Argentina LED Lighting Market Overview, 2028

The LED lighting market of Argentina will be dominating in the upcoming years because of rapid urbanization; low power consumption of LED lights, continuous development in the residential and commercial sector, and construction of buildings, roadways, corporate offices, and tunnels these all factors influencing the growth of LED lighting market of Argentina. According to the research report "Argentina LED Lighting Market Overview, 2028," published by Bonafide Research, the market is expected to add USD 0.92 Billion by 2028. Due to a general drop in LED light prices, their sales have significantly increased over the historic period of 2018–2022. In comparison to incandescent lamps, LEDs use less electricity and produce brighter light, making them an attractive option in a variety of industries. Offices are switching to LED lights as a result of government rules requiring workplaces to be suitably lit. The growth of adjacent industries like the automotive or construction sectors is also anticipated to boost the market for LED lighting. Because they use less energy, LED lights might be considered a greener alternative in light of rising environmental concerns. In 2021, Argentina's population was 45.60 million, with 22.25 million men and 23.35 million women. More than 92.23 % of the Argentina population leaves in urban areas, while 7.6% leaves in rural areas. The country has a GDP of 511.15 billion and a per capita income of USD 23150. As we can see that more than 93.23% population of Argentina leaves in urban areas this creates a huge demand for LED lighting products because consumers tend to have a better standard of living, increasing disposable income of consumer, these could be the factors can helpful for the growth of LED lighting market in Argentina. Lighting systems should be used carefully keeping in mind their power usage. In Argentina, lighting accounts for 20–25% of all energy use, making it the most obvious form of energy use. Enhancing the lighting system's efficiency can therefore lead to significant energy savings and a decrease in peak load. The greatest answer to this issue is thought to be LED lights. When electricity is transmitted via an LED light source, light is produced. It uses less energy than conventional incandescent lighting since LED lighting has a high lumen output per watt. Additionally, LED lighting can convert roughly 70% of the energy it consumes into light, whereas traditional lighting wastes a significant amount of energy by turning it into heat. Argentina’s LED lighting market has been divided into two categories: lamps and luminaries. Over the forecast period, the luminaries segment is expected to account for a disproportionately large revenue share of the global LED lighting market. The increasing use of LED lighting to provide a better atmosphere and visual mood, which aids in improving alertness, is driving the segment's growth. Luminaries are widely used in commercial and industrial settings. Furthermore, luminaries are highly durable and provide a high level of brightness while consuming little power. These factors are expected to increase demand for luminaries, resulting in revenue growth for the segment during the forecast period. The lamps segment is expected to have a significantly robust LED lighting market during the forecast period, owing to rising demand for incandescent bulbs, T8 and T5 linear fluorescent tubes, fluorescent bulbs, and LED bulbs in residential spaces. Furthermore, the life expectancy of LED lamps ranges from 15,000 to 35,000 hours, which is expected to increase the adoption of LED lamps. Furthermore, rising demand for LED lamps in commercial settings due to their durability and efficiency of 200 lumens per watt is expected to drive the segment's revenue growth. Furthermore, the ability of LED lamps to achieve full brightness instantly without any warm-up delay is expected to drive revenue growth in this segment during the forecast period. A light-emitting diode, an electronic driver, a cooling system, and optics make up LED lighting. As opposed to standard high-wattage bulbs, these components are neither brittle nor sealed under high pressure. Maintenance costs are significantly reduced when LED lighting technology is used. Significant energy savings are achieved by using LED lights, which use roughly 50% less electricity than conventional halogen, incandescent, and fluorescent lights. Additionally, LED lighting has low voltage operation, no UV emissions, a long lifespan, design flexibility, and durability. As a result, LED lighting is growing in popularity among businesses and communities since it is more affordable and provides better service. Thus, it can boost the market for LED lighting. An incandescent bulb or fluorescent lamp has a lifespan of 1,000 hours and 8,000 hours, respectively, while an LED lasts, depending on the fixture, between 30,000 and 50,000 hours. So, LED luminaries have reduced maintenance costs due to their long lifespan. Additionally, because LED lighting has a lower wattage but a brighter light technology, it requires less energy to power. Because of the subsequent reduction in energy use and costs, the market is anticipated to experience revenue growth over the upcoming years. As part of the process of building smart cities, smart lighting is one of the major factors influencing the LED lighting market. Smart lighting represents a growth opportunity for the commercial LED lighting market. Governments from various economies have played an important role in the smart city market through regulations and initiatives aimed at deploying the latest smart devices as part of their infrastructure. Smart energy projects, e-governance solutions, the expansion of the construction sector across widely adopted smart cities, and the desire for a higher quality of life are all expected to drive the growth of the LED lighting market. LED lighting employs advanced technology and specific components, such as drivers and aluminum reflecting panels, raising overall production costs. LED lighting, on the other hand, has a longer lifespan than incandescent bulbs. LED lighting is becoming more popular, prompting more businesses and individuals to install it in both residential and commercial settings. The challenge, however, would be to develop minimal pricing that is affordable to the majority of the population while also saving money on bills and maintenance. Even though LED lighting has several advantages, the majority of the population still prefers fluorescent lamps to LED lighting. Fluorescent lamps have a higher overall revenue share due to a lack of awareness and understanding of the advantages and benefits of LED lighting solutions. Furthermore, LED lighting solutions are more expensive than incandescent lamps, and the emergence of low-quality, low-cost lighting products with short lifespans is expected to limit the adoption of LED lighting shortly. Covid-19 The Argentina LED lighting market declined during the COVID-19 period on the back of disturbances in the supply chain and discontinuation of production. Moreover, consequent disruptions in the operations in the lockdown period in the country are likely to dip the sales revenue for many of the top LED lighting brands in the near term and significantly contribute towards the slow growth of the Argentina LED lighting market in the coming years. Considered in this report • Geography: Argentina • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Argentina LED lighting market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product • Lamps • Luminaries By Lamps type • A-type • T-type • Others (Can LED light bulbs, Flood LED light bulbs, Track LED light bulbs, Tube LED light bulbs, Etc.) By Luminaries • Downlighting • Decorative • Directional • Others By Distribution Channel • Retail/Wholesale • Direct sale • E-commerce By Installation type • New • Retrofit The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the LED lighting industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.