Press release
Global LED Market Size to Grow at a Steady Rate in the Forecast Period of 2023-2028
LED Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Rising demand for energy efficient lighting systems with low maintenance cost has increased the popularity of the LEDs (light emitting diode) globally. They are considered a cost-effective solution as LEDs use comparatively less energy and provide same amount of light as other lighting types. Moreover, they have an enhanced average life span in comparison to conventional lamps which further increases their demand, driving the growth of the LED market. Easy availability of the light emitting diode lamps in various colour and lighting combinations is attracting a larger number of consumers towards these products.
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Light emitting diodes offer several benefits which are fuelling their demand and use among consumers all across the globe. Features such as the ability of the light emitting diode lights to withstand frequent switching and ability to provide instant lighting is further making them an excellent choice for consumers seeking to improve lighting quality and to save energy. Versatility and strength are important features of the LED lights as they also provide protection against humidity, dust, and water exposure. More companies are becoming eco-friendly as consumers are preferring environment friendly light sources. Using LEDs helps companies reduce their energy usage and lower costs, ultimately contributing to the LED market growth.
LED Industry Definition and Major Segments
LED, an abbreviation for light emitting diode, is an electronic semiconductor device which emits light when an electric current flows through it, converting electrical energy into light energy. LED lights are cooler in temperature than old incandescent lights and can last longer, reducing risks of burns or injury.
Based on type, the market is segmented into:
Pinned LED
Surface Mount LED (SMD LED)
Chip on Board LED
Others
On the basis of technology, the market is classified into:
Basic LED
Micro LED
High Brightness LED
OLED
Ultra Violet LED
Polymer LED
Others
By application, the market is categorised into:
Lighting
Automotive
Electronic Devices
Signal and Signage
Others
On the basis of region, the market is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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LED Market Trends
The key trends in the global LED market include the growing uses of the LED lamps in several applications such as domestic and commercial lightings, in display boards, as indicating lamps, for decorative lighting, as head lamps in automobiles, and as bi-colour indicators. Increasing popularity of photography among people is also enhancing the demand for LED lights globally. With the growing work from home culture, the utilisation of electronic devices such as smart phones, LED TVs, and laptops is rising which is increasing the demand for the LED market.
Regionally, the Asia Pacific market for LEDs is anticipated to grow significantly in the forecast period owing to the growing consumer shift towards LED products over conventional products because of the beneficial features offered by LEDs. Increasing demand for electronic goods and rise in construction activities is a major factor fuelling the demand of the LEDs in the Asia Pacific region. Governments of countries such as India and China are focusing increasingly on energy saving solutions which is supporting the growth of the market for LEDs in the region.
Key Market Players
The major players in the global LED market report are OSRAM Licht AG, Nichia Corporation, Signify N.V., Lumileds Holding B.V., Seoul Semiconductor Co Ltd, LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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