Global Light Emitting Diode (LED) Market Scope 2024, Forecast To 2033
16 Jan, 2024
The light emitting diode (LED) market has experienced strong growth, increasing from $78.35 billion in 2023 to $85.7 billion in 2024, demonstrating a 9.4% CAGR. Historical growth is attributed to increased awareness of energy efficiency, environmental regulations, cost reduction strategies, and projects related to urban and street lighting. The forecast suggests ongoing strong growth, reaching $114.04 billion by 2028, with a 7.4% CAGR. Anticipated growth drivers include smart lighting and IoT integration, a focus on sustainability and green building practices, efforts to enhance health and well-being, the adoption of electric vehicles (EVs), and customized and high-cri lighting solutions. Major trends in the forecast period encompass human-centric lighting, miniaturization, architectural and decorative lighting solutions, horticultural lighting applications, and the integration of Li-Fi technology.
Global Light Emitting Diode (LED) Market Key Driver
The light emitting diode (LED) market is experiencing growth owing to heightened government focus on energy conservation. LED lamps, known for their energy efficiency and high luminous intensity, contribute to reducing power consumption. Initiatives like the U.S. Department of Energy's energy savings hub, launched in April 2023, underscore the government's commitment to energy efficiency. The emphasis on saving energy positively influences the growth trajectory of the LED market.
Get A Free Sample Of The Global Light Emitting Diode (LED) Market ReportGlobal Light Emitting Diode (LED) Market Segments
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
By Geography: The regions covered in the light emitting diode (led) market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
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
Major Light Emitting Diode (LED) Industry Players
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
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Light Emitting Diode (LED) Market Overview
A light emitting diode (LED) is a semiconductor device that emits light as an electrical current pass through it. LEDs are very small, consume less electric power, and can emit lights of different colors based on the semiconductor used in it. It is widely used in the backlighting of TV, mobile phones, automotive lighting, and display boards.
Light Emitting Diode (LED) Global Market Report 2023 provides data on the global light emitting diode (led) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The light emitting diode (led) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.