Global LED Services Market is segmented into by Product Type(LED Lamps, LED Fixtures, Others), by Device Configuration(Pinned LED, Chip on Board LED, Surface-mounted LED, Others), by Technology(Basic LED, High Brightness LED, OLED, Ultra Violet LED, Polymer, Others), by End-user(Residential, Commercial, Industrial, Outdoor, Architectural, Others), by Application(Automotive, General Lighting, Backlighting, Signal & Signage, Others), and Geography (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa) is expected to reach US$ 122.99 Bn by 2026.
The lifespan of LED is more than the traditional incandescent bulbs. The growing need for LED lighting services across a wide range of applications is particularly a critical one. Specifically, increased adoption of LED lighting in the sphere of public lighting has substantially impacted the world market for LED services. Encouraging regulations of various governments for the purpose of increased adoption of LED lighting solutions, growing environmental awareness, and demand for energy efficient lighting are also playing in favor of the said market.
Another important element that is driving the progress of LED services market is the augmented investments from the various eminent players in the research and development activities to come up with new LED products and services. These new products are more cost effective and energy efficient and are manufactured to be suit the needs of a wide range of applications. In addition to that, development of smart cities and large scale projects of infrastructure development, particularly in emerging economies, are anticipated to create substantial demand for the world market for LED services.
The Global LED services market is projected to be highly competitive with many crucial market players competing to withstand the market competition with innovative product offerings and by improving the functionality of their already existing products. Sponsorship of industry events and several long term lighting contracts are some of the significant growth strategies for the success of this market.
In 2016, residential lighting accounted for the prominent share of almost 45% in the global LED services market. Rising at a promising growth rate, the segment is expected to hold on to its lead position over the forecast period. This is mainly because of increasing demand for smart lighting solutions for residential spaces that provides higher light.
Maximize Market Research has comprehensively analyzed Global LED Services Market. The driving forces as well as considerable restraints have been explained in depth to attain a balanced scenario. Segment wise market size and market share during the forecast years is duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analyzed extensively with respect to their strengths, weaknesses as well as value addition prospects. Report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the decision maker to comprehend whole LED Services Market with utmost ease and clarity.
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