Asia Pacific LED Services Market to Expand at a CAGR of 11.4 %: Transparency Market Research

According to a new market report published by Transparency Market Research titled “LED Services Market (By Application (Residential Lighting, Public Lighting(Smart Lighting, Street Lighting), Business Lighting(Government, Private)); – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025,” the global LED Services Market is expected to reach a value of US$ 22.42 Bn by 2025. The market is estimated to expand at a CAGR of 10.6% during the forecast period from 2017 to 2025.

In 2016, Europe region accounted for the highest market share within the LED services market due to the infrastructure development, changing government policies and regulations, long term contracts and focus on energy efficiency lighting systems. Large scale infrastructure projects such as smart city and urban development are anticipated to generate substantial demand for LED services market. As the number of smart city and smart home projects is increasing the demand for energy efficient and cost effective LED lighting installation projects is also increasing. Also, concern areas such as Co2 emissions and need of upgraded technology are forcing government authorities to use products which are environment friendly, durable and flexible. Furthermore, due to rapid penetration of LED lighting in the public lighting application, South America is anticipated to be the fastest-growing market with a projected CAGR of 12.0% during the forecast period, however, with a limited market share. North America was the second-largest market in terms of revenue generation in 2016. Existing government regulations and developed infrastructure has resulted in the higher adoption of LED design, installation and maintenance services in North America and Europe. However, a growing trend towards the adoption of LED services is observed across Asia Pacific and Middle East and Africa region. Large scale projects have been initiated and completed in the past where LED lighting systems are installed at commercial offices along with public and government infrastructure. This is due to the advantages of LED lighting such as green and environment friendliness, safety and longer lifespan. Growing demand across the Asia Pacific and Middle East & Africa region is anticipated to provide growth opportunities for LED services market during the forecast period. Citywide street lighting and smart lighting projects are anticipated to increase the demand for LED services in these regions. Favorable government initiatives, architectural applications, and long term contracts are further driving the adoption of LED services. However, higher cost associated with the LED products and installations can restrain the growth of LED services market.

Browse the full report at http://www.transparencymarketresearch.com/led-services-market.html

Europe region dominated the LED services market with an approximate market share of 36% in 2016. In Asia Pacific region, countries namely China and India are anticipated to drive the LED services market. Growing population within this region and favorable government regulations and policies are expected to result in higher demand for smart city, smart homes and smart lighting projects in residential and public lighting application segment. Furthermore, growing environmental awareness is also anticipated to drive the LED service market during the forecast period. MEA and South America regions provide substantial growth opportunities to the LED services market with rising demand from the street lighting segment within public lighting application.

The LED services market is highly competitive in terms of products offered due to the higher concentration of manufacturers. Key players are focused on differentiating their offerings from those of their competitors and adding innovative functions to their products. With the presence of many small players in the market, long term lighting contracts, sponsorship of events and new product development has become crucial for success. The key players dominating the LED services market globally include Bright Special Lighting S.A., Endo Lighting Corp., Global Light LLC., KKDC Co., Ltd., Thorlux Lighting, OPPLE Lighting Co., Ltd., LEDVANCE GmbH, Philips Lighting Holding B.V., Reggiani SPA and Cree Inc.

The LED Services Market is segmented as below.

  • LED Services Market

  • By Application

  • Residential (Home)

  • Public Lighting (outdoor)

  • Smart Lighting

  • Street Lighting

  • Business Lighting (Indoor)

  • Government

  • Private

By Geography

  • North America

  • The U.S.

  • Canada

  • Rest of North America

  • Europe

  • The U.K.

  • Germany

  • France

  • Spain

  • Romania

  • Italy

  • Rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Indonesia

  • Rest of Asia Pacific

  • Middle East and Africa (MEA)

  • UAE

  • Saudi Arabia

  • South Africa

  • Rest of Middle East and Africa

  • South America

  • Brazil

  • Argentina

  • Chile

  • Colombia

  • Peru

  • Rest of South America

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