Colombia LED Lighting Market Overview, 2028

Colombia LED Lighting Market is expected to grow significantly over the forecast period, owing to an increase in the adoption of energy-efficient lighting and government regulations on smart city projects and the construction sector. Growing consumer demand for energy-efficient lighting systems, lower LED costs, and high market penetration of LEDs as a light source are driving the market growth. According to the research report "Colombia LED Lighting Market Overview, 2028," published by Bonafide Research, the market is expected to add USD 0.95 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, the Colombian population was 51.27 million, with 25.17 million men and 26.09 million women, more than 81.74. % of Colombia's population lives in urban areas, while 18.3% leaves in rural areas. The country has a GDP of 342.92 billion and a per capita income of USD 16459. As we can see that more than 81.74% population of Colombia 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 Colombia. Colombia’s market segment by type is classified into LED lamps and Luminaries. The LED luminaire segment is expected to grow during the forecast period. It is due to luminaires that are widely used in commercial and industrial applications. They are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. LED luminaires are complete LED units with an LED bulb and driver built into them. Luminaires can be easily retrofitted into lighting fixtures for halogen bulbs. They are often used in corridors, foyers, car parks, hotels, offices, garages, workshops, and factories. LED lighting is in high demand due to the widespread use of LED bulbs in indoor and outdoor applications. LED lights consume significantly less electricity than incandescent lighting, which wastes approximately 90% of the electricity it consumes as heat, making it an extremely inefficient light producer. LEDs can convert electrical energy directly into light energy with less power consumption and greater reliability. LED is efficient because it is extremely small and compact and has a long lifespan. LEDs do not use filaments and generate little heat; instead, they rely on the properties of semiconductors to generate light. Such factors are propelling the LED market forward. The LED lighting market is divided into residential, commercial, industrial, architectural, and other segments. Due to the increasing popularity of LED lighting, which includes small, solid bulbs that emit bright white light at a lower cost than traditional lighting, the residential segment is expected to register a robust revenue growth rate over the forecast period. Furthermore, LED lighting produces more lumens, has a longer life span, and uses less energy. This is expected to increase demand for LED lighting in homes. Some common residential LED lighting applications include highlighting architectural, aesthetic, or artistic elements in the home. Furthermore, the increased use of LED lighting in closets, wall ceilings, office spaces, bathroom lights, shower lights, and reading lights will boost the segment's revenue growth. Colombia’s LED lighting market segment by application is categorized into indoor and outdoor. The indoor segment is the leading segment of all the segments in terms of revenue. It is due to high product adoption as an alternative to incandescent lamps, high-density discharge, and fluorescent. They are used widely in offices, retail stores, malls, hospitals, and more. The product demand in outdoor applications can be profoundly affected by government initiatives. Outdoor applications include airports, industrial, government, highways, and roadways such as signage and traffic signals. 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. The market segment by type is classified into LED lamps and LED Luminaries. The LED luminaire segment is expected to grow during the forecast period. It is due to luminaires that are widely used in commercial and industrial applications. They are easier to control and permit optic designers to use them more proficiently and use less light to illuminate the same area. LED luminaires are complete LED units with an LED bulb and driver built into them. Luminaires can be easily retrofitted into lighting fixtures for halogen bulbs. They are often used in corridors, foyers, car parks, hotels, offices, garages, workshops, and factories. Considered in this report • Geography: Colombia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Colombia 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.