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Light Emitting Diode (LED) Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Light Emitting Diode (LED) Global Market Report 2025
The significant expansion of the light emitting diode (LED) market in the past few years is notable, with its size surging from $85.46 billion in 2024 up to $93.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.2%. The attribute of this historic growth can be traced to factors such as an increased awareness for energy efficiency, the emergence of environmental regulations, a decline in costs and the implementation of urban and street lighting initiatives.
Anticipations are high for significant expansion in the light emitting diode (LED) market in the coming years. Projected to reach $122.36 billion in 2029, the market's compound annual growth rate (CAGR) is set at 7.0%. Various factors such as smart lighting and IoT, sustainability and green infrastructure, health and well-being, adoption of electric vehicles (EV), and custom, high-CRI lighting contribute to the expected growth during the forecast period. Furthermore, the period is expected to see major trends like human-centric lighting, miniaturization, architectural and decorative lighting, horticultural lighting, and li-fi technology.
What Are the Primary Growth Drivers for the Light Emitting Diode (LED) Market?
The rise in energy conservation initiatives by the government has significantly bolstered the development of the light emitting diode (LED) market. LED lamps, notable for their energy efficiency and high light intensity, require less power than traditional incandescent bulbs, thereby easing the burden on electricity generation plants and consequently reducing the volume of fuel burned for electricity production. For instance, the U.S. Department of Energy (DOE) unveiled an energy savings hub in April 2023. The initiative offers Americans immediate access to clean energy tax credits and upcoming rebates, empowering them to manage their energy expenses and granting them access to environmentally friendly, more efficient consumer choices whether for purchasing an electric vehicle, replacing appliances, or enhancing the safety and comfort of their homes. Hence, the intensified government attention towards energy conservation is indeed favourably propelling the expansion of the LED market.
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Who Are the Dominant Companies Influencing Light Emitting Diode (LED) Market Trends?
Major companies operating in the light emitting diode (LED) market include 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
How Is the Light Emitting Diode (LED) Market Evolving?
The trend of manufacturing LEDs specifically tailored for horticulture is gaining traction in the LED market. Light is a vital factor in enhancing plant development and the beauty of LEDs is that they can manage the light spectrum received by plants regardless of the time of year. The use of LEDs in horticulture not only accelerates the growth of plants and fruits but also enhances their taste, color, and production rates within a shortened time span. For instance, in March 2022, Verjure brand was launched by Acuity Brands, a US-based firm specializing in lighting and building management, offering a novel LED horticulture lighting solution for consistent and sustainable crop production. The Verjure Pro Series LED features a unique rotational outer module, ensuring even light distribution on the canopy, and easy-to-clean detachable lenses that maintain maximum light output.
What Are the Different Segmentations in the Light Emitting Diode (LED) Market?
The light emitting diode (LED) market covered in this report is segmented -
1) By Product Type: LED Lamps, LED Fixtures
2) By Technology: Basic LED, High Brightness LED, OLED, Polymer, Ultra violet LED
3) By End-user: Residential, Commercial, Industrial
Subsegments:
1) By LED Lamps: Bulbs, Tubes, Downlights, Spotlights, Decorative Lights
2) By LED Fixtures: Panel Lights, Street Lights, Flood Lights, High Bay Lights, Ceiling Lights, Track Lights
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Which Region Is at the Forefront of the Light Emitting Diode (LED) Market?
Asia-Pacific was the largest region in the light emitting diode market in 2023. North America was the second-largest region in the light emitting diode market. The regions covered in the light emitting diode (led) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Light Emitting Diode (LED) Global Market Report?
- Market Size Analysis: Analyze the Light Emitting Diode (LED) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Light Emitting Diode (LED) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Light Emitting Diode (LED) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Light Emitting Diode (LED) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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