LED Service Market Analysis | Coherent Market Insights

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LED SERVICES MARKET ANALYSIS

• LED Services Market, By Application (Residential
  (Home), Public Lighting (outdoor)(Smart Lighting,
  Street Lighting), Business Lighting (Indoor)
  (Government and Private)and by Region (North
  America, Europe, Asia Pacific, Latin America,
  Middle East and Africa) - Size, Share, Outlook,
  and Opportunity Analysis, 2019 2027
• The global LED services market was valued US
  11.8Mn in 2019 and expected to grow at CAGR of
  11.1 over the forecasted period 2019-27.

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Market Drivers

• Increasing installation of LED lighting due to
  longer lifespan is expected to drive growth of
  the global LED Services Market during the
  forecast period
• The major reason behind rising installation of
  LED light bulbs is the longer lifespan of LED
  lighting. LEDs have a longer lifespan, nearly
  about 100,000 hours, as compared to incandescent
  bulb with 1000 hours and CFL with 8000 to 10,000
  hours lifespan. LEDs can also reduce the labor
  cost and achieve lower maintenance work due to a
  longer operational life. Furthermore, LED
  lighting fixture is far more efficient than
  conventional incandescent bulbs. It has an
  efficiency of 80 to 90 as compared to
  conventional light bulbs with 20 efficiency. LED
  lights to use around 50 less energy than
  traditional incandescent and halogen options that
  are primarily employed for residential and
  commercial applications. Moreover, use of violet
  LEDs instead of blue with gallium nitride
  material offers longer life and greater
  efficiency. Thus, these factors are expected to
  drive growth of the market.

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• Long-term contracts offered by service provides
  is expected to propel the global LED services
  market growth over the forecast period
• Earlier, LEDs were limited to the residential
  application and some parts of the commercial
  segment. However, growing concerns related to
  energy efficiency, quality of lighting, and
  stringent environmental policies have increased
  installations LED lightings. Currently,
  conventional LED lighting fixtures are replacing
  traditional lighting systems. Moreover, concepts
  such as smart cities, smart homes, and smart
  street lighting are creating a demand for LED
  services. Hence, these factors are expected to
  propel the global LED services market growth over
  the forecast period.

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• Europe region dominated the global LED services
  market in 2019, accounting for 35.2 share in
  terms of value, followed by North America and
  Asia Pacific, Middle East and Latin America
  respectively

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Market Restraints

• High initial costs related to LED devices,
  installation, and services are expected to hamper
  the global LED services market growth over the
  forecast period
• The major restricting factor for adoption of LED
  lightings is its relatively high initial
  installation costs as compared to substitute
  technologies such as CFL. This is due to the fact
  that LED performance majorly depends upon
  installation type and fixture. The fixtures need
  to be installed in such a way that minimum heat
  is generated by the LED.  Any harm to the LED
  chip by heat can lead to device failure.
  Therefore, adequate heat sinking is required to
  maintain longer life of the LED. Moreover, LED
  installation process in many applications may
  take a longer time and higher cost since the
  process includes site survey, designing,
  consulting, installation, and maintenance. Hence,
  these factors are expected to hamper the global
  LED services market growth over the forecast
  period.
• Quality concerns and lack of awareness in
  emerging regions is expected to restrain growth
  of the global LED services market during the
  forecast period
• Lack of awareness among populace combined with
  low quality of LED lightings, especially in
  emerging regions such as MEA and Asia Pacific is
  expected to restrict growth of the market. There
  is still a massive unawareness among consumers in
  India and China where they prefer incandescent
  bulbs and CFLs over LED lights. Moreover, there
  are major issues regarding low quality of LED
  lightings MEA region, which is hindering adoption
  of the same. Thus, these factors are expected to
  restrain growth of the global LED services market
  in the near future.

