According to the new research report published by The Insight Partners, titled “LED Trunking - Global Analysis and Forecast to 2027”, The Global LED Trunking Market is expected to reach US$ 8.86 Bn in 2027, registering a CAGR of 5.9% during the forecast period 2019-2027.
In 2018, Asia Pacific is accounted for the largest share in the LED Trunking market and is also expected to be the fastest growing region in the LED Trunking market. The demand for LED Trunking is anticipated to be robust, pertaining to rise in the number of industrial facilities and commercial spaces. The LED lighting help the companies to cut down their additional overheads spent on paying extra electricity bill. Moreover, government regulations have also played a major role in prospering the usage of LEDs in various applications. The stringent rules proposed by the government and regulatory bodies of the US, Canada, and the European Union on using less efficient lighting, has paved the growth path of LED lighting. Huge adoption of LEDs would also have a positive impact on the development of lighting fixtures and eventually propelling the LED trunking market.
In recent years, LED Trunking market has observed different product innovations and partnership activities, which would help the players to grow in the market. Few players have also opened new manufacturing facilities to produce more luminaries. Some of the significant deals include, in 2018 Zumtobel Group opened new plant in Niš, Serbia. The site consists of two production areas: Production Area 1 for components (Tridonic) and Production Area 2 for luminaires with a total investment volume of EUR 30 million on a surface of 40,000 square metres. Another initiative in respect to new product launch, is undertaken by Hitoplux. In this, the company has launched oBay food grade LED highbay light. This new product is widely used in food industry for institutional food preparation, commercial kitchens, meat processing facilities, and commercial bakery application.
The trunking systems is a linear rail which consists of channels for electrical cables. It also connects linear fluorescent luminaires. The use of linear fluorescent trunking systems is one of an efficient solution, providing good financial returns in the future. The florescent trunking systems deliver high ROI when these are used in place of high bay lighting. Owing to the fact of better quality standards and reducing the price of the LEDs, it might be considered as an expensive lighting alternative product to traditional lighting technology. However, in terms of adoption of LEDs, the penetration rate of SSL has raised dramatically, as the SSL technology-based products have a wider scope spread across the globe.
Key findings of the study:
Adoption of LED lights in the APAC region is booming with the rise in industrialization and urbanization. Besides, the awareness about its energy efficiency may benefit the LED manufacturers operating in the region. China currently holds the largest LED trunking market share in the region; however, India is expected to emerge as the fastest growing region in the near future. The Chinese government has taken various initiatives to boost the significance of LED lighting. Further, the government of India aims to make more utilization of LEDs among industrial, commercial, and residential areas. In this respect, many initiatives such as UJALA, National LED Programme have been undertaken by the Indian government to grow the adoption of LEDs. Both initiatives aims to encourage usage of efficient lighting to preserve the environment and decrease the eflectricity bill. Moreover, the Bureau of Energy Efficiency has commenced an energy efficient initiative which targets standards and labeling of appliances, lighting of commercial buidings and, others.
Product Innovation and partnerships are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
Some of the key players operating in the LED Trunking market are Aesthetics Lighting Solutions Ltd., AGC Lighting Co., Ltd., Bergstrom Lighting, LED Linear GmbH, OSRAM Licht AG, Shenzhen FusionBrite Technology Co. Ltd., Shenzhen Hitoplux Optoelectronic Co., Ltd., Signify Holding (Philips Lighting), TRILUX GMBH & CO. KG, and Zumtobel Group AG.
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