According to an analysis conducted by Business Research Insights, in the latest years the LED modules market registered a phase of big increase, reaching in 2021 an amount of approximately 5,5 billion dollars.
Business Research Insight also estimates that the LED modules market will continue to grow reaching 8 billion dollars in 2028.
This important growth was determined not only by the recent increase in production capacity deriving from innovations in the sector in the Asian area, but even by the improvements of producers in China, South Korea and Taiwan. These latest developed a big innovation of manufacturer process which contributes to reduce the cost of LED modules and to promote the global demanding.
The LED modules market: the main increasing factors
Following the regulations on sustainable energy development, the demand for products that guarantees high energy efficiency has grown.
This growth is also influenced by the expansion of application field and the possibility of integration in intelligent lighting systems for remote control or lighting programming.
The LED modules market: opportunities or limitations
Lack of standardization of LED modules is currently a problem that could influence the market in a negative way. However, this aspect could be perceived by producers as a challenge to win, thanks to the new technologies available, which will lead the market to a further growth.
The future of the LED market modules
The LED modules market will continue to align with the increasing demand of LED lighting systems. Thanks to the features of the LED modules, currently the most energy efficient and environmentally friendly technology, more and more companies will choose the LED technology for all their lighting projects. This will make it possible to achieve energy savings and respond to the increasingly emerging sustainability needs.