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The Russia LED market reached a value of US$ 3.7 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 27% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A key factor driving the LED industry in the country is the government’s focus on energy efficient lighting products. The Russian government has made several initiatives to increase energy efficiency in the lighting industry. This includes regulations that require a certain ratio of LED products that must be applied in national or city construction projects. Moreover, the Russian government also rolled out a ban on incandescent bulbs in 2014, which has catalyzed the adoption of LED products. Besides this, a number of other factors are also driving the LED market in the country such as healthy demand for the commercial real estate sector, forthcoming international sports events, numerous infrastructure projects, etc. Commercial lighting and outdoor lighting currently represent the two largest application areas of LED products in Russia. The market of LEDs in Russia is currently import driven with a significant share of the demand relaying on imports.
This report provides a deep insight into the Russia 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 LED manufacturers, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Russia LED market in any manner.
|Base Year of the Analysis||2020|
|Segment Coverage||Product Type, Application, Installation Type|
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