Vietnam LED Lighting Market Scope, Share, Key Driver, Key Players, Analysis and Forecast 2022-2027

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Vietnam LED Lighting Market

Looking forward, IMARC Group expects the Vietnam LED lighting market to reach US$ 943 Million by 2027, exhibiting a CAGR of 7.5% during 2022-2027.

STE R SHERIDAN, WYOMING, UNITED STATES, April 22, 2022 /EINPresswire.com / -- According to IMARC Group's latest report, titled“Vietnam LED Lighting Market : industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the market reached a value of US$ 604 Million in 2021. Light-emitting diode (LED) refers to a standard Semiconductor device that radiates light through the electroluminescence process, wherein the voltage is applied for recombining electrons with holes to release energy in photons form. As compared to conventional lighting solutions, LED offers a longer lifespan, minimum radiation emissions, and the ability to withstand frequent switching and dimming capabilities, while ensuring minimal power consumption. Apart from this, it is energy-efficient, compact, eco-friendly, and inherently controllable due to which it is extensively used in several applications, including decorative lights, fluorescent lights, and remote-control circuits.

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Vietnam LED Lighting Market Trends:

The increasing consumer awareness regarding the benefits of LED, such as longer operational life and lower maintenance, are primarily driving the market growth in Vietnam. In line with this, the increasing need for energy-efficient and non-toxic lighting solutions have further facilitated the widespread adoption of LED across establishments, which is supporting the market growth. Additionally, rising environmental awareness regarding the negative environmental impact caused by fluorescent lights have prompted the Government of Socialist Republic of Vietnam to promote the utilization of LED due to its eco-friendly nature, which is contributing to the market growth. Looking forward, IMARC Group expects the Vietnam LED lighting market to reach US$ 943 Million by 2027, exhibiting a CAGR of 7.5% during 2022-2027.

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Breakup by Product Type:

Bulb and Tube Light
Panel Light
Street Light
Down Light
Flood Light
Others

Breakup by Application:

Commercial
Residential
Institutional
Industrial

Breakup by Installation Type:

New Installation
Retrofit Installation

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Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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.

Elena Anderson
IMARC Services Private Limited
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