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Government Initiatives and Support Will Drive Market Growth; Emerging Applications Will Create New End-user Segments and Expand Existing Ones
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The Southeast Asian LED lighting market has been growing steadily over the last few years, mainly due to government initiatives, rising demand, and infrastructure projects. The government offers strong support through incentives and regulations; financial support is provided to boost local manufacturers. Declining prices have resulted in rising consumer demand for and adoption of LED products. In addition, environment-friendly products are seeing increased uptake across the region, fueled by the efforts of the key market participants. The outdoor lighting segment will record significant growth over the next 2-3 years as a result of infrastructure-related investments. Except for Singapore, all the other countries under study are embarking on major projects that are likely to be completed in the short term. However, market growth is restrained by the intense price competition. Price wars, along with the lack of end-user awareness about the various LED solutions, hamper demand. In addition, declining prices affect companies' bottom-lines and hinder their capacity to spend on R&D and other development efforts. Growth opportunities include the lighting-as-a-service (LaaS) business model, technological advancements, R&D as a go-to-market strategy, cost efficiency, and the increasing applicability of LED lighting and its solutions. Growing end-user segments and emerging applications will drive market expansion. High R&D budgets and innovative practices will play a key role in capturing more market share. The shift to LaaS has proven to be a significant change in the market. By providing consumers with the option of reduced set-up costs, companies have found an alternative business model to address unmet market needs and expand their portfolios. Many companies from the region are supported by various government initiatives to meet export capabilities, which allows them to provide high-quality products at relatively lower prices. This study analyzes the market in terms of drivers, restraints, forecasts, trends, and competitive landscape. Countries under study are Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The study period is from 2015 to 2023; 2018 is the base year.
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Author: Janice Wung
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