The new report by Expert Market Research titled, ‘Philippines LED Market Growth, Share, Size, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global Philippines LED market, assessing the market based on its segments like product type, installation type, and application.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 425 million
- Forecast CAGR (2023-2028): 13%
- Forecast Market Size (2026): USD 884.8 million
The market for Philippines LED has seen substantial growth due to factors such as increasing environmental consciousness, along with the proliferation in the construction sector. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the Philippines LED market. Numerous private and international main players are growing their investments in the residential and non-residential sectors, further increasing the uptake of LED lights in the region. Customers benefit from the use of LEDs because of their energy efficiency and cost-effectiveness, which boosts the product’s market growth.
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The industry is also being affected by the Republic of the Philippines’ government’s substantial efforts to promote sustainable development in the region. The government’s successful initiatives and awareness programmes to promote the use of energy-efficient lighting systems are also driving the LED lighting industry in the Philippines.
For example, the government established the Government Energy Management Program (GEMP) so that the Department of Energy can collect and track data on electricity consumption from various government agencies, such as hospitals and educational institutions, and provide strategies to better equip these institutions with more energy-efficient infrastructure. The government prohibits the manufacture, sale, import, and use of incandescent light bulbs, further boosting the country’s consumer development.
Philippines LED Lighting Industry Definition and Major Segments
A light-emitting diode (LED) is a type of light source that emits light by using active semiconductors and electroluminescence. It is made up of a semiconductor crystal with reflectors that illuminate the light that is emitted. When an electric current passes through the microchip, it illuminates.
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Based on the product type, the industry is divided into:
- Panel Lights
- Down Lights
- Street Lights
- Tube Lights
Based on the installation type, the industry is divided into:
- New Installation
- Retrofit Installation
Based on the application, the industry is divided into:
Philippines LED Lighting Market Trends
The Philippines’ LED lighting market is expected to be fueled by the country’s favourable government initiatives. LED lights are constantly being used in modern architecture because they have low glare and do not flicker. LED lights are widely used in a variety of applications, including refrigerator display cases, tablets, and advertising display boards in hotels, hospitals, warehouses, office buildings, shopping malls, and hypermarkets and supermarkets. In the Philippines, these lights are widely replacing incandescent light bulbs because they are more energy efficient, have a longer life span, and use less energy.
Key Market Players
The major players in the market are Green Light LED Energy Solutions Inc., DG Lights, Electrobrain Enterprises, Yatai International Corporation, Firefly Electric and Lighting Corp., Kantt LED Lighting, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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