The 2020 Annual Update of Global LED Lighting Market, finds that the increasing demand for energy-efficient lighting and the rising number of smart city projects and overall infrastructure development are driving the LED lighting market across the globe.
The market is estimated to reach $82.0 billion by 2026 from $67.7 billion in 2019, at a compound annual growth rate (CAGR) of 2.8%. “Smart buildings will accelerate the adoption of smart lighting more than any other segment. The revitalization of cities will also provide the much-needed impetus for the installation of smart lighting,” said Dennis Marcell Victor, Energy & Environment Research Analyst at Frost & Sullivan. “Government rebates, savings on disposal costs, improved performance of workers, and limitless Internet of Things (IoT) applications for LED lighting present a good business case for LEDs to be adopted across applications.” Victor went on to share a few more startling facts adding: “Lighting-as-a-Service (LaaS) will see higher adoption and usher in a new business model while driving other applications such as connected lighting and facility management.
However, with the COVID-19 pandemic, the industry is likely to experience varied impacts across regions due to discrepancies in containment measures and lockdown implementation. Even with the partial ease in lockdowns and a resumption of manufacturing, the market will need a couple of years to recover and reach the same level as before the crisis.
Click here to read the full press release, posted on October 20, 2020, by Frost & Sullivan.
What Makes A Good Project Manager vs. A Bad Project Manager?
Project managers and project management companies are present in all industries. They lead projects of various sizes, managing and ensuring timely delivery. While the majority of project managers are capable and efficient, you can run into some that fall short of...