The current LED market is in its early stage and is going go to grow at a tremendous rate in the coming five years. LED lights manufacturing plants are expected to be installed in the country by both international and national players.
Since the inception of LED in Philippines the demand has shown a constant rise. The increase in demand is going to generate competition in the market. New and innovative players are going to enter and the major parameter of the competition is going to be price.
The only factor which is slowing down the penetration of LED lights in the market is lack of awareness about LED in the country. In order to deal with this problem the major players are focusing on the spread of information regarding LED and its benefits. The country’s president Rodrigo Duterte has envisioned a plan called “golden age of infrastructure” which is expected to be majorly financed by the influx of money from China and Japan.
It is an infrastructure development project with an estimated investment of USD 168 billion on 5,000 developmental projects across the nation within the next six years. These infrastructure projects are expected to raise the demand for LED lightings to meet the public lighting needs.
By 2021, the awareness programs drove by both government and players in the market are going to increase the LED light penetration rate in the country by 40%. The residential customers are expected to rise due to sustainability factor along with the implementation of a standard regulatory framework for the market shall support growth in the market.
Rising awareness activities, reduction in the prices, infrastructural developments, government initiatives, improved product offerings and similar other factors are expected to be major drivers for the increase in the demand for LED lights across the country.
