LED Lighting Market is Estimated to Witness High Growth Owing to Opportunity in Efficient Lighting12/28/2023 LED lighting includes light emitting diodes, which are solid-state semiconductor devices capable of converting electricity directly into light. LED lighting is energy efficient with minimal light loss and high luminous efficacy. LED bulbs last 25 times longer than incandescent bulbs and 6 times longer than CFLs. They are durable, eco-friendly and cost effective over the lifespan. The global LED lighting Market is estimated to be valued at US$ 634.02 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The expansion of efficient lighting presents a significant market opportunity. Governments worldwide are increasingly implementing policies and regulations mandating the use of energy efficient lighting technologies like LEDs over conventional incandescent bulbs. This transition provides a massive opportunity for LED lighting manufacturers as a huge replacement market emerges. With LEDs helping to curb energy consumption and lower CO2 emissions, their adoption is expected to grow rapidly. Strict government norms coupled with rising environmental concerns will drive more consumers towards greener and efficient LED lighting solutions in the next decade. Porter's Analysis Threat of new entrants: The LED lighting market has moderate threat of new entrants due to high capital requirements for manufacturing plants and R&D activities. However, new companies can enter the market by acquiring existing players or by offering niche or innovative products. Bargaining power of buyers: The bargaining power of buyers is moderate as the LED lighting market is fragmented with presence of many global and regional suppliers. Buyers can negotiate on price and demand value-added offerings. Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute components from different manufacturers. Suppliers include chip manufacturers, cap producers, and alloy producers among others. Threat of new substitutes: Threat of new substitutes is high due to ongoing innovations in OLED and quantum dot lighting technologies. Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players offering similar products. Players compete on pricing, features, and service quality. SWOT Analysis Strength: High energy efficiency and long lifespan of LED lights. Cost savings for commercial and industrial users. Weakness: High initial investment requirements. Dependence on few chip manufacturers globally. Opportunity: Growth in infrastructure development and renovations in developing regions. Rising demand for smart and connected lighting systems. Threats: Volatility in prices of rare earth materials. Stringent environmental regulations. Key Takeaways Global LED Lighting Market Size is expected to witness high growth due to rising infrastructure investment and renovation activities across regions. Regional analysis reveals that Asia Pacific is the largest and fastest growing market for LED lighting attributed to rapid industrialization and infrastructure growth in China, India, and other developing countries. Rising disposable income and spending on home renovations have also bolstered adoption. Key players operating in the LED lighting market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and QIAGEN N.V. (Germany), among others. Strategic partnerships and new product launches have helped these players strengthen their positions. Discover More@ https://www.newsanalyticspro.com/led-lighting-market-overview/
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