LED (light emitting diode) represents one of the energy-efficient lighting technologies used widely across the globe. In comparison to incandescent and fluorescent lights, LED lights are associated with numerous advantages such as consumption of less energy, generation of minute heat output, serving a longer time-span and compact in size. Vietnam was first introduced to LED technology in the form of traffic light after which LED lights were used in the advertisement industry for availing adequate indoor shoot lighting. A new research report by IMARC Group, titled “Vietnam LED Market (SMD LEDs, Modules and Fixtures): Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” estimates that Vietnam LED market was worth US$ 190 Million in 2017. The report further anticipates the market to cross more than US$ 520 Million by 2023, with a CAGR of around 18% over the forecast period.
Vietnam LED Market Drivers/Constraints:
- The government of Vietnam is constantly supporting and encouraging the use of LED lights. For instance, it currently launched programmes like Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP).
- In Vietnam, incandescent lights are increasing being replaced by LED lights, particularly in streets as they are eco-friendly in nature and help in reducing excess consumption of energy as well as emission of carbon footprints.
- Moreover, tourism in Vietnam is gaining immense popularity owing to which the LED light market is gaining a positive influence from the rising number of resorts and hotels. Some of the other factors include rising population, rapid urbanisation, increasing spending capacity, diverse applications of LEDs, etc.
- There are numerous factors that hamper the Vietnam LED market growth. The blue and cool-white LED surpasses the safety standards of the blue-light hazard which is set by the eye-safety specifications.
Product Type Insights:
On the basis of type, the market is segmented as bulb and tube light, panel light, street light, down light, flood light and others. Amongst these, bulb and tube light exhibits a clear dominance in the Vietnam LED market.
Want more information about this market? Request a free report sample
Based on application, commercial application enjoys a leading position, followed by residential, institutional, industrial and other applications.
On the basis of installation, the market is segregated as new installation and retrofit installation. Currently, new installation exhibits a clear dominance in the Vietnam LED market.
The market is highly concentrated with the presence of few large manufacturers who compete in terms of prices and quality. There is a rigid competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:
- Dien Quang
- Rang Dong
Browse related reports:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.