With the energy industry the hardest hit by the pandemic and the stringent lockdown and restrictions imposed by governments worldwide, LED lighting market will feel the shocks. Factory closures in most countries as a result of the ongoing lockdowns are disrupting production and cash flows of utilities, affecting all the players in the energy value chain including lighting component suppliers. Supply chain disruptions are pushing up prices of LED lamps and luminaries in countries reliant on component supplies from China. Increased prices are a revenue buster for companies at a time when consumer confidence is hitting rock bottom as the deadly march of the pandemic pushes the human costs of the crisis to unbelievable highs.
Europe and Asia-Pacific represent large markets worldwide. Asia-Pacific and Latin America are forecast to emerge into the fastest growing markets supported by healthy economic growth, robust industrialization and urbanization, growing awareness over the importance of energy efficiency in achieving carbon reduction targets, push for increasingly higher standards for more energy efficiency, and continuous innovations in LED technology that encourage adoption in a wide range of applications.