow designer luminaires. Moreover, in April 2019, Deep UV LED had been launched by the Nichia Corp for the replacement of mercury lamps. Besides, these developments in LEDs, the factors such as high-cost LED devices and installation affects the market growth. The developments and advancements in technology for the production of cost-effective LEDs are expected to create lucrative opportunities in the global LED services market.
Market Coverage
The market number available for – 2020-2027
Base year- 2020
Forecast period- 2021-2027
Segment Covered-
· By Technology
· By Application
· By Vertical
Regions Covered-
· North America
· Europe
· Asia-Pacific
· Rest of the World
· Competitive Landscape- Bright special lighting S.A., Cree Inc., ENDO Lighting Corp., Global Light & Power LIC, Ideal Industries, Inc, LEDVANCE GmbH, KKDC Design House Ltd., OPPLE Lighting Co., Ltd, Lumileds Holding B.V, REGGIANI SPA Holding Inc., Thorlux Lighting, among others.
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Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
· Who is the leader in the market?
· How players are addressing challenges to sustain growth?
· Where is the investment opportunity?
Global LED Services Market Report Segment
By Technology
· Basic LED
· High Brightness LED
· Organic LED
· Polymer LED
· Others (Ultra Violet LED)
By Application
· Indicators and Signs
· Sustainable Lighting
· Machine Vision Systems
· Digital Light Processing
· Others (Data Communication & Horticulture Lighting)
By Vertical
· Automotive Industry
· Healthcare Industry
· Media and Entertainment
· Household Applications
· Life Science Applications
· IT and Telecommunication
· Others (Forensics & Academic Institutions)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
