Global LED (light-emitting diode) market trend report, compound annual growth rate is 11.2%
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Article Details
The LED market has seen a broad boom due to growing awareness of energy conservation, government mandates to sell sustainable technologies, and continuous improvements in LED technology, making it a key player in the wider lighting fixtures and electronics industry.
LUTON, BEDFORDSHIRE, UK, November 21, 2023 / EINPresswire.com / -- Exactitude Consultancy recently released a market research report, LED Market, which contains important statistical and analytical data throughout the report and includes content related to the LED market industry. The report provides an overview of the market segments and sub-segments, including product types, applications, companies, and regions. The report reveals the global LED market dynamics, future business impact, corporate competitive landscape, and global supply and consumption flows. The research document is designed to help readers better understand the workings of the global LED market industry.
The global LED market is valued at $78.69 billion in 2022 and is expected to reach $159.94 billion by 2029, growing at a CAGR of 11.2% from 2021 to 2029.
Executive Summary:
Light Emitting Diodes (LEDs) have been a game-changer, reshaping the global lighting fixtures industry and expanding into various other sectors. This document provides a comprehensive assessment of the LED market, revealing key trends, market drivers, requirements, and future potential. As the industry moves closer to energy-efficient and sustainable answers, LEDs are at the forefront of technological improvements, impacting industries from lighting to electronics.
Definition:
A light emitting diode (LED) is a semiconductor device that emits light when an electric current passes through it. They have earned a huge reputation as a standard light source with an intensity that is efficient and long-lasting.
Market Significance:
The LED market has seen a widespread boom due to growing awareness of energy conservation, government mandates to sell sustainable technologies, and continuous improvements in LED technology, making it a key player in the wider lighting fixtures and electronics industries.
LED Market Players:
Major players in the global LED industry include Lumileds Holding BV, Nordson Corporation, Seoul Viosys Co. Ltd., Honle UV America Inc., LG Innotek Co. Ltd, Halma Plc, Heraeus Holding Gmbh, Honle Group, Osram, Koninklijke Philips NV, Crystal IS, Sensor Electronic Technology, Phoseon Technology, Nichia Corporation, Signify NV, Lumileds Holding BV, Seoul Semiconductor Co., Ltd., LG Electronics Inc., Samsung Electronics Co., Ltd., PlayNitride Inc., Cambridge Display Technology Co., Ltd., Everlight Electronics Co., Ltd., General Electric Company, Seoul Semiconductor Co., Ltd., etc.
Latest developments:
Aachen, Germany – March 22, 2023 – Lumileds ensures more safety on the roads with innovative vehicle lighting and is pleased to announce the launch of the first LED retrofit light for street-legal H4-LED[1] motorcycles, first in Germany, for the 2023 motorcycle season. With 230% brighter light[2], the Philips Ultinon Pro6000 LED provides a breakthrough riding experience and can be installed smoothly thanks to its compact design.
On November 29, 2022, Nordson Electronic Solutions launched the new SELECT Synchro selective soldering system, which increases throughput and flexibility while reducing footprint and total cost of ownership.
In January 2021, in response to the Covid-19 pandemic, Osram released a new portable UV-C air purifier that fights viruses and bacteria. The invisible ultraviolet light kills viruses and bacteria with a success rate of up to 99.9%.
The report provides an in-depth assessment of key countries and regions, including:
• North America (United States, Canada, and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and the rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and the rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, and the rest of Middle East and Africa)
In 2021, Asia Pacific will account for the largest revenue share of 41%. The market is expected to continue to grow during the forecast period. This is due to the rapid development of infrastructure projects in emerging markets, coupled with expanding government initiatives for energy conservation, which are expected to increase the demand for LED lighting. The rise of the regional market is expected to be driven by the development of the construction industry in China, Japan, and India and the large number of manufacturers in these countries who are focused on launching new products.
Key Segments: LED Market
LED Market by Product, 2022-2029 (USD Billion)
• Luminaires
• A-Lamps
• T-Lamps
• Others
• Luminaires
• Street Lights
• Downlights
• Recess Lights
• Others
Leading Market by Application, 2022-2029 (USD Billion)
• Indoor
• Outdoor
Leading Market by End Use, 2022-2029 (USD Billion)
• Commercial
• Residential
• Industrial
• Others
Leading Market by Material, 2022-2029 (USD Billion)
• Indium Gallium Nitride (Ingan)
• Aluminum Gallium Indium Phosphide (Algainp)
• Aluminum Gallium Arsenide (Algaas)
• Gallium Phosphide (Gap)
Market Dynamics:
Energy Efficiency:
• The main driver of the LED market is its strong green properties, mainly saving huge financial value for customers and institutions. LED lighting consumes much less electricity and lasts longer, helping to achieve the desire for sustainable development.
Technological Advancements:
• Continuous innovation in the LED generation has brought advancements in performance, color variety, and design flexibility, expanding the scope of software from traditional lighting fixtures to presentation, automotive lighting, and horticulture.
Environmental Issues:
• Rising environmental awareness and focus on reducing carbon footprint has expanded the adoption of LEDs as they contain no unsafe materials and help reduce greenhouse gas emissions compared to standard lighting fixture assets.
Market Challenges:
Initial Cost:
• While LEDs can save long-term financial costs, the initial purchase cost can be higher than traditional lighting technologies, which acts as a barrier to LED adoption for some customers and businesses.
Quality Control:
• Maintaining a consistent sense of delight across a variety of LED products (mainly when low-priced alternatives are flooding the market) poses a challenge to producers and can affect customer consideration.
Market Opportunities:
Smart Lighting:
• The integration of LEDs with the smart era, allowing remote operation and automation, offers huge growth opportunities for residential, industrial, and industrial environments.
Automotive Lighting:
• Rising awareness in the automotive industry regarding energy performance and superior light solutions has created a huge market for LED applications in headlights, backlights, and interior lighting.
Future Trends:
• Internet of Things (IoT) Integration
• Li-Fi Technology
• Increased adoption in the Horticulture Sector
Key Benefits for Stakeholders:
The study contains an analytical description of the global LED market size along with modern trends and future estimates to depict the upcoming pockets of money.
The overall LED market analysis is intended to understand the profitability trends to gain a stronger foothold.
The report provides information related to key drivers, restraints, and possibilities along with an in-depth impact assessment.
Quantitative analysis of the LED market forecast from 2021 to 2030 is performed to measure economic competitiveness.
Porter’s Five Forces Analysis illustrates the power of shoppers and suppliers within the business.
The report includes LED market proportions and market trends by major vendors.
Conclusion:
The trajectory of the LED market is driven by a combination of factors such as energy efficiency, technological innovation, and environmental concerns. As the industry embraces sustainable answers, LEDs are expected to see continued growth in various applications. Overcoming demanding situations such as preliminary prices and retention penalties could be the key to continued market expansion. The fate of the LED market now lies not only in green lighting but also in its integration with smart technologies, promising a brighter and more sustainable future.
Reposted from: International Electronic Commerce, automatically translated by Google
