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Bi-Color LED Ring Light Market 2024: Size, Share, and Growth Analysis
Bi-Color Light Emitting Diode (LED) Ring Light Global Market Report 2024
According to The Business Research Company's, the bi-color light emitting diode (LED) ring light market size has grown strongly in recent years. It will grow from $19.53 billion in 2023 to $20.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increasing popularity of social media platforms, increasing consumer demand, growing demand for online video creation, rising popularity of remote work and virtual meetings, and increasing trends in live streaming and online tutorials.
The bi-color light emitting diode (LED) ring light market size is expected to see strong growth in the next few years. It will grow to $26.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing demand for high-quality photography and videography, growing e-commerce industry, rising adoption of smart lighting solutions, growing interest in photography and content creation, and rising demand for versatility and ease of use bi-color light emitting diode (LED) ring light. Major trends in the forecast period include technological advancements in light emitting diode (LED) lighting, including app-controlled and programmable light emitting diode (LED) ring lights, collaborations with influencers and content creators, product innovation and customization, and integrating Artificial Intelligence (AI).
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Market Drivers and Trends:
The growing demand for photography and videography is expected to propel the growth of the bi-color light-emitting diode (LED) ring light market going forward. Photography and videography involve capturing and recording images and videos using cameras and related equipment for various purposes, such as art, documentation, and communication. The growing demand for photography and videography can be attributed to building brand identity and credibility, showcasing products and services, improving search engine optimization and online presence, and saving time and resources. The bi-color light-emitting diode (LED) ring offers adjustable color temperature and uniform lighting, minimizing shadows and enhancing skin tones for superior photography and videography. For instance, in March 2024, according to Camera Prism, a US-based company that specializes in manufacturing advanced optical devices, in 2022, approximately 1.72 trillion photos were taken globally, averaging around 54,500 pictures per second, or 4.7 billion per day. Therefore, the growing demand for high-quality photography and videography has driven the growth of the bi-color light-emitting diode (LED) ring light market.
Major companies operating in the bi-color light-emitting diode (LED) ring light market are focusing on developing innovative products such as bi-color light-emitting diode (LED) spotlights that enhance lighting quality, provide adjustable color temperatures and improve overall versatility for professional photography, videography, and content creation applications. A bi-color light-emitting diode (LED) spotlight is a versatile lighting solution featuring adjustable color temperatures, making it ideal for professional photography and videography. For instance, in July 2022, Nanlite, a China-based company that offers lighting solutions, launched Forza 150B, a bi-color light-emitting diode (LED) spotlight. The Forza 150B offers enhanced correlated color temperature (CCT) flexibility within a compact form factor, featuring optimal fan control and a powerful output of 23,130 lux at 5600K from one meter. Its CCT range of 2700K-6500K makes it suitable for on-the-move lighting, live streaming, interviews, and small spaces. The key features include a weight of 1.56kg, a CRI average of 96, a TLCI average of 98, and versatile control options, including Bluetooth and DMX/RDM.
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Major Key Players of the Market:
Ikan Corporation; Elgato Inc.; Powerpak; Savage Universal Corporation; Draco Broadcast Inc.; K&F Concept; Westcott Co.; Falcon Eyes; CAME-TV; Lume Cube Inc.; Nanlite SA; GODOX Photo Equipment Co.Ltd.; Fovitec (USA) International Inc.; Ring Light Pro Pyt Ltd.; GVM (Great Video Maker); Yongnuo; Rotolight; ProMaster; LimoStudio; FotodioX Inc.
Bi-Color Light Emitting Diode (LED) Ring Light Market 2024 Key Insights:
• The bi-color light emitting diode (LED) ring light market size is expected to grow to $26.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Demand For High-Quality Photography And Videography Fuels Growth In The Bi-Color LED Ring Light Market
• Major Companies Drive Innovation In Bi-Color LED Ring Lights With Advanced Spotlights For Professional Use
• North America was the largest region in the bi-color light emitting diode (LED) ring light market in 2023
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