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Light Emitting Diode (LED) Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Light Emitting Diode (LED) Global Market Report 2024
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According to The Business Research Company's, The light emitting diode (led) market size has grown strongly in recent years. It will grow from $78.35 billion in 2023 to $85.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to energy efficiency awareness, environmental regulations, cost reduction, urban and street lighting projects.
The light emitting diode (led) market size is expected to see strong growth in the next few years. It will grow to $114.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to smart lighting and iot, sustainability and green buildingg, health and well-being, electric vehicle (ev) adoption, customized and high-cri lighting:. Major trends in the forecast period include human-centric lighting, miniaturization, architectural and decorative lighting, horticultural lighting, li-fi technology.
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Market Drivers and Trends:
The increased government focus on saving energy contributed to the growth of the light emitting diode (LED) market. LED lamps are more efficient in terms of energy consumption and provides high luminous intensity. LED consumes less power when compared to incandescent bulbs that reduces the load on electric power plants, which in turn reduces the amount of fuel being burnt to generate electricity. For instance, in April 2023, the U.S. Department of Energy (DOE), launched energy savings hub. This hub provides clean energy tax credits and upcoming rebates right at the fingertips of Americans, assisting them in taking control of their energy costs and giving them access to cleaner, more efficient consumer options whether they want to buy an electric vehicle, replace an appliance, or improve the safety and comfort of their home. Thus, the increased focus of government on saving energy positively drives the growth of LED market .
Production of LEDs specifically for horticulture is an emerging trend in the light emitting diode (LED) market. Light plays an important role in promoting the plant's growth and LEDs have the capability to control the spectrum of the light provided to the plants irrespective of the season. The LED lights used in horticulture not only promotes growth of the fruits and plants but also enhances flavor, color and yields in a shorter time. For instance, in March 2022, Acuity Brands, a US-based lighting and building management firm, launched Verjure brand, a new LED horticulture lighting solution that promotes more consistent and sustainable crop production. The Verjure Pro Series LED has a unique rotational outer module feature that allows for good lighting uniformity on the canopy, and detachable lenses are simple to clean, allowing for full light output to be maintained.
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Major Key Players of the Market:
OSRAM Licht AG, Cree Inc., Philips Lighting Holding (Signify), Lumileds Holding B.V., Cooper Industries, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung Group, Sharp Corporation, LG Innotek, General Electric Company (GE), Everylight Electronics Co. Ltd., Nichia Corporation, Broadcom Inc., Toyota Motor Corporation, Mercedes-Benz, Plessey Semiconductors Ltd., Seoul Semiconductor Co. Ltd., Moritex Corporation, STMicroelectronics, Texas Instruments Incorporated, ROHM Semiconductors, Koninklijke Philips N.V., Epistar Corporation, Sanan Optoelectronics Co. Ltd., MLS Co. Ltd., Toyoda Gosei Co. Ltd., Stanley Electric Co. Ltd., Citizen Electronics Co. Ltd., Vishay Intertechnology Inc., Lumens Co. Ltd., Formosa Epitaxy Inc., Genesis Photonics Inc., Edison Opto Corporation, Lextar Electronics Corporation, Opto Tech Corporation, Lite-On Technology Corporation, Bright LED Electronics Corporation, Kingbright Electronic Co. Ltd., Litecontrol Corporation, LEDVANCE GmbH, GE Lighting
Light Emitting Diode (LED) Market 2024 Key Insights:
• The light emitting diode (led) market size is expected to see strong growth in the next few years. It will grow to $114.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Government Emphasis On Energy Efficiency Fuels Growth Of The Led Market
• Led Lights Revolutionize Horticulture With Enhanced Crop Growth And Quality
• Asia-Pacific was the largest region in the light emitting diode market in 2023
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