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- Philippines LED Lighting Market
Philippines LED Lighting Market to Reach US$ 898 Million, Impelled by Favorable Government Initiatives
February 14, 2020
According to the latest report by IMARC Group, titled "Philippines LED Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Philippines LED market size reached US$ 427 Million in 2019. A light emitting diode (LED) is a light source that employs active semiconductors and electroluminescence to emit light. LEDs, consisting of a semiconductor crystal with reflectors to brighten the emitted light, are illuminated when an electric current passes through the microchip. These lights are widely replacing incandescent light bulbs in the Philippines as they are comparatively efficient, have a longer life span and consume lesser energy. Highly suitable for modern architecture lighting, these lights are associated with flicker-free operations and minimum glare. As a result, they are extensively utilized for a wide range of applications, including smartphones, refrigerator display case and advertising display boards across hotels, factories, hospitals, shopping complexes, office buildings, and hypermarkets and supermarkets.
Philippines LED Market Trends:
The Philippines LED market is currently driven by growing environmental consciousness, coupled with the significant growth in the construction sector. Several private and foreign key players are investing significantly in the residential and non-residential sectors, which consequently is influencing the uptake of LED lights in the country. In addition to this, associated advantages, such as cost-effectiveness and energy efficiency of LED lights is driving their demand. Furthermore, crucial steps taken by the government of the Republic of the Philippines toward sustainable development is also contributing to the growth of the market. Several campaigns and awareness programs aimed at promoting the use of energy-efficient lighting systems are being undertaken by the government to encourage the adoption of the LED lighting system. For instance, the Department of Energy, under the Government Energy Management Program (GEMP), collects and monitors data on electricity usage from government entities, such as educational institutions and hospitals, and offers strategies to equip these establishments with more energy-efficient infrastructure. The government also prohibits the manufacture, imports, sale, and use of incandescent light bulbs, which further favors the market growth in the country. On account of the aforementioned factors, the market is projected to reach a value of US$ 898 Million by 2025, expanding at a CAGR of 12.0% during the forecast period (2020-25).
Market Summary:
- 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 categorized into commercial, residential, institutional, industrial and others.
- 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 analyzed in the report with the detailed profiles of the key players operating in the market.
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