LED Services Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

LED Services Market

According to the report published by Zion Market Research, the global LED Services Market size was valued at USD 64.13 Billion in 2022 and is predicted to reach USD 207.72 Billion by the end of 2030. The market is expected to grow with a CAGR of 15.83% during the forecast period. The report analyzes the global LED Services Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the LED Services Market industry.

Global LED Services Market: Overview

Light emitting diodes (LED) are vital components used in different applications. In the past, application of LED was restricted to definite particular lighting requirements and had not entered the conventional general lighting applications. Introduction of LED in applications, for instance, general lightings is driving the market. Different technologies are executed in the production of LED products. Components and chips are the vital materials assembled to produce the final lamp commodity. LED lights have appeared as a potent source of lighting over the past few years. Owing to their several benefits over conventional lighting expertise, they have rapidly gained importance in the global lighting market.

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Global LED Services Market: Growth Factors

The demand for LED services market is primarily growing due to the increasing number of the government schemes that promote the usage of LED lights in public. The government supports different organizations which offer financial help to the energy competent lighting technologies who have extended the purpose of LED lights across different commercial, residential, and industrial sectors. The rapidly increasing automotive industry also offers dynamic opportunities for the usage of LEDs in rear lamps, headlamps, brake lights, and turn signal. Thus the demand for the LED services market is anticipated to increase owing to the increasing applications of the LEDs in the automotive sector.

Other significant aspects such as growing infrastructural funds, reduction in average costs of LEDs, the rapid development of street lighting systems, and the positive government approach towards smart building ventures are anticipated to propel the demand of the LED services market in the future. Another prominent aspect propelling the expansion of the global LED services market is huge investments from main market players for the progress of the new LED services. These new services and products are energy competent and cost-efficient that will be appropriate for a range of applications.

Global LED Services Market: Segmentation

The global LED services market can be classified by its application. The application segment is divided into public lighting, business lighting, and residential. The public lighting segment is further sub-divided into street lighting and smart lighting. Smart lighting consists of intelligent crosswalks, video-surveillance, electric vehicles charging stations, traffic monitoring, and intelligent traffic lights.

Global LED Services Market: Regional Analysis

The global LED services market in Europe is expected to account for a considerable market share due to the prohibition for importing and producing luminous lamps and the increasing supporting government venture. The Asia Pacific is also anticipated to be one of the most important contributors in the LED services market owing to the huge construction rates, government investment for high-efficiency building lights, and substitute of existing outdoor infrastructure. The government in China is taking initiatives by giving enormous incentives to replace conventional streetlights with LEDs in order to systematize standardized quality solutions and commodities. In addition to this, the global LED services market in the Middle East & Africa is expected to grow in the coming years.

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Global LED Services Market: Competitive Players

Some of the most important companies involved in the global LED services market are:

GE Lighting
Cree
OSRAM Opto Semiconductors
NICHIA
Seoul Semiconductor
Philips Lighting, among others.

The Global LED Services Market is segmented as follows:

BY Application

public lighting
street lighting and smart lighting (intelligent crosswalks, video-surveillance, electric vehicles charging stations, traffic monitoring, and intelligent traffic lights))
business lighting
and residential

Global LED Services Market: Regional Segment Analysis