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Key Trends Reshaping the Light Emitting Diode (LED) Market: Led Lights Revolutionize Horticulture With Enhanced Crop Growth And Quality Industry Transformation
Light Emitting Diode (LED)
Light Emitting Diode (LED) Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size of the light emitting diode (LED) has seen substantial growth. The predicted progression will see the market grow further from $83.68 billion in 2024 to $89.94 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. Factors such as awareness about energy efficiency, environmental regulations, reduction in costs, and urban and street lighting projects have largely contributed to this growth in the historical period.
How Will the Light Emitting Diode (LED) Market Size Evolve and Grow by 2029?
The market for light emitting diodes (LED) is predicted to significantly grow over the next several years, and is forecast to reach $116.58 billion by 2029 with a compound annual growth rate (CAGR) of 6.7%. This expected growth can be attributed to factors such as smart lighting and IoT, sustainable and eco-friendly building practices, health and well-being considerations, the uptake of electric vehicles (EV), and the introduction of customized and high-CRI lighting. Key trends projected to characterize this upcoming period include human-centric lighting, miniaturization, architectural and decorative lighting, horticultural lighting, and Li-Fi technology.
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What Drivers Are Propelling the Growth of Light Emitting Diode (LED) Market Forward?
The growth of the light emitting diode (LED) market has been influenced significantly by the government's heightened attention towards conserving energy. LED lamps, due to their high luminous intensity and superior energy efficiency, consume less power than incandescent bulbs. This fact lowers the demand on electric power plants and subsequently decreases the need for fuel to generate electricity. An example worth noting is that in April 2023, the U.S. Department of Energy (DOE) initiated the energy savings hub. This platform offers Americans convenient access to clean energy tax credits and upcoming rebates, enabling them to manage their energy expenditures more effectively. Moreover, it provides various cleaner and more efficient consumer options to improve domestic safety and comfort or to replace appliances or purchase an electric vehicle. Consequently, the government's amplified emphasis on energy conservation is acting as a positive driving force for the growth of the LED market.
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What Trends Will Shape the Light Emitting Diode (LED) Market Through 2029 and Beyond?
A rising trend in the light emitting diode (LED) industry is the manufacturing of LEDs expressly for horticulture. The significance of lighting for plant development is notable, and LEDs provide the ability to adjust the light spectrum presented to the plants, regardless of the season. LEDs used in horticulture not only foster the growth of fruits and plants, they also augment flavor, color, and yield, in a reduced time period. An example of this is Acuity Brands, a US-based lighting and building management company, which in March 2022, introduced a new LED horticulture lighting solution named Verjure. This lighting solution encourages more consistent and sustainable crop production. The Verjure Pro Series LED possesses a distinct rotational outer module feature that promotes effective lighting uniformity on the canopy, while the detachable lenses are easy to clean, ensuring that full light output is sustained.
What Are the Key Segments 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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Who Are the Key Players Shaping the Light Emitting Diode (LED) Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Light Emitting Diode (LED) Market?
Asia-Pacific was the largest region in the light emitting diode market in 2024. 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
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