Latest News- Light-Emitting Diode (LED) Market: Luminaires is expected to lead the Product segment during 2025-2029

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Luminaires
  • Lamps
• Application
  • General lighting
  • Automotive lighting
  • Backlight
  • Others
• Distribution Channel
  • Offline
  • Online
• Type
  • SMD LEDs
  • High-power LEDs
  • Traditional LEDs
  • RGB LEDs
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing adoption of energy-efficient lighting technologies
• Enforcement of Minamata Convention on mercury
• Growing demand from automotive sector

However, the market also witnesses some limitations, which are as follows:

• High average cost per fixture
• Technical challenges
• Lack of standardization

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Market Scope in Light-Emitting Diode (LED) Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/