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LED Services Market Size
LED Services Market is projected to record remarkable gains from 2024 to 2032 driven by the growing demand for energy-efficient lighting solutions.
With the increasing concerns associated with the burgeoning electricity demand across the globe, consumers are focusing on sustainable solutions to limit energy consumption as well as emissions. Thus, the popularity of LED bulbs has significantly soared as they help users save up to 90% of energy when compared to incandescent solutions. The stark rise in the energy prices post the Russia-Ukraine war are further propelling the need for energy-efficient technologies. According to the World Bank, the energy price index witnessed 26.3% hike between January and April 2022.
The increasing governments support will also favor the industry expansion with the implementation of incentives and rebates, encouraging the public to replace conventional lighting equipment with LED lamps. Furthermore, the increasing number of smart city projects will foster the demand for LED lighting.
LED Services Market Trends
Innovations in LED lighting technology, such as increased efficiency, longer lifespan, and improved color rendering capabilities, are enhancing the performance and functionality of LED products. These advancements are driving the adoption of LED services across various sectors, including commercial, residential, industrial, and outdoor lighting applications, further bolstering the industry growth.
LED Services Market Analysis
The LED fixtures segment share is anticipated to witness an upsurge through 2032, owing to their longer lifespan and availability in an array of sizes, shapes, and designs. The growing residential and commercial lighting requirements driven by rapid urbanization and robust infrastructure development initiatives will also help consolidate the demand for LED fixtures.
The residential application segment is expected to contribute to massive remuneration for the LED services industry by 2032, accredited to the ability of LEDs to save up to 75% of energy whilst ensuring 25 times greater shelf-life than luminous lighting. As per the Department of Energy (DOE), LED technology is set to dominate the space of lighting with projected energy savings of 569 TWh by 2035.
North America LED services market size is poised to record sizeable growth through 2032 led by the surging demand for residential, commercial, and industrial lighting. Several central and state governments are supporting the need for energy transition with the launch of new incentives and loans for infrastructure retrofitting. The increasing adoption of energy-efficient technologies will also anchor the regional industry expansion.
LED Services Market Share
Some of the major players operating in the global LED services industry include:
- Osram GmbH (ams)
- LEDVANCE GmbH (MLS Co)
- Philips Lighting Holdings B.V.
- Endo Lighting Corp.
- Global Light LLC
- OPPLE Lighting Co.
- Thorlux Lighting
These firms are expanding their product portfolios with the development of newer and advanced technologies. Further, strategic collaborations & partnerships, acquisitions & mergers, and R&D efforts are helping the companies multiply their profits.
LED Services Industry News
- In February 2024, Signify revealed the launch of the Ayodhya Solar City Lighting Project, a transformative initiative aimed at elevating Ayodhya into a smart city through advanced lighting solutions.