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LED Revolution, Smart Technology, and New Business Models Propelling a Paradigm Shift
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From traditional incandescent lamps to compact fluorescent lamps (CFL) to light-emitting diodes (LED) and laser diodes (LD), the lighting market has come a long way in the last 10 years. With growing LED adoption and increasing smart solutions, leveraging Internet of Things (IoT) and Light Fidelity (LiFi), the lighting market is going through a phase of enormous transformation. This transformation is not restricted to technological advancements. There is a paradigm shift that has been observed in the entire lighting market dynamics, directly impacting product offerings, competitive landscape, distribution channels, and business models. From quitting the traditional lighting business to pulling out from certain geographies, stakeholders in the lighting market are fighting hard to combat the pace at which the market has been transforming. Frost & Sullivan’s latest study discusses how the lighting market has been evolving, and enlists what lighting manufacturers can do to surge ahead in this rapidly changing and competitive market.While the market continues to evolve, it also presents several significant growth opportunities for companies that are open to tapping this transformation. Frost & Sullivan has considered 14 opportunities for growth in this market, highlighting both vision and strategy and brand and demand growth opportunities. For each of these identified growth levers, key context and opportunities, along with a call to action, have been discussed.
The study highlights the applicable visioning scenarios with their macro-to-micro implications. The scenarios included are: social and demographic trends, industry Mega Trends, new business models, disruptive technologies, and competitive landscape trends. The study also explains the key drivers and restraints impacting the market, along with insights on how each stage of the lighting market has evolved. Case studies that highlight recent best practices by lighting companies in the Asia-Pacific region have been included to demonstrate initiatives taken by top market participants to stay ahead of competition.
Key Issues Addressed
Author: Viswesh Vancheeshwar
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