According to the latest report by IMARC Group, titled "Japan LED Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 through it. LED generates," the Japan LED market reached a value of US$
5.4 Billion in 2021. A light-emitting diode (LED) refers to a two-lead semiconductor device that allows the flow of current in the forward direction while blocking the current in reverse. The p-n junction diode emits light when an electric current is passed narrow-spectrum light that is highly directional in nature. This enables LEDs to utilize the produced energy and light in an efficient manner, unlike incandescent lights and compact fluorescent lamps (CFL). Widely available in a variety of colors and shapes, these lighting devices are compact in size with fast switching options. They are also characterized by low heat output and minimum radiation emission while having an extended shelf life. As a result, they are widely being used across the commercial, residential and industrial segments for numerous application segments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Japan LED Market Trends:
The market is primarily driven by the growing demand for energy-efficient lighting solutions in Japan. The rising incidences of power shortages and outages across the country have significantly contributed to the increasing uptake of LED lights. Additionally, the Government of Japan has phased out incandescent light bulbs over the past few years, which has escalated the demand for LED lighting systems. The government also aims to phase out fluorescent tubes by 2020 as they are considered to be an inefficient source of lighting. This, along with the gradual shift toward the use of sustainable products in the country, has consequently catalyzed the demand for LED lights across the country, thereby creating a positive outlook for the market. There has also been a considerable decline in the selling prices of LEDs in Japan, which is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing infrastructural development and smart city projects across the country. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.43% during the forecast period (2022-2027).
- On the basis of the product type, the market has been divided into panel lights, down lights, street lights, tube lights, bulbs and others.
- Based on the application, the market has been segmented into commercial, residential, institutional and industrial.
- On the basis of the installation type, the market has been bifurcated into new and retrofit installations.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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