The Light-Emitting Diode (LED) Market is being driven by Growing adoption of energy-efficient lighting technologies
The Light-Emitting Diode (LED) Market is expected to grow at a CAGR of 19.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 264.1 million. The LED market is experiencing significant growth due to the digital revolution in the lighting industry. Intelligent lighting systems, driven by energy efficiency and cost savings, are becoming increasingly popular. These systems incorporate advanced technologies such as movement detection, daylight equalization, and power management through dimming and scheduling. Smart LED fixtures, equipped with occupancy and daylight harvesting sensors, automatically adjust to natural light and reduce artificial lighting usage. Additionally, wireless controls enable easy adjustments to lighting settings and usage. Office buildings particularly benefit from lighting products with embedded intelligence, as they can adapt to changing space requirements.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
244 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.2% |
Market growth 2025-2029 |
USD 264.1 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
15.7 |
Key countries |
China, US, Japan, India, Germany, South Korea, Brazil, UK, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The LED market encompasses various applications of LED technology, including LED lighting, energy-efficient bulbs and fixtures, LED displays and signage, LED strips, LED drivers, backlighting, grow lights, floodlights, tubes, and innovative solutions. LED research and developments have led to advancements in materials, design, engineering, and production, resulting in benefits such as energy efficiency and longer lifespan. Applications of LED technology span from commercial and residential lighting to industrial and horticultural uses.
The LED market is a significant segment of the larger electrical components and equipment market, encompassing companies specializing in LED lighting solutions, including LED bulbs and fixtures. LED technology, with its energy efficiency and long lifespan, is a key driver for growth in this sector. The global electrical components and equipment market, as calculated by Technavio, includes the revenue generated by manufacturers of various electrical products, such as water heaters and accessories, motors, automation solutions, electrical distribution and protection equipment, and HVAC systems, among others. Additionally, rental and leasing of electrical components and equipment to industrial, commercial, and residential sectors are included in the market size calculation. LED lighting, as an essential subcategory, contributes significantly to the overall growth and innovation within the electrical components and equipment industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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