“The world LED lighting market has passed into the maturity stage, of which the saturation makes a few segments struggle. According to stats from LEDinside, a division of market research company TrendForce, the world LED lighting market reached a value of USD 29.6 billion in 2016 and by 2017 the number will have possibly amounted to USD 33.1 billion, suggesting more room for the penetration rate of LED lighting, currently at 52% and continually to grow. However, price wars and technology competitions that run in the low-end market rankle international LED manufacturers. Hence, as part of Tier 1 companies, fairly competitive in finance and technology, tend to focus on high efficient LED lighting and other niche markets,” Read more here.
MJ Electric offers lighting design services throughout the region. For more information, visit our website or call us at 612-598-0793.