Philippines LED market is currently growing at a robust rate and is expected to reach revenues worth US$ 864 Million by 2024. LED lights are significantly more efficient than conventional lighting products and produce more light per watt. Moreover, LEDs have a significantly longer lifespan compared to conventional light with estimates suggesting that LEDs have 35,000 to 50,000 hours of useful life, though time to complete failure may be longer. Some of the other advantages of LEDs include low maintenance costs, sturdiness, safety, non-toxicity, etc. Moreover, the Philippines government is also playing an active role in driving the demand of LED products through subsidies and a ban on incandescent lights. Electricity costs in the Philippines represent among the highest in the world due in large part to the country’s dependence on expensive imported fossil fuels, both diesel oil and coal. With lighting currently accounting for 18-20% of the total electricity consumption in the country, energy efficient lighting such as LED’s represent a key driver in reducing the electricity costs. Some of the other major factors driving the demand of LED products in Philippines include reducing costs of LED lights, launch of numerous public and private infrastructure projects and rising consumer awareness levels.
IMARC Group’s latest report provides a deep insight into the Philippines LED market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global smart lighting market in any manner.
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Report Customization: Although IMARC has tried to cover everything in the LED market landscape, we believe that every stakeholder may have their own specific needs. In view of this, we provide up to 20 man hours of free customization for each report.
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