LOS ANGELES, TOKYO and HAMBURG, Germany, June 18, 2019 /PRNewswire/ -- The global LED Retrofit Market was valued US$ 3154.84 Mn in the year 2018 and is anticipated to obtain the value of US$ 4609.29 Mn by the end of 2025, exhibiting moderate CAGR of 5.61% between 2019 and 2025, according to QY Research recently published report titled, "Global LED Retrofit Market Research Report 2019." The report recommends that increasing adoption of LED lighting is likely to create a positive impact on the global LED Retrofit market for the projected period of 6-years.
Global LED Retrofit Market: Drivers and Restraints
The key driver which is contributing to the growth of the global LED Retrofit market is increasing popularity and adoption of LED lighting across the globe. Several initiatives taken by the governments particularly in the Asia Pacific for the adoption of LED is further bolstering the growth of the market. The growing demand for LED-based solution in various applications such as commercial and residential applications is creating a positive impact on the overall growth of the global LED Retrofit market. However, increasing temperature with the usage of LED is restraining the growth of the market
The industrial sector is likely to Lead the market Throughout the Projected Period
Based on application, the global LED Retrofit market is segmented into industrial, residential and commercial segments. The industrial sector is expected to exhibit a remarkable Compound Annual Growth Rate throughout the projected period. Various initiatives taken by governments to create awareness about LED lighting and to completely eliminate the usage of the traditional lamp is one of the significant reasons for the growth of industrial segments during the forecasted period. On the other hand, the residential sector is also expected to contribute remarkable revenues to the global LED Retrofit market due to growing urbanization and increasing implementation of smart city projects. On the basis of types, the market is segmented into non-dimmable and dimmable.
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Asia Pacific Region to Hold Remarkable Share of Global LED Retrofit Market in the Projected Period
The Asia Pacific region is likely to capture a remarkable market share in the years to come. Japan, China, and India are expected to play a noteworthy role in the Asia Pacific region's share. There are various factors responsible for the growth of the market in the Asia Pacific region, including various initiatives taken by the government in India by boosting up the adoption of LED. For instance, in 2017 the Indian government came up with Street Light National Program under which more than 20 lakh LED's were installed in India. Additionally, ever increasing population in China is also responsible for the tremendous growth of the market in the Asia Pacific region.
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Mergers, Acquisitions, and Partnerships- Key Strategies of the Top Players
The top players in this market are entering into mergers and acquisition and also establishing a partnership to increase the offerings of LED retrofit across the globe. For example, in 2017 of the key players Osram Digital Lumens entered into a partnership with Industrial Lighting Product to enhance the growth of retrofit solutions by OSRAM Licht Group. Following are some of the key players operating in the market.
Green Creative, Signify N.V., American Lighting, GE Lighting, RAB Lighting Inc, Acuity Brands Inc, MaxLite, OSRAM Licht Group, Howard Lighting, Eaton, Light Efficient Designs, Cree, Inc, Technical Consumer Products (TCP), Zumtobel, LSI Lighting, and Hubbell Incorporated.
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