Authored By: Sarah
11 Jul 2024

 Light-Emitting Diode (Led) Market Size to grow by USD 219.8 million between 2024-2028

According to a research report “ Light-Emitting Diode (Led) Market” by Product (Luminaires, Lamps) Application (General lighting, Automotive lighting, Backlight, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 219.8 million, at a CAGR of  18.52% during the forecast period. The global electricity demand for lighting continues to escalate, accounting for approximately 20% of total electricity production. In response, governments worldwide are advocating for energy-efficient lighting solutions to mitigate the strain on electricity supplies. Some jurisdictions have even enforced regulations banning the use of inefficient incandescent bulbs. Consequently, there is a growing trend towards the adoption of energy-saving alternatives such as halogen, CFL, LFL, and LED lighting. Moreover, heightened consciousness regarding power and energy conservation has fueled the market for LEDs, which offer significant energy savings, consuming 75% less electricity than traditional incandescent bulbs, and boasting a lifespan 25 times longer.

Browse market data tables, figures, and in-depth TOC on “Light-Emitting Diode (Led) Market” by Product (Luminaires, Lamps) Application (General lighting, Automotive lighting, Backlight, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Luminaires segment is projected to dominate the market size in 2024

The Light-Emitting Diode (LED) market is experiencing significant growth due to the increasing demand for energy-efficient and long-lasting lighting solutions. LED technology offers numerous benefits, including lower power consumption, longer lifespan, and improved color rendering. Businesses across various industries are adopting LED lighting for its cost-effectiveness and environmental sustainability. The global LED market is projected to reach substantial growth in the coming years, driven by advancements in technology and increasing government regulations promoting energy efficiency.

By Application, General lighting  segment is expected to hold the largest market size for the year 2024

The Light-Emitting Diode (LED) market represents a significant growth opportunity for businesses in the lighting industry. This technology, which emits light when an electric current passes through it, offers energy efficiency, longevity, and versatility. LEDs are used in various applications, including general illumination, signage, and backlighting. The global LED market is projected to reach substantial growth due to increasing demand for energy-efficient lighting solutions and advancements in LED technology. Businesses can capitalize on this trend by investing in LED manufacturing, design, and distribution.

APAC is forecasted to hold the largest market size by region in 2024

The Light-Emitting Diode (LED) market represents a significant growth opportunity for businesses, with increasing demand for energy-efficient and long-lasting lighting solutions. LED technology offers numerous advantages, including lower power consumption, longer lifespan, and versatility in application. Market trends indicate continued growth, driven by advancements in technology and government regulations promoting energy efficiency. Businesses looking to stay competitive and reduce costs while improving sustainability should consider integrating LED solutions into their operations.

The Light-Emitting Diode (Led) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Acuity Brands Inc.
  • ams OSRAM AG
  • Bridgelux Inc.
  • Dialight Plc
  • Eaton Corp. Plc
  • Ennostar Inc.
  • EVERLIGHT ELECTRONICS CO. LTD.
  • General Electric Co.
  • GrowRay Lighting Technologies
  • Havells India Ltd.
  • LITE ON Technology Corp.
  • Lumileds Holding BV
  • Nichia Corp.
  • Samsung Electronics Co. Ltd.
  • Seoul Semiconductor Co. Ltd.
  • Sharp Corp.
  • Signify NV
  • SMART Global Holdings Inc.
  • Toyoda Gosei Co. Ltd.
  • Zumtobel Group AG
.

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Research Analysis Overview

The LED (Light-Emitting Diode) market has experienced significant growth in recent years due to its numerous benefits over traditional lighting solutions. LED technology offers energy efficiency, longer lifespan, and versatility in terms of design and applications. LED engineering and design have led to the development of various LED solutions, including modules, tubes, floodlights, grow lights, backlighting, signage, displays, and bulbs. Advancements in LED technology have resulted in innovations such as RGB LEDs, flexible LED strips, and high-power LEDs. These developments have expanded the possibilities for LED applications in various industries, from commercial and residential lighting to horticulture and advertising. LED materials, such as gallium nitride and silicon carbide, have played a crucial role in the production of high-performance LEDs. LED research continues to push the boundaries of what is possible with this technology, leading to new applications and improvements in efficiency and cost-effectiveness. LED drivers and fixtures are essential components of LED lighting systems, ensuring the optimal performance and longevity of the LEDs. Energy-efficient lighting is a key focus of LED technology, making it an attractive alternative to traditional lighting solutions for both environmental and economic reasons. Overall, the LED market is poised for continued growth and innovation in the coming years.

Market Research Overview

The Light-Emitting Diode (LED) market is experiencing significant growth due to its financial savings and energy-efficient lighting solutions. LED technology, a semiconductor lighting technology, has replaced traditional incandescent light sources in various applications due to its longer lifespan, cost-effectiveness, and environment-friendly nature. The LED value chain includes LED components such as LED chips, modules, systems, controllers, drivers, and fixtures. LED chips are the heart of LED lighting, and their production cost has been decreasing, making LED products increasingly affordable. LED lighting is used in various applications, including LED lamps, LED fixtures, ceiling lights, LED headlights, LED downlights, LED tubes, LED floodlights, LED grow lights, LED backlighting, LED screens, LED panels, LED signage, and LED displays. LED technology is also used in display backlighting applications, such as televisions and computer monitors. LED efficiency and benefits have been the driving forces behind its advancements. LED solutions are energy-efficient, using electrical energy more effectively than traditional lighting sources. LED engineering and design have also led to innovative LED applications, such as LED street lights and LED strips. The LED industry is continuously researching and developing new LED materials, production methods, and LED components to improve LED efficiency and reduce production costs. LED manufacturers and suppliers are at the forefront of these developments, providing LED solutions for various applications and meeting the growing demand for energy-efficient lighting. The LED market trends indicate that LED technology will continue to dominate the lighting industry in the future.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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