Global LED Market Expected to Grow at a Healthy Pace During 2024-2032, Driven by the Rising Demand for Energy-Efficient Lights

The LED industry is being driven by the implementation of favourable regulations by several governments worldwide on products that are energy efficient. Further, the demand for the use of LEDs is rising in the developing economies due to growing population, resource scarcity, and climate change. In addition, governments of emerging nations, such as India and China, are making efforts to develop new houses for homeless people, consequently affecting the LED industry in the region positively as consumers are more likely to purchase affordable and long-lasting products. The market has further grown in the year 2020, as the COVID-19 outbreak brought into effect WFH, resulting in a high demand for LEDs from the residential sector.

The market is boosted by the intense competition among the key industry players of LED, like OSRAM Licht AG (OTCMKTS: OSAG) and Seoul Semiconductor Co Ltd (KOSDAQ: 046890). In September 2019, OSRAM Licht AG introduced new LiDAR (Light Detection and Ranging) lasers, which is expected to be used in autonomous vehicles. This recent invention is developed with the aim to help the driver see longer distances with relative ease. Such innovations in the industry are expected to propel market growth further over the forecast period.

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Market Analysis by Type, Technology, Application, and Region:

• The LED industry, on the basis of type, is divided into pinned LED, surface mount LED (SMD LED), and chip on board LED, among others.
• Based on technology, the industry is segmented into basic LED, micro LED, high brightness LED, OLED, ultra violet LED, and polymer LED, among others.
• By application, the industry is categorised into lighting, automotive, electronic devices, and signal and signage, among others.
• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for LED is being driven by the inflating disposable income of the population globally.
• Extensive applications of LED in various industries are aiding the market growth.
• The integration concepts like AI and IoT, is helping the light manufacturing companies to extend their capacities and produce innovative products, further enhancing the market growth.
• Due to the currently prevalent WFH environment to curb the coronavirus outbreak, electronic devices, such as tablets, LED TVs, laptops, and mobiles, are witnessing a growing demand, which is driving the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for LED for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, technologies, applications, and major regions of LED. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

OSRAM Licht AG, Nichia Corporation, Signify N.V., Lumileds Holding B.V., Seoul Semiconductor Co Ltd, LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited., among others, are the key players in the global LED market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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