LED Work Light Market Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027


Posted March 29, 2021 by shrushtig

Work light refers to high-intensity light fixtures that are used to illuminate the stage for the benefit of technicians. Technicians use these light fixtures for a number of reasons.
 
Market Dynamics- Drivers
Increasing consumer demand for efficient, low maintenance, and durable work light is expected to drive growth of the global LED work light market during the forecast period
Various end users across the market are demanding LED work light fixtures with high quality, efficiency, longevity, durability, and lower maintenance. Since LED work lights provide more applicable advantages, many end-use industries are increasingly adopting these light fixtures. For instance, LED work lights to have a significantly high service life of around 30,000 to 50,000 hours as compared to halogen lamps, which have service lives of around 150 to 540 hours. Hence, these factors are expected to drive growth of the global LED work light market over the forecast period.
Growing inclination towards new features and advanced capabilities in portable lights is expected to propel the global LED work light market growth over the forecast period
Many end-use customers are increasingly preferring work light fixtures with new features and advanced capabilities. There is a high demand for work light fixtures that can be remotely controlled. Users can direct a brilliant LED light anywhere they need by simply manipulating the lamp’s remote control feature. For instance, workers on-site need to adjust the beam direction of work lights from faraway spots. They could direct the LED light anywhere by using the remote control feature. Larson Electronics, a manufacturer of LED work lights has developed a product range of remote-controlled work lights that provide users the facility of adjusting lighting fixtures; thus, eliminating the need to physically adjust the fixture itself. Hence, these factors are expected to propel the global LED work light market growth in the near future.
Market Dynamics- Restraint
Consumer perception is expected to hamper the global LED work light market growth over the forecast period
Although LED work lights are being increasingly adopted among consumers, there is perception among some users that they are expensive. Moreover, there is a lack of awareness regarding benefits of LED lighting product s Although LED work lights could not be very attractive in terms of price per lumen and initial capital cost basis vis-à-vis conventional work lights, when total ownership cost (including energy and maintenance costs) is considered, the former outdo incandescent or halogen sources. Hence, these factors are expected to hinder the market growth over the forecast period.
Development of alternative technologies is expected to restrain growth of the global LED work light market during the forecast period
Although LED has become popular among many consumers, many end users still prefer CFL or incandescent lighting fixtures. Since these fixtures cheaper than LED lights, consumers are increasingly preferring alternative technologies. Hence, these factors are expected to restrain growth of the global LED work light market in the near future.
Get HOLISTIC Request Sample Copy:
https://www.coherentmarketinsights.com/insight/request-sample/3873
Market Opportunities
Latent population of non-users in several countries can present lucrative growth opportunities
A vast part of the population still remains non-user of LED work lights, torches flashlights, and lanterns. This is typically observed in countries with emerging economies such as Brazil, India, and China. By making these work light types available in these populations, the market potential in these countries could be tapped, thereby creating a vast new opportunity for the growth of the LED work light market. It should be noted that the demand for such LED work lights is spread across various price points, which provides major growth opportunities.
Advent of green technology initiatives can provide excellent business opportunities
According to Coherent Market Insights’ analysis, LED lighting technology is expected to gain major traction in the commercial sector by 2020. This is characterized by a significant drop in the price of LED products, making them commercially viable. This opportunity creation is expected to be further propelled by the green revolution in lighting, which makes a preferential choice in favor of LED lighting products, such as LED work lights.
Market Trends
Increasing number of new LED work light installations
Apart from being more energy-efficient, LED lights to have significantly extended lifetime as compared to that of conventional ones. This has been adversely affecting the replacement market, as consumers do not need to replace their lighting products frequently. Rather, as renovations and new infrastructures are followed by new installations, preferential purchase of LED work lights has been an important trend observed in recent times.
High market growth rate is another major trend
According to Coherent Market Insights’ analysis, since 2011, the global market of LED lighting products has been growing annually by more than 10% consistently, as is the case with LED work lights. It has been observed that the market ratio of lighting fixtures and replacement light sources was 8:2. The top ten LED lighting firms accounted for around one-third of the global market.
Competitive Section
Key players involved in the global LED work light market are ABL Lights Inc., WF Harris Lighting, Bayco Products Inc., Streamlight Inc., Cooper Industries (EATON Corporation), Luceco plc, Ericson Manufacturing Co., Lex Products Corp, and Larson Electronics LLC.
Buy This Business Report:https://www.coherentmarketinsights.com/insight/buy-now/3873
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Coherent Market Insights
Phone 2067016702
Business Address 1001 4th Ave, #3200 ,
Country United States
Categories Biotech , Computers , Engineering
Tags led work light market outlook , led work light market share , led work light market size
Last Updated March 29, 2021