Global LED Services Market Poised for Significant Growth with a CAGR of 10.6% during 2017 to 2025

Posted on 2017-08-21 by Mark Hub in Retail // 0 Comments

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Albany, US, 2017-Aug-21 — /EPR Network/ — In today’s world, there is an increasing demand for smart lighting solutions for residential spaces that provide higher luminosity. LED lighting and its services are one of the best solutions due to its energy efficiency and cost effectiveness. Due to the several advantages of LED lighting, the global market for LED services is expanding at a rapid pace and LED lighting has the potential to revolutionize the lighting sector, finds a new study added to the vast repository of Market Research Hub (MRH). The study is titled as “LED Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025”, and provides a holistic perspective on market growth throughout the forecast period in terms of revenue estimates (in US$ Million) across different geographies, which are Asia Pacific (APAC), North America, Middle East & Africa (MEA), Europe and South America (SA).

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Initially, the report presents detailed analysis of current market of LED services in which it comprises product definition, industry evolution and deployments. Analysts find that there is huge rise in the usage of the light emitting (LED) technology in various applications such as backlighting, street lighting, automotive, mobile, etc. the global demand for better-LED services coming from major applications. The study defines LED services market which includes lighting services such as installation, design, maintenance and others, provided by commercial electrical/lighting contractors and integrated solution providers.

As per the latest findings, the global LED services market is likely to expand at a CAGR of 10.6% between 2017 and 2025 for the market to reach a valuation of US$22.42 bn by 2025 increasing from US$9.26 bn in 2016. Some of the key growth drivers of the global LED services market include need for energy efficient and cost effective lighting solutions that are suitable for a range of application segments. Moreover, the report covers all the prevalent trends and LED projects playing a major role in the growth of the LED service market over the forecast period from 2017 to 2025.

The report has segmented the market on the basis of its applications, which include residential, public lighting, and business lighting. The segment of public lighting is further segmented into smart lighting and street lighting. On the other hand, business lighting includes government and private sectors. At present, rising adoption within the public lighting application segment is one of the primary growth drivers for the LED Services Market. Through the geographical analysis, the research finds that Europe stood as the leading regional market in 2016, while Asia-Pacific is anticipated to lead the market through 2025.

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The research further analyzes market competitiveness and finds that, in the highly competitive global LED services market, key players are vying to withstand the competition with differentiator product offerings and by enhancing the functionality of their existing products. Some of the major players profiled in the report include Bright Special Lighting S.A., Thorlux Lighting, Global Light LLC., LEDVANCE GmbH, Philips Lighting, OPPLE Lighting Co., Ltd, Reggiani Spa Illuminazione, Endo Lighting Corp., KKDC Co., Ltd. and Cree Inc.

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