As per the research report, the Asia Pacific LED Lighting Market is estimated to value $27.5 billion in 2021 and is expected to advance at a CAGR of 13.0%, during the forecast period 2021 – 2026.
LED lightings are highly efficient in consuming energy and also has a longer life span than any other lamp. These are used for multi-purposes and vary with sizes and shapes in accordance with the application. The drivers present in the circuit plays a pivotal role in extending the life of the bulbs. The Asia Pacific (APAC) LED lighting market is expected to grow at a CAGR of 13.0% during the forecast period.
Drivers, Challenges & Opportunities for APAC LED Lighting Market
Shifting trends towards energy-efficient lamps and also growing awareness over the utilization of LED bulbs even in rural areas is the key driving factor for the market to grow. Increasing the construction of smart home buildings is additionally propelling the demand of the regional market.
However, the lack of skilled labor in manufacturing LED bulbs is slowly hindering the demand of the market. Fluctuations in the availability of raw materials in the semiconductor industry are limiting the growth of the market.
Rising capital income in both developed and developing countries are gearing up growth opportunities for the APAC market. Furthermore, the market is fueled by stringent rules and regulations by the government in concern towards environmental safety.
This research report includes the segmentation & sub-segmentation of the APAC LED Lighting Market until 2025.
APAC LED Lighting Market - By Installation Type
On the basis of the installation type, the retrofit installation type is leading with the largest shares of the market. Growing prevalence for the replacement of existing bulbs with new ones is lavishing the demand of the market.
APAC LED Lighting Market - By End-user
On the basis of End-user, Indoor lightings are having significant shares of the market with the rise in the construction of buildings in residential areas.
APAC LED Lighting Market - Region
The Asia Pacific witnessed dominant shares from the past decade and will continue the same rate over the forecast period. Increasing investments in the industries by public and private organizations is escalating the demand of the market extensively. India and China are the largest contributors to the market shares in this region. Rising demand for the LED lamps in almost every sector such as commercial, residential and industrial areas is leveraging the demand of the market.
Major players in the APAC LED Lighting Market are Samsung Electronics Co. Ltd., Cree Inc., Signify N.V., LG Electronics Inc., Koito Manufacturing Co. Ltd., Stanley Electric Co. Ltd., Osram Licht AG, Panasonic Corporation, Zumtobel Group AG, and Seoul Semiconductor Co. Ltd.
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