The global sales of LED work lights market reached close to 1 million units in 2018, unveils the new research report on the LED work lights market by PMR. According to the study, the LED work lights market is estimated to grow by 3.5% CAGR in 2029. Rising consumers’ inclination towards high efficiency and lower maintenance products is expected to boost the LED work lights market.
According to the analysis, End-users of industrial, commercial as well as residential lighting systems have been expecting high efficiency, quality, longevity, durability, and lower maintenance in the lighting products they use. Which is driving the growth of the LED work lights market.
Furthermore, a Factors such as increased portability and ergonomic design are expected to drive consumer demand, contributing to the build-up of the LED work lights market by 2029. The global LED work lights market reflected a value of US$ 9.0 Bn in 2018, and is projected to extent the LED work lights market valuation of US$ 13.3 Bn by the end of the 2029.
Increasing Preference for Smart Lighting to Propel Demand for LED Work Light
The advanced features of LED work lights enable the users to remotely control the lights. This is achieved through the use of digital communications with embedded sensors in LED lighting and controls. Which is set to facilitate the growth of integrated lighting networks, coherently creating a surge in demand for LED work lights. Furthermore, LED work lights are insensitive to vibrations, and provide better illumination, hence they can be implemented in industrial areas having severe vibrations where conventional lighting solutions are not feasible.
As per PMR study, prominent players in the LED work lights market are offering a wide range of products with advanced characteristic properties, such as Battery operated LED work lights. Moreover, a wide number of manufacturers have invested comprehensively in new features, such as LED work lights with sensors to monitor temperature and energy usage; subsequently, surging the LED work lights market.
Regulatory Intervention to Enhance North America’s LED Work Light Market
According to projections from the U.S. DOE (U.S. Department of Energy), LEDs are anticipated to lower lighting energy consumption by 15 to 20 percent. Reflecting to these, regulatory mandates are implemented by government authorities. Stringent regulations and standards pertaining energy efficiency, including bans for inefficient technologies, are accelerating the LED work lights adoption rate.
Regulatory intervention is a key driver to LED technology acceptance. Owing to the environment friendly initiatives and planned global incandescent phase-outs, the scope of replacement will provide substantial growth in the LED work lights market during the forecast period.
LED Work Lights Market: Vendor Insights
PMR’s business analysis also highlights pioneering insights into the competitive scenario of the LED work lights market and strategies of significant market players. Some key players in the market are ABL Lights Inc., Bayco Products Inc., Cooper Industries (EATON Corporation), and Larson Electronics LLC, among others. Manufacturers of LED Work Lights have been focusing on building fast and more effective sales and distribution infrastructure for their products across geographies. They are providing price incentives for online purchases. Furthermore, several significant players of the LED work lights market are adopting various strategies related to the consumer demand, such as new product launch, noteworthy development in the R&D to enhance their product portfolio and upgrade their products in the aspect of technology.
For instance, in November 2014, Larson Electronics LLC, a manufacturer of industrial lighting and power distribution products based in Texas, U.S., launched a new portable explosion-proof LED Work Light for low voltage operation. The product is ideal for illuminating enclosed areas and hazardous locations
This study highlights key opportunities in the LED work lights market and finds that the market would exhibit growth at a CAGR of ~4% during the forecast period. For an in-depth information about the LED work lights market, write in to the analyst at email@example.com