Light emitting diode (LED) is a semiconductor light - emitting diode as the current flows through all of it. LEDs are more powerful, brighter, more cost-effective and more robust than traditional incandescent bulbs. These lights are cost-effective and provide about 50,000 hours of lighting with very little energy consumption. As a result of these benefits, LEDs are used in various residential, commercial, commercial, industrial and public settings. Most developed and emerging economies are promoting the use of LED lighting fixtures that can save energy as well as cost. Driven Services Sector includes lighting services such as installation/design/maintenance/other services offered by commercial electrical/lighting contractors/integrated service providers.
Research and development activities in the area of LEDs are a significant industry trend.
The main players in the LED services market are concentrating on research and development projects in order to evolve and broaden their product range. For example, in December 2019, Lenovo Group Limited launched Lenovo Smart Bulb, which can be regulated with Google Assistant and Amazon Alexa for a lifetime of more than 15,000 hours. In addition, in December 2019, Honeywell Lighting Solution INNCOM Wireless Addressable Lighting Interface (DALI) for the energy-efficient hospitality industry. In October 2019, Heliospectra, a manufacturer of intelligent lighting solutions, launched the MITRA modular lighting system with an electrical efficiency of up to 2.9 μmol/J.
Merger and acquisition activity among major players in the market
Major market players are interested in mergers and acquisitions in order to expand market presence and gain a competitive advantage on the market. For instance, in February 2019, Phoenix Lighting, a subsidiary of JMC Capital Partners, acquired Bright Light Systems, Inc., a Georgia-based light controls system company.
To more Information about LED Services Market Trends and Insights: https://www.globenewswire.com/news-release/2020/05/25/2038127/0/en/Global-LED-Services-Market-to-grow-at-a-CAGR-of-11-1-during-2020-2027-Coherent-Market-Insights.html