LED lighting will usher in business opportunities in smart cities and energy efficiency plans

　　 According to PR Newswire, Frost u0026 Sullivan’s latest analysis '2020 Global LED Lighting Market Annual Update' found that the demand for energy-saving lighting continues to grow, the number of smart city projects continues to increase, and the development of overall infrastructure is driving global LED lighting market.

　　 By 2026, the global LED lighting market is expected to grow from US$67.7 billion in 2019 to US$82 billion, with a compound annual growth rate (CAGR) of 2.8%. However, in the COVID-19 pandemic, due to differences in containment measures and blockade implementation, the entire LED lighting industry may be affected by different regions. Even if partial relief is locked in and production is resumed, it will take several years for the market to recover and reach the same level as before the crisis.

　　 Frost u0026 Sullivan Energy and Environmental Research Analyst Dennis Marcell Victor said: 'Smart buildings will accelerate the adoption of smart lighting than any other field. The revival of cities will also provide much-needed power for the installation of smart lighting.'Government subsidies, cost savings, improved worker performance, and endless LED lighting Internet of Things (IoT) applications provide a good business case for the adoption of LEDs in various applications.'

　　Victor added: 'Lighting-as-a-Service (LaaS, Lighting-as-a-Service) will gain a higher rate of adoption, introduce new business models, and promote the development of other applications (such as networked lighting and facility management). This is expected to reduce consumption Service providers bear the upfront costs for the capital expenditures of the operators.'

　　 In addition, from a regional perspective, the Asia-Pacific region (APAC) is still the main growth area, which will bring in $35.4 billion in 2026 Revenue, of which India and China contributed the largest revenue. Similarly, after the Asia-Pacific region, Europe and North America will make significant contributions to the market due to the development of advanced lighting applications vertically related to the healthcare, industrial, office and hotel industries in these two regions. During the forecast period, the growth rates of the two are 4.0% and 4.1%, respectively. Latin America will achieve the highest growth rate during the forecast period, at 5.1%, because it focuses on office and street lighting as part of smart city solutions.

　　The increasing adoption of LED lighting in the healthcare, automotive, industrial and office sectors has brought huge growth prospects to market participants, including:

　　LaaS business model : Companies need to take a pragmatic approach to monetize LaaS to increase revenue.

　　Automotive Digital LED Lights: Autonomous vehicles need to implement digital LED light technology to enhance safety.

　　 The circular economy of LED lighting: Circular economy measures should start from the design stage. Designing modular, upgradeable and reusable products will help reduce the waste of used LED light sources.

　　UVC-LED for disinfection: UV-C lamps should be used to disinfect workplaces, medical centers and public transportation. The correct guidelines for handling widely used UV-C lamps should be outlined.

　　 The latest content of 'Frostu0026Sullivan Energy and Environmental Research and Analysis' provided by the Frostu0026Sullivan Leadership Committee is the '2020 Global LED Lighting Market Annual Update'. This report can help organizations identify growth opportunities for continued growth to Succeed in the unpredictable future.