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LED Market Growth Analysis, Sales, Demand Status, Trends and Industry Forecast 2024
LED MARKET
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Rapidly rising adoption of LEDs in the industrial, as well as commercial applications, drives the growth of the LED market. The LEDs are majorly used in the lighting, consumer electronics and automotive sectors. LEDs are massively used in the most illuminated consumer electronic applications. The use of LEDs in the front light guide panel enables battery savings, thinner display stacks, daylight readability for the numerous consumer devices. LED lighting has changed the conventional lighting used in household applications. Extended lifespans, reduced energy consumption, Lower maintenance have promoted the growth of LEDs in several household applications.
Market Segmentation by Type
On the basis of type, the global LED market is bifurcated as Visible LED and Infrared LED.
Visible LED
Visible LED is the light emitting device that generates visible illumination when charged with electrical currents. The visible LEDs are mostly used in the automotive industry as indicator lamps. They are also founded in electronic devices such as calculators, digital watches, and smart devices. The ongoing advancements in the automotive lighting systems are anticipated to boost the growth of visible LED in the automotive sector.
Infrared LED
Infrared LED is an LED that emits infrared rays ranging from 700 nm to 1 mm wavelength. They are generally used in the security cameras to capture both day and nighttime images. They are also used in remote-control devices. In this devices, infrared beam with the binary code is transmitted from the remote control to the device.
Market Segmentation by Application
The report highlighted by applications of the LED market into Indicator Lights, LCD Panel Backlighting, Fibre Optic Data Transmission, Remote Control, and Optoisolators. The LEDs are vastly replacing the tradition light emitting technologies across various end-use industries. In the Automotive industry, they are enormously being used in the interior lighting, and exterior functions. The growing adoption of LED is expected to boost the demand of LED market in upcoming years. Additionally, declining LED prices coupled with favorable government initiatives to fuel growth of the LED market.
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Regional Analysis
Among the regions covered in the scope of the report, Asia Pacific is the largest and fastest growing region in the LED market. Various factors responsible for the growth of the LED market are acceptance light emitting diodes and a large number of market players. In addition, the strong awareness about LED creates its huge demand across consumer electronics and automotive sectors. The ongoing advancements in the consumer electronics are projected to create several opportunities in the LED market over the forecast period.
Market Key Players
The report provides profiles of the companies in the global LED market such as Panasonic, LG, Samsung, Philips, Toshiba Corp, Cooper Industries Plc., Cree Corporation, Osram Opto, Dialight Plc, and Digital Lumens Inc.
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