Global LED Services Market Research and Forecast 2017-2022

Posted by Orion Market Research on July 24th, 2018

The LED Market is expected to grow at a CAGR of 24% during 2017-2022. LEDs also known as Light Emitting Diodes are electronic components that convert electrical energy directly to light with the help of the movement of electrons within the material of the diode. LED lights have emerged as an influential source for lighting over the years. LED lights have found their use in the applications ranging from a small scale as household applications to a large one such as forensics, entertainment and so on. The advantages over conventional lighting technology incandescent bulbs including energy efficient lights, durability, high brightness intensity and reliability have affected the market growth positively and these LEDs have swiftly gained prominence in the Global LED market. Rising innovation in products with latest technological advancements such as LEDs in conjunction with optical color conversion foils, to transform the output to a high-quality light are gaining popularity. The government policies implemented in the APAC region such as Indian government have also motivated the customers to increase the rate of adoption of LED lights and thus directly affect the market.

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Quality concerns and lack of awareness about the installation costs, return of investment and payback in terms of LEDs are still some of the restraints that are hindering the market growth. However, due to growing innovations and technological advancements in LEDs, it is expected various effective mechanisms which can increase the efficiency of these lights in terms of energy and time as well. Additionally, a large number of infrastructural investments and the government projects are also expected to create demand for LEDs in near future.

Browse full report at: Global LED Services Market Research

Global LED Service market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, market is distributed into North America, Europe, Asia Pacific and Rest of the World. Europe region is estimated to be the dominating region in the global LED services market due to the more number of applications such as automotive involving the use of LEDs and the awareness among the people towards this technological advancement. However, Asia pacific Region is also expected to achieve high growth rate during the forecast period due to the use of these LEDs in their residential applications. APAC market is expected to grow further due to the contribution of emerging companies such as Toyoda Gosei Co., Ltd, Nichia Corporation and so forth.

The Key Players In The Global LED Service Market Include American Bright Optoelectronics Corp, Bright Special Lighting S.A., Cree Inc., ENDO Lighting Co., GE Lighting, Ledtronics Inc, LEDVANCE GmbH, Leotek Electronics USA LLC, LG Innotek, Nichia Corporation, Ohyama Lights, Opple Lighting, Osram Opto Semiconductors GmbH, Philips Lumileds Lighting, Reggiani Spa Holding Inc., Samsung LED, Seoul Semiconductor Co Ltd, Thorlux Lighting, Toyoda Gosei Co., Ltd., Zumtobel Group and so on. The key strategies adopted by LED service market players include product launch covering a wide range of users, acquisition, focusing on durability and reliability of products. European Companies including Philips, Lumileds and Osram Opto Semiconductors and so forth are contributing significantly in the growth of LED service market across the EU region.