Global Flex LED Strip Lights Market: Industry Research and Analysis, Threats, Key Trends, Major Applications, and Forecast to 2028
Global flex LED strip lights market is expected to be valued at US$ XX Mn in 2020, and register CAGR of XX% over the forecast period. The global flex LED strip lights market report provides information regarding the market overview, which includes details about technology used for manufacturing flex LED strip lights, major applications, and strategic methods for growth of the target market. In addition, the global flex LED strip lights market report involves analysis after thorough study and assessment of competitive scenario, ongoing trends, and market size, share and growth rate on regional and country levels. It also includes market growth and risk factors that affect market growth, along with future possible opportunities for manufacturers in the target market over the forecast period. The report also includes quantitative data, and in order to give detailed data, the global flex LED strip lights market report has been segmented on the basis of the product type, application, end-use, and region.
Overview of Flex LED Strip Lights
Flex LED strip lights, also known as ribbon light or LED tape, are new and versatile form of lightings that are thin and flexible circuit boards topped by surface-mounted light-emitting diodes (SMD LEDs). Flex LED strip lights are easily available in a wide range of variety, and with changeable brightness and colors. A prominent feature of flex LED strip lights is that these lights can be bent up to 90 degrees when in vertical shape, and are an ideal choice for decorative lighting and cove lighting even in the impossible places.
Drivers and Restraints
Rising demand for flexible, trendy, and energy-efficient lightings for applications in residential and non-residential sectors in various countries is a major factor expected to drive growth of the global flex LED strip lights market. In addition, availability of the products in different sizes, colors, shapes, brightness, efficiency, as well as ease of installation is expected to result in high adoption of these lights and propel growth in the global flex LED strip lights market. Moreover, high demand for such lights for lighting the house on various occasions, and in commercial buildings such as malls, hotels, restaurants, bars and sports bars, or offices is expected to drive market growth.
Some of the major factors that could hamper market growth include variable prices, coupled with low performance of products.
Opportunities and Trends
Rising technological advancements in flex LED strip lights in order to enhance quality of the products, durability and longer life of flex LED strip lights is expected to create growth opportunities in terms of revenue for manufacturers operating in the global market.
One of the major trends observed in the market is increasing preference of manufacturers to make their products available on the E-commerce websites in order to reach large number of customers and gain revenue profits. This trend is expected to gain popularity and traction in the years to come and support growth of the global flex LED strip lights market to a significant extent.
By Product Type:
Among the product type segments, the 3528 product type segment is expected to account for major share in terms of revenue and is projected to maintain a dominant position over the forecast period in the global flex LED strip lights market. 3528 LED strip lights are used for color splashing walls, TV backlighting, accent lighting for crown molding and pictures, under tables and cabinets, etc.
Among the application segments, the low voltage application segment is expected to contribute major revenue share as compared to high voltage application, owing to reliable and safe, and low-energy consumption characteristics of low voltage LED lights.
Among the end-use segments, the commercial segment is expected to account for major share in terms of revenue, owing to increasing application in various commercial buildings for decorative purposes.
The Asia Pacific flex LED strip lights market is expected to account for considerable share in terms of revenue over the forecast period in the target market. This can be attributable to presence of large number of major players in the countries in the Asia Pacific, especially in the China market. The China market is expected to account for major revenue contribution as compared to that of other markets in the Asia Pacific market. Increasing demand for flex LED strip lights in outdoor events and rising preference towards fancy lightings among customers for use in residential areas are factors expected to propel growth of the market in the countries in the region.
The Europe and North America flex LED strip lights markets are projected to register significant CAGR over the forecast period. The markets in Latin America and Middle East & Africa are expected to account for moderate shares in terms of revenue and consumption over the forecast period in the target market.
Global Flex LED Strip Lights Market Segmentation:
Segmentation by Product Type:
Segmentation by Applications:
- Low Voltage
- High Voltage
Segmentation by End-Use:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- OML Technology Lighting Co Ltd
- Jiangmen Jiasheng Lighting Co. Ltd
- OSRAM Licht AG
- Forge Europa
- Ledridge Lighting
- Optek Electronics
- NVC Lighting
- Jesco Lighting
- LEDtronics, Inc.
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