LED Services Market : Industry Insights, Trends and Forecast upto 2025
In the highly competitive global LED services market, key players are vying to withstand the competition with differentiator product offerings and by enhancing the functionality of their existing products. Long term lighting contracts and sponsorship of industry events are some other crucial growth strategies for success in this market. Some of the key growth drivers of the global LED services market are need for energy efficient and cost effective lighting solutions that are suitable for a range of application segments. Integration of LED lighting with wireless communication technology and availability of IoTenabled LED lighting is offering a whole new experience to consumers than what was offered by traditional ones. As per a report by Transparency Market Research, the global LED services market is likely to expand at a CAGR of 10.6% between 2017 and 2025 for the market to reach a valuation of US$22.42 bn by 2025 increasing from US$9.26 bn in 2016. Obtain Report Details @ http://www.transparencymarketresearch.com/led-services-market.html The application segments into which the global LED services market is segmented in this report are residential, public lighting, and business lighting. The segment of public lighting is further segmented into smart lighting and street lighting. Smart lighting includes video-surveillance, intelligent crosswalks, intelligent traffic lights, electric vehicles charging stations, and traffic monitoring. In 2016, residential lighting accounted for the leading share of almost 45% in the global LED services market. Rising at a promising growth rate, the segment is expected to hold on to its lead position over the forecast period. This is mainly because of increasing demand for smart lighting solutions for residential spaces that provides higher luminosity. The public lighting application of the LED service market is predicted to surpass the growth rate of other applications over the forecast period. Commencement of large scale street lighting projects and development of smart cities in many parts of the world will benefit the public