LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Global LED Curtain Lights Market by distributional channel (offline, and online) and geographic regions (APAC, North America, Europe, MEA, and South America) is witnessed to grow USD 447.03 million, at a CAGR of 15% from 2019 to 2023".
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Global LED Curtain Lights Market: Decline in cost of LED manufacturing
The cost of manufacturing LED lights has declined significantly over the past five years, increasing the demand for LED-based lighting. The declining cost of LEDs is mainly attributed to the decrease in the price of semiconductor chips and other components used in LED lights. Furthermore, the growth in LED production has led to a significant increase in economies of scale for manufacturers, which has reduced the cost of manufacturing LEDs. Therefore, the declining cost of LED manufacturing will increase the demand for LED curtain lights during the forecast period.
“Apart from the decline in cost of LED manufacturing, other factors such as the development of smart controls in light management systems, and the growth in home décor market will have a significant impact on the growth of the LED curtain lights market size during the forecast period,” says a senior analyst at Technavio.
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Global LED Curtain Lights Market: Segmentation analysis
This market research report segments the global LED curtain lights market by distributional channel (offline, and online) and geographic regions (APAC, North America, Europe, MEA, and South America).
The European region led the LED curtain lights market in 2018, followed by North America, APAC, South America, and MEA respectively. The dominance of the LED curtain lights market in Europe can be attributed to the increase in the number of smart buildings. The growth of smart buildings and energy-efficient systems is driven by the need to meet energy savings targets by 2020. Furthermore, the growing interest in sustainability and the popularity of online retail are factors that are creating significant growth opportunities for LED curtain lights manufacturers in Europe.
Global LED Curtain Lights Market: Increase in the adoption of energy-efficient light sources
A key factor driving the growth of the global LED curtain lights market size is the increase in the adoption of energy-efficient light sources. Governments across the world have been taking initiatives to promote the use of energy-efficient lighting solutions. As a result, consumers are increasingly shifting toward energy-efficient and less power-consuming lighting solutions to reduce their electricity bills. The adoption of LED sources is increasing mainly due to their advantages over traditional lighting technologies. LEDs are up to 10 times more efficient and reliable than incandescent lamps and have a considerably longer lifespan. Such benefits of LED sources and the increase in adoption of energy-efficient light sources will drive the growth of the LED curtain lights market during the forecast period.
Few Major Vendors in the Global LED Curtain Lights Market are:
- General Electric Co.
- Havells India Ltd.
- OSRAM GmbH
- Panasonic Corp.
- Signify NV
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