The market for LED lights in the Philippines has witnessed a noteworthy growth in the recent times. The major factors contributing to the growth of the market are the mounting demand for the LED lights from the industrial and commercial end users. The energy-saving aspects of these lights have been the key to attract these entities to implement the technology. However, there has been lower infiltration of technology in the residential sector owing to the lack of alertness.
Furthermore, the programs started by the government to public lighting retrofit, traffic lighting retrofit, LED streetlight retrofit, and others during this phase have achieved a momentous grip for the LED technology in the nation. The LED lights market in the Philippines is extremely saturated with the supremacy of some leading lighting distributors and assemblers in the country. Even though there is a considerable digit of distributors and assemblers in the country of LED lights but the market is subjugated by a few domestic and international players.
As the industry needs a huge sum of capital to be spent, this has repressed the surfacing of numerous firms in the space. The common platforms on the competition exist in the market include the frequent roll out of new LED products, fulfilling the altering customer needs, prices, the long life cycle of a product, rapid transformations in technology, and digit of retail outlets.
The other factors positively influencing the growth of the market in the Philippines consists of the growing digit of market players, the increasing endeavors of government to move consumers toward the eco-friendly LED lights, and the growing wakefulness regarding the energy-efficient lighting methods among consumers. The market LED lighting will observe the launch of novel LED products in the market by leading players magnetizing the Filipinos.
Advances done in the features and design of LED lights are anticipated to lure more consumers. Particularly, the facilities such as integration with mobile devices offering the convenience and ease of regulating the temperature, color, and brightness of the LED lights via the tablets or smartphones is the best fit for the wedding halls, hotel ballrooms, malls, party areas, and others.