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Market of LED
According to a report by Exactitude Consultancy, top companies covered include: Lumileds Holding BV, Nordson Corporation, Seoul Viosys Co
Rising demand for energy-efficient lighting, smart home integration, and increased adoption in automotive and display industries boost LED market.
” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 26, 2024 /EINPresswire / -- The global LED market was valued at USD 78.69 billion in 2022, and is projected to reach USD 159.94 billion by 2029, growing at a CAGR of 11.2% from 2024 to 2030.
Market Overview
A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. These devices are often used in lamps as replacement of incandescent light sources. LED lighting is expected to be one of the most energy-efficient and rapidly developing lighting technology in the global market. LED lights operate for a longer duration, are durable in nature, and offer better lighting quality compared to the traditional lighting technologies.
LED is expected to take over the conventional Compact Fluorescent Lamp (CFL) and Cold Cathode Fluorescent Lamp (CCFL) lighting market due to advanced features. Moreover, it is a cost-effective solution for all lighting as well as other applications, including backlighting in large screen displays and non-backlight displays (OLED). Apart from the aforementioned cost benefit, the initial cost of LED lighting is very high and this restricts its initial acceptance. However, due to longer lifespan of LEDs, the overall cost of the same is found to be very low in comparison to CFLs.
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Key Drivers:
Energy Efficiency: LEDs consume significantly less power compared to traditional lighting technologies, which has spurred their adoption in both residential and commercial applications.
Government Initiatives: Many governments worldwide have implemented policies and subsidies encouraging the transition to LED lighting, further boosting market growth.
Technological Advancements: Innovations in LED technology, including improvements in brightness, color range, and smart lighting solutions, have expanded their application across various sectors such as automotive, healthcare, and consumer electronics.
Decreasing Costs: The declining cost of LED components due to mass production and economies of scale has made LEDs more affordable, increasing their adoption rate.
Environmental Concerns: Growing awareness about climate change and the need to reduce carbon footprints has led to a surge in demand for eco-friendly lighting solutions like LEDs.
Competitive Analysis:
In this section, we assess the competitive landscape of the LED Market, focusing on key players.
Lumileds Holding BV, Nordson Corporation, Seoul Viosys Co., Honle UV America Inc., LG Innotek Co. Ltd, Halma Plc, Heraeus Holding Gmbh, Hnle Group, OSRAM, Koninklijke Philips N.V., Crystal IS, Sensor Electronic Technology, Phoseon Technology, Nichia Corporation, Signify N.V., Lumileds Holding B.V., Seoul Semiconductor Co Ltd, LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., Cambridge Display Technology Limited., Everlight Electronics Co., General Electric Company, Seoul Semiconductor Co and Others
Full Report of the LED Market @:
LED Market Segmentation Analysis
By Product (USD Billion)
The LED market is categorized into different product categories such as lamps and luminaires among others. Lamps include A-lamps, T-lamps and other lamp types, commonly used in both-domestic and industrial applications. The market for LED lamps therefore exists so as to remove traditional incandescent and CFL lamps for more efficient lamps. Due to the increasing population of the world and expansion of major cities in particular, the need for affordable sources of lighting is given significance enhancing the demand of the lamp segment. This, however, excludes luminaires which comprise of streetlights, downlights, troffers, and other lights intended for particular functions. Luminaires are pivotal in the public installation services, commercial places as well as industrial building constructions whenever efficient and quality lightings are required. The presence of smart lighting solutions and the governmental actions that are aimed at increasing the energy efficiency of public lighting also stimulates the further development of this segment.
By Application (USD Billion)
There are basically two major clusters into which the LED market is applied; they are the indoor application and the outdoor application. Residential and commercial use of this product is most visible, however, industrial application is not left out in this sector. This transformation has been facilitated due to several factors some of which include need to reduce energy consumption in lighting systems, low maintenance costs and high quality light produced by LEDs for indoor lighting. Smart lighting systems which would afford improved control and customization of inner environments are also reported to propel the demand in this segment. Outdoor application include; road lighting, outdoor lighting and any other lighting that is done outside the building. Outdoor LED lighting enjoys high demand due to the need for energy products with high visual intensity for application in harsh and extreme weather conditions. Use of LED lighting for public places, roads and outdoor business areas has also remained high with the aim of cutting cost and pollution.
By End-Use (USD Billion)
The LED market has several applications or sectors in which it operates; these are the commercial, residential, industrial and others sectors. It is used in the commercial industries such as offices, shops, malls, hotels, hospitals among others due to their efficiency. The desire to decrease operation cost while at the same time have consideration on the environment make LED lighting preferable in such areas. Likewise, the residential segment also showing good growth and increasing day by day due to increasing trends of using the LED bulbs and LED fixtures at homes for better lighting and longer-life along with better looks. In the industrial segment they are applied to task lighting, high bay lighting and some other placements which demand durable and rather resistant lighting sources. A boost in the importance of energy efficient lighting solutions especially in manufacturing plants, warehouses and production facilities is the key driver in this segment. The other one consists of the other applications where different requirements in terms of lighting and new trends in the technology are present, which create new opportunities to use LED products in transportation, agriculture, entertainment, and others.
In conclusion, LED market development in the given segments is driven by the growing need for energy-saving, environmentally friendly, and multifunctional lighting products that can be utilized in various industries and by various consumers.
Key Market Segments: LED Market
LED Market by Product, 2022-2029, (USD Billion)
Lamps
A-Lamps
T-Lamps
Others
Luminaires
Streetlights
Downlights
Troffers
Other
LED Market By Application, 2022-2029, (USD Billion)
Indoor
Outdoor
LED Market By End-Use, 2022-2029, (USD Billion)
Commercial
Residential
Industrial
Others
LED Market By Material, 2022-2029, (USD Billion)
Indium Gallium Nitride (Ingan)
Aluminium Gallium Indium Phosphide (Algainp)
Aluminium Gallium Arsenide (Algaas)
Gallium Phosphide (Gap)
LED Market By Region, 2022-2029, (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East And Africa
Strategic Points Covered in Table of Content of Global LED Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the LED market
Chapter 2: Exclusive Summary - the basic information of the Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the LED
Chapter 4: Presenting the Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region
Chapter 6: Evaluating the leading manufacturers of the LED market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers with revenue share and sales by key countries in these various regions (2024-2030)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
Key Questions Covered in LED Market Report:
What is the present LED market size in terms of revenue and volume, and how much growth is expected during the forecast period?
Which are the key developments that are anticipated to stimulate LED market trends?
Which factors will trigger product demand and how much product consumption is estimated?
What are the upcoming business opportunities and restraints?
Which region will dominate the global LED market share?
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We offer customization on the LED market report based on specific client requirements:
Customization 20%
Five Countries can be added as per your choice.
Five Companies can add as per your choice.
Free customization for up to 40 hours.
After-sales support for 1 year from the date of delivery.
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