Research Nester’s recent market research analysis on “LED Neon Lights Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global LED neon lights market in terms of market segmentation by type, application, sales channel and by region.
Rising Adoption of Advanced Technology in LED Neon Lighting to Promote Global Market Share of LED Neon Lights Market
The global LED neon lights market is estimated to grow majorly on account of the various benefits posed by the LED neon lighting. In comparison to traditional neon tubes, LED neon lights are eco-friendly and robust as they utilize semiconductor diodes to produce lights. The advantages of neon flex are higher energy efficiency, durability, flexibility, safer, and having longer shelf life. Other than this, there is a rise in the number of restaurants globally. According to a study conducted, it has been reported that almost 78.1% of diners agree that well-designed lighting affirmatively influences their mood during their dining experience. Hence, owners are giving importance to the kind of lighting they are utilizing in their restaurants. On the back of this factor, the global LED neon lights market is projected to garner significant growth during the forecasted period. Also, in various smart homes, the users are adding smart lighting that is remotely controlled and makes various dynamic lighting effects. In the year 2023, there are almost 310 million smart homes in the world. Owing to this, the global LED neon lights market is expected to garner significant revenue.
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Some of the major growth factors and challenges that are associated with the growth of the global LED neon lights market are:
Growth Drivers:
• Lower Cost and Longer Life Span of the LED neon Lights
• Surge in the Urban Population
Challenges:
High cost related to the LED neon lights, issue of thermal management, and lack of luminance are some of the major factors anticipated to hamper the global market size of global LED neon lights market.
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By application, the global LED neon lights market is segmented into household and commercial. The commercial segment is projected to generate a maximum share of almost 60% over the coming years. The commercial LED lighting is utilized in offices, commercial spaces, government buildings, businesses, and restaurants. Companies are becoming environment conscious and LED lighting is preferred for its eco-friendly qualities.
By region, the Europe LED neon lights market is to generate almost USD 16 billion in the year 2022 and is expected to flourish at a CAGR of 9% during the forecasted period. The increasing government regulations, such as prohibiting less efficient lighting sources, are projected to drive market growth significantly. The region also has various standards which govern the performance and safety of indoor commercial lighting.
This report also provides the existing competitive scenario of some of the key players of the global LED neon lights market which includes company profiling of LED Neon Flex, Keysight Technologies, Rohde & Schwarz, Tektronix, Inc., Agilent Technologies, Inc., Anritsu Corporation, Rigol Technologies, Inc., B&K Precision Corporation, Tabor Electronics Ltd., Fluke Corporation, Panasonic Corporation, Toshiba Corporation, Nichia Corporation, Sharp Corporation and others.
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