Global LED Services Market Size, Share & Trends Analysis Report By Technology (Basic LED, High Brightness LED, Organic LED, Polymer LED, Others) By Applications (Indicators and Signs, Sustainable Lighting, Machine Vision Systems, and Others) By Vertical (Automotive Industry, Healthcare Industry, Media and Entertainment, and Others) Forecast, 2022-2028
The global market for LED services is projected to have a considerable CAGR of around 10.6% during the forecast period. LEDs are also known as Light Emitting Diodes are electronic components that convert electrical energy directly to light with the support of the movement of electrons within the material of the diode. LED lights have emerged as an influential source of lighting over the years. LED lights have found their use in applications ranging from a small scale as household applications to large ones 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 Services market. The LED lights provide a longer lifespan, and the LEDs in conjunction with optical color conversion foils, to transform the output to a high-quality light are the major reasons behind the adoption of LEDs on a large level. The government support in form of incentives and rebates also motivated the customers to increase the rate of adoption of LED lights and thus directly affect the market. The growing demands for cost-effective and energy-saving smart LEDs, rising investment from market players for new LED services, and increasing adoption of LEDs in various verticals are other prominent factor propelling the expansion of the global LED services market.
Moreover, high cost related to LED installation and services, 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 can increase the efficiency of these lights in terms of energy and time as well. Additionally, a large number of infrastructural investments and government projects are also expected to create demand for LEDs in near future.
Impact of COVID-19 on global LED services market
The COVID-19 pandemic has influenced the growth of many industries and business. The LED services industry was hardly hit by the impact of the COVID-19 pandemic. To control the wide spreading of coronavirus many countries have implemented stringent lockdown measures. These measures led to the closure of manufacturing units and production facilities, and transportations and other services were also put on hold. This factor eventually led to a decline in the production and demand for LED services from the end-users. Therefore, these aspects negatively affected the growth. China is the major economy and supplier of raw material used for the LED devices, due to coronavirus the LED services industry in the region has faced disruption in production and supply chain, which led to the declination in revenue. Post COVID-19, the industry is expected to regain its momentum.
The global LED services market is segmented based on technology, application, and vertical. Based on technology, the market is segmented into basic LED, high brightness LED, organic LED, polymer LED, and others. The organic light-emitting diode (OLED) is expected to be the fastest growing segment during the forecast period. The acceptance of these LEDs is gaining popularity in various end-users. These lights are thinner, and has a better display and offer higher contrast as compared to LCDs. Besides, they also possess additional features such as they are brighter, have a higher contrast display with faster response times, wider viewing angles, and have less power consumption. These features make them more demanding. Thus, accelerating the market growth. Based on application, the market is categorized into indicators and signs, sustainable lighting, machine vision systems, and others. By vertical, the market is further classified as the automotive industry, healthcare industry, household application, media and entertainment, and others.
Global LED Services Market Share by Verticals, 2020 (%)
Global LED Services Market Share by Verticals
Household Application Segment Holds the Largest Market Share in the Global LED Services Market
Based on vertical, the household application segment projected to hold the largest market share, and it is projected to grow at significant CAGR during the forecast period. The increasing demands for smart lighting solutions for household application is the prime factor driving the segmental growth. The advantages associated with LEDs such as longer lifespan, flexibility, simple to install, speed of color control, and energy savings are attracting residential customers to adopt these lights over an incandescent bulb. LED light bulbs last much longer than their counterparts, these lights keep the light coming for 60,000 hours compared to an incandescent bulb that lasts around 1,200 hours. Additionally, these lights consume less energy, for instance, ENERGY STAR rated products use at least 75% less energy, and last 25 times longer, than incandescent lighting. This factor increasing their popularity in household applications, which further driving the growth of the market.
Geographically, the global LED services market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Among these, North America is estimated to be the dominating region in the global LED services market due to the greater number of applications such as automotive involving the use of LEDs and the awareness among the people towards this technological advancement.
Global LED Services Market Growth, by Region 2022-2028
Global LED Services Market Growth, by Region
Asia-Pacific is anticipated to have a High Growth Rate in Global LED Services Market
Geographically, Asia-Pacific is anticipated to grow with a higher CAGR during the forecast period in the global LED services market. The factor attributing to the growth of the market include the rising adoption of LED in residential sectors. Additionally, the Chinese government in the country providing incentives for the adoption of LEDs. Due to which the adoption of these lights is increasing at a rapid pace in China. The infrastructural growth, LED cost reduction, rising urbanization are the other factors boosting the market growth. The increase in production from manufacturers due to subsidies and incentives provided by the local and central government to them is expected to increase the market growth during the forecast period.
Market Players Outlook
The key players in the LED services market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Bright special lighting S.A., Cree Inc., ENDO Lighting Corp., GLOBAL LIGHT & POWER LLC, 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. These market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions to generated more revenue and to remain competitive in the market. For instance, in Feb 2019, the JMC Capital Partners subsidiary Phoenix Lighting had acquired Bright Light Systems, a Georgia-based company with a strong product line, well-developed lighting controls system, and numerous installations worldwide. The acquisition aids JMC to further expand its product offering.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global LED services market.
- Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
Table of Contents
- Current Industry Analysis and Growth Potential Outlook
- Impact of COVID-19 on the China Pharmaceutical Contract Manufacturing Industry
- Recovery Scenario of China Pharmaceutical Contract Manufacturing industry
1.2. Market Breakdown
1.2.1. By Segments
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19on Key Players
5.1.1. Sterile Manufacturing
5.1.2. Non-Sterile Manufacturing
5.2. China Pharmaceutical Contract Manufacturing Market by Product Type
5.2.1. Over-The-Counter (OTC) Drugs
5.2.2. Active Pharmaceutical Ingredients (API)
5.2.3. Finished Dosage Formulation
5.2.4. Others (Nutritional Products and Packaging)
5.3. China Pharmaceutical Contract Manufacturing by Route of Administration
5.3.1. Oral Administration
5.3.2. Inhaled Administration
5.3.3. Parenteral Administration
5.3.4. Others (Rectal and Vaginal)
5.4. China Pharmaceutical Contract Manufacturing by Service
5.4.3. Non-Clinical Services
6.2. B. Braun Melsungen AG
6.3. Bayer AG
6.4. Boehringer Ingelheim International GmbH
6.5. Canagen Pharmaceuticals Inc.
6.6. Catalent Pharma Solutions, Inc.
6.7. China Chemical & Pharmaceutical Co., Ltd.
6.8. Dishman Carbogen Amcis Ltd.
6.9. Evonik Industries AG
6.10. Gilead Sciences, Inc. **List not exhaustive
A selection of companies mentioned in this report includes:
- American Bright Optoelectronics Corp
- Bright special lighting S.A.
- Cree Inc.
- ENDO Lighting Corp.
- General Electric Co.
- Global Light & Power LLC 7. Ideal Industries, Inc.
- LEDVANCE GmbH
- Leotek Electronics USA, LLC
- LG Electronics
- KKDC Design House Ltd.
- NICHIA CORP.
- OPPLE Lighting Co., Ltd.
- OSRAM Opto Semiconductors GmbH
- Lumileds Holding B.V
- REGGIANI SPA Holding Inc.
- Samsung Electronics Co. Ltd.
- Seoul Semiconductor Co., Ltd.
- Thorlux Lighting
- TOYODA GOSEI Co., Ltd.
- Zumtobel Group