The Vietnam LED lighting market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to reach a value of US$ 1,056 Million by 2026, exhibiting strong growth during the forecast period (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 industries. These insights are included in the report as a major market contributor.
Light-emitting diodes (LEDs) are semiconductor devices that generate non-coherent, narrow-spectrum light when forward voltage is applied. The first LED was an infrared-emitting device patented in 1961 and the first practical visible spectrum LED was developed in 1962. Currently, LEDs are incorporated into bulbs and fixtures for general lighting applications. A well designed LED lighting system has several advantages over the conventional lighting system using incandescent or florescent technologies such as better efficiency, durability, versatility, smaller in size, longer-lasting and environment-friendly. Another big advantage of using LED lighting system is that it does not radiate heat as in incandescent or florescent light bulbs. A heat sink, which is a passive device, draws away the heat from LEDs by absorbing it and dispersing it into the surrounding environment. This prevents LED products from getting overheated or burnt-out.
In Vietnam, LED technology was first introduced in traffic lights and the advertisement industry. The apparent advantages of the LED technology in lighting system have driven its use in several other sectors also. Across Vietnam, incandescent bulbs, especially in street lighting, are being replaced with LED bulbs. The Vietnamese government is vigorously endorsing the use of LED lighting through two major projects - Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP) – aiming to reduce energy consumption and carbon footprints. Driven by its numerous advantages over conventional lighting technologies, the market for LED lighting in Vietnam is witnessing robust growth and is expected to dominate the country’s lighting industry in the coming years.
IMARC’s latest study “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” provides a techno-commercial roadmap for setting up an LED manufacturing plant in Vietnam. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the LED market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, 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 Vietnam LED lighting industry in any manner.
The Vietnam LED lighting market size was valued at US$ 610 Million in 2020.
According to the estimates by IMARC Group, the Vietnam LED lighting market is expected to witness a CAGR of 9.5% from 2021 to 2026.
As LED lights are environment-friendly and consume less energy, they are increasingly being preferred over conventional lighting technologies in the country. This represents one of the key drivers for the Vietnam LED lighting market.
At present, the Government of Vietnam is promoting the adoption of LED lights to combat high electricity consumption in the country. In line with this, it has also introduced programs, such as Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP), which are creating a positive outlook for the market. This represents one of the key trends in the Vietnam LED lighting market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations in Vietnam resulting in supply chain disruptions of LED bulbs and temporary shutdown of numerous manufacturing units.
On the basis of the product type, the market has been segmented into panel lights, bulb and tube, streetlights, down lights, flood lights, and others. At present, panel lights exhibit a clear dominance in the market.
On the basis of the application, the market has been bifurcated into the commercial sector, residential sector, institutional sector, and industrial sector. Currently, the residential sector holds the majority of the total market share.
On the basis of the installation type, the market has been divided into new installations and retrofit installations. Among these, retrofit installations represent the largest segment.
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