LED Services Market
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, 2021-2027 Update Available - Forecast 2024-2030
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.
Segmental Outlook
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 (%)
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.
Regional Outlook
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 2021-2027
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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global LED Services Industry
• Recovery Scenario of Global LED Services Industry
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global LED Services Market, By Technology
5.1.1. Basic LED
5.1.2. High Brightness LED
5.1.3. Organic LED
5.1.4. Polymer LED
5.1.5. Others (Ultra Violet LED)
5.2. Global LED Services Market, By Application
5.2.1. Indicators and Signs
5.2.2. Sustainable Lighting
5.2.3. Machine Vision Systems
5.2.4. Digital Light Processing
5.2.5. Others (Data Communication & Horticulture Lighting)
5.3. Global LED Services Market, By Vertical
5.3.1. Automotive Industry
5.3.2. Healthcare Industry
5.3.3. Media &Entertainment
5.3.4. Household Applications
5.3.5. Life Science Applications
5.3.6. IT and Telecommunication
5.3.7. Others (Forensics & Academic Institutions)
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Russia
6.2.7. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korean
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East& Africa
7. Company Profiles
7.1. American Bright Optoelectronics Corp
7.2. Bright special lighting S.A.
7.3. Cree Inc.
7.4. ENDO Lighting Corp.
7.5. General Electric Co.
7.6. Global Light & Power LLC
7.7. Ideal Industries, Inc.
7.8. LEDVANCE GmbH
7.9. Leotek Electronics USA, LLC
7.10. LG Electronics
7.11. KKDC Design House Ltd.
7.12. NICHIA CORP.
7.13. OPPLE Lighting Co., Ltd.
7.14. OSRAM Opto Semiconductors GmbH
7.15. Lumileds Holding B.V
7.16. REGGIANI SPA Holding Inc.
7.17. Samsung Electronics Co. Ltd.
7.18. Seoul Semiconductor Co., Ltd.
7.19. Thorlux Lighting
7.20. TOYODA GOSEI Co., Ltd.
7.21. Zumtobel Group
1. GLOBAL LED SERVICES MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
2. GLOBAL BASIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL ORGANIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL POLYMER LED SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL OTHERS (ULTRA-VIOLET LED) MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL LED SERVICES MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
7. GLOBAL LEDFOR INDICATORS AND SIGNS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL LED FOR SUSTAINABLE LIGHTING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL LED FOR MACHINE VISION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL LED FOR DIGITAL LIGHT PROCESSING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL OTHERS (DATA COMMUNICATION & HORTICULTURE LIGHTING)MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL LED SERVICES MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
13. GLOBAL LED SERVICES IN AUTOMOTIVE INDUSTRY MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL LED SERVICES IN HEALTHCARE INDUSTRY MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL LED SERVICES IN MEDIA AND ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL LED SERVICES IN HOUSEHOLD APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
17. GLOBAL LED SERVICES IN LIFE SCIENCE APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL LED SERVICES IN IT AND TELECOMMUNICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL OTHERS (FORENSICS & ACADEMIC INSTITUTIONS) MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
20. NORTH AMERICAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
21. NORTH AMERICAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY,2020-2027 ($ MILLION)
22. NORTH AMERICAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
23. NORTH AMERICAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
24. EUROPEAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
25. EUROPEAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY,2020-2027 ($ MILLION)
26. EUROPEAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY APPLICATIONS, 2020-2027 ($ MILLION)
27. EUROPEAN LED SERVICES MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
28. ASIA-PACIFIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
29. ASIA-PACIFIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY,2020-2027 ($ MILLION)
30. ASIA-PACIFIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY APPLICATIONS,2020-2027 ($ MILLION)
31. ASIA-PACIFIC LED SERVICES MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2020-2027 ($ MILLION)
32. REST OF THE WORLD LED SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
33. REST OF THE WORLD LED SERVICES MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
34. REST OF THE WORLD LED SERVICES MARKET RESEARCH AND ANALYSIS BY APPLICATIONS,2020-2027 ($ MILLION)
35. REST OF THE WORLD LED SERVICES MARKET RESEARCH AND ANALYSIS BY TREATMENT,2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL LED SERVICES MARKET, 2020-2027 (% MILLION)
2. IMPACT OF COVID-19 ON GLOBAL LED SERVICES MARKET BY SEGMENT, 2020-2027 (% MILLION)
3. RECOVERY OF GLOBAL LED SERVICES MARKET, 2020-2027 (%)
4. GLOBAL LED SERVICES MARKET SHARE BY TECHNOLOGY, 2020 VS 2027 (%)
5. GLOBAL LED SERVICES MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
6. GLOBAL LED SERVICES MARKET SHARE BY VERTICAL, 2020 VS 2027 (%)
7. GLOBAL LED SERVICES MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL BASIC LED MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL ORGANIC LED MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL POLYMER LED MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL OTHERS (ULTRA-VIOLET LED) MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL LED FOR INDICATORS AND SIGNS MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL LED FOR SUSTAINABLE LIGHTING MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL LED FOR MACHINE VISION SYSTEMS MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL LED FOR DIGITAL LIGHT PROCESSING MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL OTHERS (DATA COMMUNICATION & HORTICULTURE LIGHTING) MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
17. GLOBAL LED SERVICES IN AUTOMOTIVE INDUSTRY MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL LED SERVICES IN HEALTHCARE INDUSTRY MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL LED SERVICES IN MEDIA AND ENTERTAINMENT MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
20. GLOBAL LED SERVICES IN HOUSEHOLD APPLICATIONS MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
21. GLOBAL LED SERVICES IN LIFE SCIENCE APPLICATIONS MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
22. GLOBAL LED SERVICES IN IT AND TELECOMMUNICATION MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
23. GLOBAL OTHERS (FORENSICS AND ACADEMIC INSTITUTIONS) MARKET SHARE BY REGION, 2020-2027 ($ MILLION)
24. US LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
25. CANADA LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
26. UK LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
27. FRANCE LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
28. GERMANY LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
29. ITALY LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
30. SPAIN LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
31. REST OF EUROPE LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
32. INDIA LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
33. CHINA LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
34. JAPAN LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
35. SOUTH KOREA LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
36. REST OF ASIA-PACIFIC LED SERVICES MARKET SIZE, 2020-2027 ($ MILLION)
37. REST OF THE WORLD LED SERVICES MARKET SIZE, 2021-2027($ MILLION
