Global LED Retrofit Market was valued US$ XX Bn in 2019 and is expected to reach US$ 5.1 Bn by 2026, at a CAGR of around XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The key driver which is contributing to the growth of the LED retrofit market is growing popularity and adoption of LED lighting across the globe. Several initiatives taken by the governments particularly in the APAC for the adoption of LED is further bolstering the growth of the market. The increasing 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 LED retrofit market globally. However, swelling temperature with the usage of LED is restraining the growth of the market.
Residential sector is expected to contribute significant revenues to the market by 2026 because of the increased implementation of smart city projects and prominent urbanization globally. Furthermore, the increasing adoption of LED lighting thanks to increased awareness across the residential sector is expected to be one of the primary reasons for market growth during the forecast period.
Region-wise, the Asia Pacific is expected to witness highest XX% CAGR growth during the forecast period. The factors contributing to the growth in Asia Pacific is the growing adoption of LED across the region owing to continuous increasing population. The increasing adoption level of LED is expected to fuel the growth of the linear LED retrofit market in the region. Also, multiple initiatives taken by government bodies in the region are expected to boost the LED retrofit market during the forecast period 2018-2026.
The report has covered the recent development in the LED retrofit market in detail like In April 2018, OSRAM Licht group announced its partnership with the U.S. state of Tennessee to increase the number of LED-based lighting retrofit projects in government facilities across the state. This initiative is expected to have a positive impact on the LED retrofit market in North America.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global LED Retrofit Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global LED Retrofit Market.
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Scope of the Global LED Retrofit Market
Global LED Retrofit Market, by Application
Global LED Retrofit Market, by Type
• Indoor lighting
• Outdoor lighting
Global LED Retrofit Market, by Functionality
Global LED Retrofit Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global LED Retrofit Market
• Signify N.V.
• GE Lighting
• Acuity Brands, Inc
• OSRAM Licht Group
• Cree, Inc
• Hubbell Incorporated
• LSI Lighting
• Technical Consumer Products (TCP)
• Light Efficient Designs
• Howard Lighting
• RAB Lighting Inc
• American Lighting
• Green Creative
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