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Strong Growth Ahead: Light Emitting Diode (LED) Market Size To Grow At Arecord 7% Cagr By 2029
Light Emitting Diode (LED) Market
How Big Is the Light Emitting Diode (LED) Market Size Expected to Be by 2034?
The light emitting diode (LED) market has grown significantly in recent years. It is expected to increase from $85.46 billion in 2024 to $93.3 billion in 2025, with a CAGR of 9.2%. The growth can be attributed to increased awareness of energy efficiency, stricter environmental regulations, cost-reduction efforts, and large-scale urban and street lighting projects.
The light emitting diode (LED) market is expected to see strong growth in the next few years. It will grow to $122.36 billion in 2029, at a compound annual growth rate (CAGR) of 7.0%. The growth can be attributed to smart lighting and IoT, sustainability, green building, health and well-being, EV adoption, and high-CRI lighting. Major trends include human-centric lighting, miniaturization, architectural and decorative lighting, horticultural lighting, and Li-Fi technology.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Light Emitting Diode (LED) Market Trends?
Increased government efforts to promote energy savings are contributing to the LED market's growth. LEDs are energy-efficient and offer strong lighting performance while reducing the burden on power plants. In April 2023, the U.S. Department of Energy launched an energy savings hub to help Americans access clean energy incentives and make efficient consumer choices, thereby supporting the growth of the LED market.
Who Are the Top Competitors in Key Light Emitting Diode (LED) Market Segments?
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
What Are the Major Trends Shaping the Light Emitting Diode (LED) Market?
A key trend in the light emitting diode (LED) market is the production of LEDs specifically for horticulture. LEDs can enhance plant growth and quality year-round. In March 2022, Acuity Brands, a US-based company, launched the Verjure Pro Series LED lights, featuring a rotating module and easy-to-clean lenses, designed to promote sustainable and uniform crop production.
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Which Regions Are Becoming Hubs for Light Emitting Diode (LED) Market Innovation?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Light Emitting Diode (LED) Market?
2. What is the CAGR expected in the Light Emitting Diode (LED) Market?
3. What Are the Key Innovations Transforming the Light Emitting Diode (LED) Industry?
4. Which Region Is Leading the Light Emitting Diode (LED) Market?
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