The global LED services market is anticipated to grow at a modest CAGR of around 10.6% during the forecast period (2024-2031). The factors augmenting the growth of the global LED services market include the rising demand for cost-effective smart LEDs, the increasing government incentives for use of LEDs in place of conventional lights, and the adoption of LEDs in residential sectors on a large level. Additionally, the LED manufactures are getting government support in form of subsidies and rebates to increase their production. This helps them to run their manufacturing process more smoothly, The LEDs find their applications in various verticals which include automotive, residential, healthcare, media & entertainment, among others. The adoption of LEDs in residential applications owing to the advantages provided such as cost-effective, easy installation, energy-efficient, and longer timespan is expected to increase their demands, which, further led to the market growth. The new developments in LEDs by major market players are fulfilling the market prospects, and are expected to increase the market growth during the forecast period. For instance, in April 2021, Lumileds, one of the leading companies provides lighting solutions company for the automotive industry, has recently launched its advanced line of Philips X-tremeUltinon LED headlight bulbs and fog light bulbs for the replacement of conventional halogen headlight bulbs in Canada.
Get Free Sample link @ https://www.omrglobal.com/request-sample/led-services-market
Besides, in November 2020, the LEDVANCE launched OSRAM LED SLIMLINE R7S, a new family of LED lamps. These slim and compact LED lamps replace conventional double-ended halogen lamps for narrow designer luminaires. Moreover, in April 2019, Deep UV LED had been launched by the Nichia Corp for the replacement of mercury lamps. Besides, these developments in LEDs, the factors such as high-cost LED devices and installation affects the market growth. The developments and advancements in technology for the production of cost-effective LEDs are expected to create lucrative opportunities in the global LED services market.
Full report of LED Services Market available @ https://www.omrglobal.com/industry-reports/led-services-market
Market Coverage
- Segment Covered-
o By Technology
o By Application
o By Vertical
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Bright special lighting S.A., Cree Inc., ENDO Lighting Corp., Global Light & Power LIC, 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.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global LED Services Market Report Segment
By Technology
- Basic LED
- High Brightness LED
- Organic LED
- Polymer LED
- Others (Ultra Violet LED)
By Application
- Indicators and Signs
- Sustainable Lighting
- Machine Vision Systems
- Digital Light Processing
- Others (Data Communication & Horticulture Lighting)
By Vertical
- Automotive Industry
- Healthcare Industry
- Media and Entertainment
- Household Applications
- Life Science Applications
- IT and Telecommunication
- Others (Forensics & Academic Institutions)
Reasons to Buying From us –
1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/led-services-market
Media Contact:
Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
