Modular Trailer Market Forecasts to 2028 – Global Analysis By Type (Telescopic/Extendable, Lowboy, and Other Types), Number of Axles (2 Axles & > 2 Axles& Sealants) Applications (Mining, Construction and other applications) and Geography

Modular Trailer Market Forecasts to 2028 – Global Analysis By Type (Telescopic/Extendable, Lowboy, and Other Types), Number of Axles (2 Axles & > 2 Axles& Sealants) Applications (Mining, Construction and other applications) and Geography

According to Stratistics MRC, the Global LED Lighting Market is accounted for $62.4 billion in 2022 and is expected to reach $126.5 billion by 2028 growing at a CAGR of 12.5% during the forecast period. A light-emitting diode (LED) is a semiconductor device that emits light when an electric current is conducted through it. When the current-carrying particles collide with one another inside the semiconductor material, light is created. The amount of energy needed for electrons to pass through semiconductors' band gaps determines the hue of light. A variety of hues, including red, yellow, blue, green, white, purple, bi-color, tri-color, and infrared, can be produced by an LED.

According to the US Department of Energy, by 2027, the widespread use of LEDs could save about 348 TWh (compared to no LED use) of electricity. This is the equivalent of the annual electrical output of forty-four large electric power plants (1,000 megawatts each) and a total savings of more than USD 30 billion considering the current electricity prices.

Market Dynamics:

Driver:

Lucrative features and multiple applications of LED

LED lighting has numerous advantages, including flexible technology, low maintenance, a variety of colours, long-lasting sturdiness, and more. Such elements are accelerating the use of LED lighting in a variety of applications. For instance, the typical estimated lifespan of an LED light bulb is 50,000 hours, compared to 10,000 hours and 1,200 hours for fluorescent and incandescent bulbs, respectively. Additionally, the average LED lamp uses 80% less energy than an incandescent lamp and 50% less than a fluorescent lamp. The usage of LED lights in domestic and commercial applications is growing as a result of improved performance of LED products.

Restraint:

High initial and deployment costs of led lighting system

Light-emitting diode systems have grown in popularity in recent years. However, compared to the current CFL lighting system, the initial cost of a single unit of this sort of diode system is significantly higher. The high cost of the parts employed in this system, including the diodes, transmitters, and capacitors, will have a direct impact on the system's initial selling price. Additionally, home customers cannot afford to install new light emitting diode lights or repair outdated systems, which would significantly restrain the global market.

Opportunity:

Adoption of solar LED lighting in remote areas

Solar LEDs are being used by developing nations in Asia Pacific and Africa to offer electricity in remote areas, which is anticipated to present profitable growth opportunities for market players throughout the forecast period. For instance, the Kenyan government started a US$ 1.2 billion initiative in September 2015 to install LED street lights in Mombasa City, Kenya. However, several communities still do not have adequate electrical infrastructure, therefore there is a large need for LED lighting. These nations' governments should concentrate on importing solar LED lighting equipment at discounted prices.

Threat:

Low awareness related to modern lighting solutions such as LED

Although LED lamps have many advantages, a sizable portion of the public still favors fluorescent lamps. Compared to architectural lighting products, fluorescent lights have a considerably higher overall revenue share. This is due to a lack of knowledge and comprehension about the advantages and benefits of contemporary lighting solutions. Additionally, the adoption of LED lighting will be hampered in the near future, particularly in developing economies like Latin America and Asia Pacific, due to the emergence of low-quality and inexpensive lighting products with short life spans and false beliefs that modern lighting solutions are more expensive than incandescent lamps.

Covid-19 Impact

The COVID-19 pandemic had a bad effect on the world market. Construction sites were subjected to strict lockdowns and temporary suspensions, which decreased demand for LED lighting. Residential project launches have been pushed back, which has driven light sales down. Besides, the disruption in the supply chain, particularly of electronic components, such as drivers and chips, imported from China has impacted the market. However, the introduction of new as well as revamping projects in the second quarter of 2021 saw an increase in building activities, which aided in the steady recovery of the LED lighting market.

