LED Lighting Market will grow at a CAGR of 14.19% during the period 2017-2021: Radiant Insights

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New Research report “LED Lighting Market in Brazil 2017-2021” Added by Radiant Insights to their database.

The LED lighting market is anticipated to grow at a CAGR exceeding 14% by 2021, finds a report available on Radiant Insights, Inc. Demand for energy-efficient solutions in Brazil is estimated to drive market over the forecast period (2017 to 2021). Emergence of smart cities is triggering the sales of LEDs across the country. The Lighting Science Group and other local partners are partnering with each other to save more than 50% energy expenses. The ban on incandescent light bulb production since 2016 is also expected to turn in more sales for the Brazil market.

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Light-emitting diodes (LEDs) are an efficient solution for energy consumers as it can last 25 times longer than incandescent bulbs. Smart lighting is a major driving factor for market growth in Brazil. This technology allows users to control lights, heating and cooling options, and to save energy expenses. Adoption of Internet of Things (IoT) and demand for smart devices is projected to play a major role in driving demand for LED lights. Gooee, a U.S. based startup, has partnered with Lumicenter Lighting, a Brazil lighting solution provider, to offer IoT lighting solutions to the Brazilian customers. Rising construction of shopping malls, hospitals, and infrastructural projects provide plenty of opportunities for the company to expand in Latin America.

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The recent rise in preference for LED lighting in Brazil led to revised projections of its sales by the Brazilian Association of Lighting Industry (Abilux) in 2016. It is expected to garner more than 30% rise in demand as compared to its sales in 2015. ATME Eco Solutions, a Brazilian company specializing in lighting solutions, has decided to establish a plant in São Paulo, Brazil to extend its production capacity to reach a monthly capacity of more than 700,000 units by 2017. In addition, companies are opting for public-private partnerships with the government to create efficient lighting solutions for improved public infrastructure.

By applications, the LED lighting market in Brazil is segmented into automotive LED lighting, general LED lighting, and LED backlighting. The general lighting segment had dominated the Brazil market in 2016 due to its use in factories, theaters, stadiums, and offices. It is expected to continue acquiring a large share of the market over the forecast period. High demand for LEDs from hospitality, retail, architectural, and other similar sectors can impel this growth.

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The LED lighting market in Brazil allows imports of LED chips from China, the global exporter of all lighting solutions. It is currently inviting Chinese investors into the country to reduce the overall manufacturing cost of LEDs. The INMETRO certification provided by Brazil’s regulatory body can aid Chinese manufacturers to successfully enter the market.

Major market players include GE Lighting; Philips Lighting; Nichia Corporation; Osram Opto Semiconductors; and Cree, Inc. Osram Opto was responsible for providing lighting solutions for the 2014 World Cup in São Paulo. General Electric Lighting also provided 2,000 LED traffic signals to improve the visibility in Bauru, a suburb of São Paulo. The reduction in maintenance cost is expected to save energy expenses up to nearly USD 2 million for the city in the next ten years.

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