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Thailand LED market to reach $1.97 billion by 2022

Thailand LED market to reach $1.97 billion by 2022

Dec 8, 2016: Thailand LEDs market is expected to grow at a CAGR of 28.3% during the forecast period to reach $1.97 billion by 2022. The lighting segment is expected to contribute the largest growth towards the LED market which is expected to be driven by government subsidies, government investments, decreasing LED prices, and entry of multinational players in Thailand market.

Thailand market has been one of the fast growing markets in South Asian region. However, the power industry could not keep up with high growth of power requirement resulted by economic development causing power shortage. Light Emitting Diodes (LEDs) based lighting is currently promoted as a solution to reduce the power shortage as LED based lighting needs 30-90% less electricity when compared to other lighting sources. The economic growth in future is expected to further increase the urbanization in the country which will increase the pressure on infrastructure demanding higher power requirements in both commercial and residential categories. This future growth is expected to further boost the LED demand in Thailand during the forecast period.

Also Read: Philips to shut down florescent bulb plant in Thailand

Strong trade relation between Thailand and China is expected to be helpful in LEDs procurement for the LED products manufacturing facilities in the country. Multinational players have been investing in the Thailand LED products manufacturing market.

Some of the prominent players in Thailand LED market are TP Halo LED Lighting Co. Ltd., Electronic Lighting Co. Ltd., Thai Stanley Electric Public Co. Ltd., and Lighting & Equipment.

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