(MENAFN- iCrowdNewsWire) According to the latest report by IMARC Group, titled “Thailand LED Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the Thailand LED market reached a value of US$ 971.4 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 24% during 2021-2026.
Light-emitting diodes (LEDs) are semiconductor devices that generate narrow-spectrum light. An electric current is passed through the microchip present in the LED to illuminate the device and produce visible light. LED lights are directional light sources that offer high brightness and intensity with a diverse color range. They use heat sinks to absorb the heat produced by the device, which is further dissipated into the surroundings to prevent them from overheating. As a result, they emit little to no heat and greenhouse gases (GHGs) while being characterized by an extended lifespan. Additionally, they offer instantaneous illumination, improved efficiency, fast switching options and unique design opportunities. They are consequently replacing traditional technologies, including incandescent, fluorescent, and compact fluorescent lights, across numerous application segments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Thailand LED Market Trends:
The market is primarily driven by the growing demand for energy-efficient lighting solutions in Thailand. Increasing energy consumption and high electricity prices in the country have contributed to the growing awareness regarding power conservation among the masses. This, along with the rising demand for superior lighting technologies, has bolstered the sales of LED lights significantly. There has also been a gradual shift from traditional lighting technologies to LEDs due to their versatility, low maintenance costs and other associated benefits. Apart from this, there has been a significant expansion of both residential and infrastructural projects in the country, supported by the growing influx of tourists in Thailand. This has impelled builders to utilize high-performing and efficient lighting solutions, which, in turn, is facilitating the uptake of LED lights. Furthermore, the Government of Thailand is offering numerous subsidies for energy conservation programs across the public and private sectors. They are also focusing on reducing the costs of LEDs in the country to make them more affordable for the general public.
Moreover, the Electricity Generating Authority of Thailand (EGAT) and the Provincial Electricity Authority (PEA) are undertaking initiatives to promote the usage of these lights across the country. Also, the growing utilization of LEDs in the automotive, healthcare and consumer electronic sectors is acting as another major growth-inducing factor.
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Thailand LED Market 2021-2026 Analysis and Segmentation:
Market Breakup by Region
- Northern Thailand
- Northeastern Thailand
- Western Thailand
- Central Thailand
- Eastern Thailand
- Southern Thailand
Market Breakup by Product Type
- Panel Lights
- Down Lights
- Street Lights
- Tube Lights
- Bulbs
- Others
Market Breakup by Application
- Commercial
- Residential
- Institutional
- Industrial
Market Breakup by Installation Type
- New Installation
- Retrofit Installation
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of major players operating in the industry.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note : If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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