The indoor segment is expected to be the largest during the forecast period

The indoor segment is estimated to have a lucrative growth, due to a rise in the demand for effective lighting alternatives to fluorescent and high-intensity discharge bulbs from supermarkets, shopping centres, and retail establishments (HID). Compared to traditional lighting solutions, LED lighting saves more light, produces less heat, and is more affordable. High hospital and educational demand is also anticipated to assist the segment's growth.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing popularity of LED lighting, which includes small and solid bulbs that emit bright white light at a lower cost than traditional lighting. LED lighting also uses less energy, has a longer lifespan, and provides more brightness. The segment's revenue will also expand as LED lighting is being used in closets, wall and ceiling lighting, office spaces, bathroom lights, shower lights, and reading lights. Furthermore, throughout the forecast period, the segment's revenue growth is anticipated to be aided by the rising popularity of LED lighting due to its security and eco-friendly characteristics.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid infrastructure development activities in developing countries, coupled with increasing initiatives by the government related to energy saving is expected to increase demand for LED lighting. The rising construction sector in China, Japan, and India, as well as the existence of a sizable number of manufacturers operating in these nations with a focus on introducing new products, are factors anticipated to assist the regional market expansion.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the strict government rules and energy efficiency measures. According to EU legislation, the minimum efficiency standard for general service lighting was established at 91 lm/W as of September 2021. The European Union began utilising an A (efficient) to G (inefficient) scale in 2017, and it is hoped that this would enable consumers to make more informed decisions when shopping for energy-efficient electrical products.

Key players in the market

Some of the key players profiled in the LED Lighting Market include Samsung Electronics Co., Ltd., Panasonic Corporation, Heliospectra AB, Zumtobel Group AG, Signify Holding B.V., Nichia Corporation, OSRAM Licht AG, Orient electric Ltd., Syska Led Lights Pvt Ltd., Dialight PLC, Lumileds Holding B.V., Acuity Brands Lighting Inc., General Electric Company, LSI Industries Inc., Semiconductor Co. Ltd., Eaton Corporation

Key Developments:

In March 2022, ams OSRAM agreed to sell its independent and dedicated AMLS (Automotive Lighting Systems GmbH) business to Plastic Omnium (Euronext:
In March 2022, Acuity Brands, Inc. (NYSE: AYI) launched Verjure, a professional-grade horticulture LED lighting solution that offers efficacious and consistent performance for indoor horticulture applications.

In Jan 2022, Signify unveiled a new range of Philips Hue smart lighting products designed to create the perfect ambiance outside and inside the home.On 22 July 2021, OSRAM Licht AG launched a new quantum dot LED lighting named Osconiq E 2835 CRI 90. Osconiq E 2835 CRI 90 has good efficiency even at very high color rendering indices and warm light colors. The product has a color temperature range of 2,200 to 6,500 K with an efficiency of more than 200 lumens per watt. It also provides extra system benefits for luminaire manufacturers.

In June 2021, Syska launched two new LED lighting products: the T5 LED Batten- SSK-SQ2201 (Polycarbonate) and Syska T5 LED Batten (Aluminium) SSK-SQ2201 in India for INR 449 (USD 5.79) and INR 549 (USD 7.08), respectively. These LED lighting products will be beneficial to employees who are working from home through dim lighting. These products will also avoid fire accidents.

In May 2021, Samsung Electronics Co. Ltd. introduced LM301B EVO, its medium-power LED package aimed at improving light efficiencies and color quality in indoor and commercial environments. Samsung's LED lighting package employs its patented flip-chip technology, which provides a light output rating of 235 lm/W and improves the conversion efficiency of the phosphor due to the new reflecting substance inside the packaging.

In March 2021, Lumileds Holding B.V. launched LUXEON SkyBlue, an LED human-centric lighting system in collaboration with BIOS Lighting. Lumileds also offers a circadian lighting system that provides exceptional melanotic ratios at comfortable color temperatures (CCTs), offering 3000K, 3500K, and 4000K, with low power consumption and industry-leading efficiency.

In February 2021, Orient Electric announced the launch of its emergency LED lights solutions which provide backup lighting for up to 4 hours during a power outage. The range includes LED Bulbs, LED Batten, LED Recess Panel, and Bulkhead.

Product Types Covered:
• Lamps
• Luminaires

Installations Covered:
• Retrofit
• New

Sales Channels Covered:
• Direct Sales
• E-Commerce
• Retail/Wholesale

Applications Covered:
• Indoor
• Outdoor

End Users Covered:
• Commercial
• Industrial
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements