The Philippines LED Lighting Market Size reached US $ 485.6 million in 2020. Going forward, the market expects moderate growth in the period 2021-2026, according to the latest report from IMARC Group.
A light emitting diode (LED) is a light source that uses active semiconductors and electroluminescence to emit light. LEDs, made up of a semiconductor crystal with reflectors to illuminate the emitted light, light up when an electric current passes through the microchip. These lamps largely replace incandescent bulbs in the Philippines as they are relatively efficient, have a longer lifespan, and consume less energy.
Perfectly suited for modern architectural lighting, these lights are associated with flicker-free operations and minimal glare. As a result, they are widely used for a wide range of applications, including smartphones, refrigerator display cases and advertising billboards in hotels, factories, hospitals, shopping complexes, office buildings, hypermarkets and supermarkets.
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LED market trends in the Philippines:
The LED market in the Philippines is currently driven by a growing environmental awareness coupled with the significant growth of the construction industry. Several private and foreign key players are investing significantly in the residential and non-residential sectors, which consequently influences the adoption of LED lamps in the country. In addition to this, the associated benefits, such as cost effectiveness and energy efficiency of LED lamps, are driving their demand. In addition, the crucial steps taken by the government of the Republic of the Philippines towards sustainable development are also contributing to the growth of the market. Several campaigns and awareness programs to promote the use of energy efficient lighting systems are being undertaken by the government to encourage adoption of LED lighting system.
For example, the Department of Energy, under the Government’s Energy Management Program (GEMP), collects and monitors data on the electricity consumption of government entities, such as educational institutions and schools. hospitals, and proposes strategies to provide these establishments with more energy-efficient infrastructure. The government also bans the manufacture, import, sale and use of incandescent bulbs, further promoting market growth in the country.
Browse the full report with detailed table of contents and list of figures and tables: https://www.imarcgroup.com/philippines-led-market
Based on product type, the market has been divided into light panels, ceiling lights, street lights, tubes, bulbs, and others.
Based on the application, the market has been categorized into commercial, residential, institutional, industrial, and others.
Based on the type of facility, the market has been divided into new facilities and renovation.
The competitive landscape of the market has been analyzed in the report along with the detailed profiles of the major players operating in the market.
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