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Market Opportunities

• Advent of IoT-enabled LED in smart cities and
  smart homes can provide major growth
  opportunities Many consumers are preferring LED
  lighting systems integrated with Wi-Fi, chips,
  and sensors. These lightings are being preferred
  in shopping malls, hospitals, offices, and malls.
  Such devices offer enhanced energy-savings and
  can monitor the environment in the surrounding
  with help of software to collect and analyze
  data. There is constant demand for IoT-enabled
  LED lighting in smart cities and smart homes. For
  instance, in 2016, The U.S. Department of
  Transportation invested US 165 million in
  smart-city solutions. The funds are aimed to ease
  traffic congestion and improve driver and
  pedestrian safety. Moreover, in September 2016,
  Panasonic announced that it is likely to play a
  key role in setting up the smart residential
  project Future Living Berlin in the Adlersh, a
  district of Germanys capital.

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• Increasing demand for LED lighting architectural
  applications can present lucrative business
  opportunities The demand for LED lighting
  solutions has increased significantly in the
  recent past. This is owing to features such as
  RGB (red, green, blue) controllability,
  flexibility, and speed of color control.
  Previously, conventional lighting required high
  maintenance cost while RGB code colors are
  controlled by color film filters and also
  flexibility and speed of color control are
  limited. However, LED has overcome these
  drawbacks and can adapt to new applications.
  Thousands of LEDs are linked together and still
  can be controlled individually. This is a
  significant advantage over conventional lighting
  solutions. Furthermore, LED strips, outdoor wall
  fixtures, and LED bulbs are used to light
  architectural creations to create a uniform
  lighting, which looks impressive and people get
  attracted to the same.

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Market Trends

• North America Trends
• Growing adoption of wireless lighting controls is
  a major trend in the market End users in North
  America are increasingly adopting wireless
  lighting controls due to advantages offered by
  these lightings such as Energy-efficient lighting
  systems, reduced run-time, and flexibility.
  Companies such as GE lighting have gained
  benefits of optimized performance, improved cost
  control, etc. For instance, GE has developed
  LightGrid, an Outdoor Wireless Control System
  for consumers within the North America region.
• Latin America Trends
• Increasing demand for public lighting application
  Demand for energy-efficient products and LED
  lighting has increased due to paradigm shift
  toward renewable energy. Various technology
  features of LED such as longer lifespan,
  energy-saving capacity, durability, flexibility
  are gaining the competitive advantage over other
  lighting products such as CFL and Incandescent
  lamps. The LEDs are witnessing significant demand
  in the region, owing to aforementioned
  advantages. Moreover, stringent government norms
  and regulatory policies toward energy
  conservation are driving growth of the regional
  market.

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• Regulations
• Alabamas Local Government Energy Loan Program
  offers zero-interest loans to public schools and
  universities for energy efficiency improvement
  projects that will pay back in utility savings.
  Upgrades eligible for funding include heating and
  cooling equipment, insulation improvements,
  water-saving efficiency measures, and
  energy-efficient lighting upgrades.
• Competitive Section
• Key players operating in the global LED services
  market are Thorlux Lighting, Bright Special
  Lighting S.A., Cree Inc., LEDVANCE GmbH, KKDC
  Co., Ltd., Philips Lighting Holding B.V., Global
  Light LLC, OPPLE Lighting Co., Ltd., Endo
  Lighting Corp., Ideal Industries, and Reggiani
  SPA.

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Segment information

• In global LED services market, by application
  segment, the residential, sub-segment dominated
  the global market in 2019, accounting for 45.1
  share in terms of value, followed by Business
  lighting and public lighting respectively.

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Key Developments

• Major companies in the market are focused product
  launches, in order to expand product portfolio.
  For instance, in May 2017, Philips Lighting
  Holding B.V. introduced first integrated,
  connected LED lighting system designed for
  recreational sports fields. The Philips
  PerfectPlay system enables recreational sports
  centers to reduce energy costs, simplify
  operations, and maximize revenue potential while
  providing better quality lighting for sports
  events.
• In February 2017, Bright Special Lighting S.A.
  provided lighting solutions for the exhibit
  Melpomene, presented at the exhibition The
  Muses Project held at the house of Cyprus in
  Greece.

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