The Latin America, Middle East and Africa LED Lighting Market would witness market growth of 13.3% CAGR during the forecast period (2021-2027). Consumption of energy is high in traditional lighting and it also requires a glass bulb in order to contain necessary coatings and/or gases.
For example, light is produced in fluorescent lamps by using a gas discharge that excites phosphors; high-intensity discharge (HID) lamps use an electric arc discharge, whereas incandescent lamps depend on a heated filament to produce light. But LEDs are capable of converting electrical energy directly into light energy, thus it consumes less power, and has higher reliability. In addition to it, LEDs have many advantages over traditional lighting such as small & compact size, prolonged durability, and less energy consumption. All these factors would bolster the demand for LED in industrial and commercial sectors.
Though, LED lamps have various advantages, a major portion of the population still uses fluorescent lamps. Overall market share of fluorescent lamps is comparatively higher in comparison to architectural lighting products. This is due to the absence of awareness and understanding regarding the benefits of modern lighting solutions. This, as a result, would inhibit the growth of the LED lighting market during the forecast years. Moreover, the advent of low-quality and low-priced lighting products with a low span of life and misinterpretations regarding modern lighting solutions being costly than incandescent lamps would slow down the adoption of LED lighting in the next few years, particularly in developing countries like the Latin America.
The Brazil market dominated the LAMEA Industrial LED Lighting Market by Country 2020, thereby, achieving a market value of $418.4 million by 2027. The Argentina market would witness a CAGR of 15.3% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 14.4% during (2021 - 2027).
Based on Product, the market is segmented into Luminaires and Lamps. Luminaires segment is further categorized into Downlights, Streetlights, Troffers and Others. Lamps segment is further bifurcated across A Lamps, T Lamps and Others. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Residential, Industrial and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global LED Lighting Market is Predict to reach $115.6 Billion by 2027, at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
By Product
By Application
By End User
By Country
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