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LED Services Market Growth Potential & Forecast, 2019 – 2025

LED Services Market size is expected to grow exponentially in the coming years driven by demand for cost effective and energy efficient lighting solutions across various industry verticals. Increasing need for lighting management in industrial events & long-term projects are promoting the market growth. The need for cost saving lighting solutions in commercial & residential sectors is creating high LED light demand further supporting industry expansion.
Several governments have adopted policies to promote the energy efficient solutions to reduce harmful environmental impact is supporting the LED services market growth. The solutions are gaining popularity in sports events, concerts, award events, etc. to enhance the audience experience and limit the power consumption. Additionally, the development of smart cities and large-scale infrastructure projects is driving the industry expansion globally.
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In the LED services market, a major challenge is high maintenance cost and repair cost associated with the lights. These devices are complex to repair and can cause damage to entire system during the process of repairing. Repairing and maintaining these complex devices requires highly skilled technicians, due to which the cost is increased. These processes of repairing require special set of tools and devices which are expensive and intricate to handle.
These factors limit the consumers to deploy services and increase the chances of replacement due to decreasing cost. Another, challenge in the LED services market is requirement of special drivers for these lights, which aid in constant power supply rate. These drivers support in smooth functioning of lights further incurring additional installation and replacement cost. These costs associated with the drivers is expensive considering the high price of devices.
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LED services market is witnessing rapid growth owing technological developments in the IoT devices. Increased adoption of smart devices is supporting the integration of wireless connectivity and smart features. These lights offer cost effective parameters to be used in the IoT applications owing to the energy saving feature further leading to the LED services market growth.
A major trend impacting the industry is lighting as a service (LaaS), which provides third party management of lighting systems. These services include installation, maintenance, technical, operational, and financial aspects. LaaS offer basic and advanced upgrades which includes installation of advanced sensors, controls and lighting network communication. These services support customer to save cost on expensive retrofits and avoid large capital investment, by providing the services on monthly subscriptions.
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The Europe LED services market is growing rapidly owing to stringent government regulation & high adoption of advanced lighting systems in the region. In 2012, the European Union announced a directive 2012/27/EU which includes measures & policies to achieve EU’s 20% energy efficiency target by 2020. Wide adoption of smart homes and smart lighting technology in Germany is creating high LED demand boosting the market.
The Asian countries including China, South Korea, and Japan are witnessing growth in lighting & LED manufacturing activities due to the presence of several key players in this region. These activities have led to decrease in the price of LEDs further promoting the demand for these devices. Moreover, the Indian government has launched a scheme ’Prakash Path’ for LED bulb distribution to increase the usage of energy efficient lighting further driving the market growth
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