The global LED services market is anticipated to grow at a modest CAGR of around 10.6% during the forecast period (2021-2027). 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.
Browse the full report description of "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" at https://www.omrglobal.com/industry-reports/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.
Market Coverage
o By Technology
o By Application
o By Vertical
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Global LED Services Market Report Segment
By Technology
By Application
By Vertical
Global LED Services Market Report by Region
North America
Europe
Asia-Pacific
Rest of the World
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