The latest report published by IMARC Group, titled “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the Vietnam LED lighting market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Vietnam LED lighting market size reached US$ 604 Million in 2021. Looking forward, IMARC Group expects the market value to reach US$ 943 Million by 2027, exhibiting a CAGR of 7.5% during 2022-2027.
Industry Overview and Application:
A light emitting diode (LED) is a semiconductor device that emits non-coherent and narrow-spectrum light when an electric current is passed through it. LED lights offer various advantages over conventional lights, such as fast switching, longer lifespan, improved physical robustness, low heat output, and minimum radiation emissions. In addition, they are environment friendly and consume less energy. Owing to these properties, LED lighting solutions have gained immense popularity in Vietnam.
COVID-19 Impact:
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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Vietnam LED Lighting Market Trends:
The market is primarily driven by the increasing usage of LED lightings in various sectors. For instance, LED bulbs are rapidly replacing incandescent bulbs in street lighting across Vietnam. Besides this, the increasing demand for LED lights in commercial spaces, such as buildings, offices, supermarkets, and shopping malls, is also contributing to the market growth.
Moreover, the Government of Vietnam is encouraging citizens to adopt LED lighting through two major projects, namely, Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP), which aim to reduce energy consumption and carbon footprints.
The rapid urbanization and increasing influx of Foreign Direct Investments (FDI) is supporting the real estate sector in the country, which, in turn, is strengthening the growth of the Vietnam LED lighting market.
Vietnam LED Lighting Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the Vietnam LED lighting market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the Vietnam LED lighting market on the basis of product type, application and installation type.
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
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=702&flag=C
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.
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