Global LED Market Report and Forecast 2024-2032

Global LED Market Outlook

The global LED market size is growing with the expansion of the LED lighting sector. The global LED lighting market is expected to grow at a CAGR of 11.8% in the forecast period of 2024-2032. 

LEDs represent electronic components that can convert electric energy into light. LEDs stay much cooler than incandescent lights, reducing the risk of combustion or burns. As they are made with epoxy lenses, they are highly resistant to breakage. Besides this, they are energy-efficient, long-lasting, and easy to install.

LEDs emit visible light when electrons within the semiconductor material recombine with electron holes, releasing energy in the form of photons. Since they emit light in a controlled and directional manner, they are suitable for a wide range of applications, from lighting to displays.

LEDs are highly energy-efficient compared to traditional lighting technologies like incandescent and fluorescent bulbs. They consume significantly less electricity, resulting in substantial energy cost savings and reduced greenhouse gas emissions. In present time, LED lighting has become the preferred choice for energy-efficient and long-lasting illumination in homes, offices, streetlights, and other applications.

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Key Trends In the Market

Increasing construction activities to bolster the market demand for LED

The requirement for efficient lighting at various construction sites is increasing as the right lighting reduces the chance of mishaps that take place due to unclear vision, thereby fuelling the LED market demand across the globe. Moreover, the long lifetime of LEDs spanning 50,000 hours and beyond, if properly engineered, is shifting consumer preference from traditional lighting sources to LEDs, consequently helping the market to advance further over the upcoming years.

With features like extraordinary high-quality lighting, minimal maintenance, and reduced energy costs, the demand for LED is expected to propel in various applications, thereby boosting overall market expansion. Additionally, the usage of LED to gain large energy savings is attracting consumers to adopt LED over small and larger construction sites.

Extensive applications of LED to aid the market growth

The LED market growth is being driven by the various applications of LED lights in activities, such as photography, interior designing, and other uses. Further, due to the COVID-19 outbreak, the LED display growth has increased due to their instant visibility and attraction, which helps a shop to get easily spotted as consumers are now wary of travelling as well as entering new shops.

In addition, over the past few decades, LED has witnessed a rise in the integration of concepts like AI and IoT, which is helping light manufacturing companies to extend their capacities and produce innovative products.  Moreover, 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, thus, propelling the market growth further.

Also, the adoption of signals and signages from various companies, institutions, or governments, are expected to increase over the forecast period. Thereby, propelling the market growth for LEDs.

Growing deployment of smart lighting solutions in the residential and commercial sectors

Smart lighting solutions, which include LED-based systems controlled by smartphones, voice commands, or sensors, are gaining popularity. These systems offer features like remote control, automated dimming, colour tuning, and energy management. The Internet of Things (IoT) integration in smart lighting is expanding the market further.

Voice assistants like Amazon Alexa, Google Assistant, and Apple's Siri have further made it easier for users to control smart lighting using voice commands. Voice-controlled lighting is gaining popularity for its convenience and hands-free operation. Furthermore, smart lighting systems often incorporate sensors for motion detection, ambient light sensing, and occupancy detection. This enables automated lighting adjustments based on user presence and daylight levels, improving energy efficiency.

Rising trend of miniaturisation in the lighting applications

Miniaturisation is one of the significant LED market trends, driven by the demand for smaller, more energy-efficient, and versatile lighting and display solutions. Micro-LEDs and mini-LEDs are extremely small LED components with individual pixel sizes on the micron scale. They are used in various applications, including displays (such as smartphones, TVs, and wearables) and fine-pitch LED displays. These technologies offer higher pixel densities, improved brightness, and enhanced colour accuracy.

Thin and flexible LED technologies, often referred to as "flexible OLEDs" or "flexible LED displays," are made on flexible substrates. These LEDs are bendable, rollable, and conformable, allowing for innovative designs and applications, including curved screens, wearable displays, and automotive lighting.

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LED Market Segmentation

On the basis of type, the market is divided into:

• Pinned LED

• Surface Mount LED (SMD LED)

• Chip on Board LED

• Others

Based on technology, the market can be segmented into:

• Basic LED

• Micro LED

• High Brightness LED

• OLED

• Ultra Violet LED

• Polymer LED

• Others

On the basis of application, the market is categorised into:

• Lighting

• Automotive

• Electronic Devices

• Signal and Signage

• Others

Lighting sector occupies a sizeable portion of the LED market share as LED’s have revolutionised the sector with its energy efficiency, long lifespan, versatility, and environmentally friendly characteristics. They are widely used in various lighting applications across the residential, commercial, industrial, and outdoor sectors.

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

LED Market Analysis

The market has experienced robust growth over the years, driven by factors such as energy efficiency, longer lifespan, environmental concerns, and technological advancements. LED lighting has become a dominant lighting technology in many applications.

LEDs are used in a wide range of applications, including general lighting (residential, commercial, industrial), automotive lighting, displays (TVs, monitors, signage), outdoor and street lighting, horticultural lighting, and more. Additionally, ongoing research and development efforts have led to improvements in LED technology, resulting in higher brightness levels, better colour accuracy, increased efficiency, and reduced production costs. Many countries have implemented energy efficiency regulations that encourage the adoption of LEDs.

Global LED Market Share by Region

The Asia Pacific market to significantly contribute to the overall market growth, led by favourable government policies

The APAC market for LED is being driven by the rising number of consumers preferring LEDs over conventional CFL and CCFL due to the advanced features offered by the LEDs. In addition, LED is a cost-effective solution for any lighting and other applications purposes like backlighting in automotive lighting and large screen displays, among others. Such vast applications of LED are providing a boost to the market growth in the region, which is fuelled by a robustly increasing population.

The overall LED sector is positively influenced by the rise in utility rebates, increasing focus by the government on energy-saving solutions, along with the expanding display and large screen backlighting market.

North America is anticipated to witness a spur in the market, aided by energy-efficiency regulations

LED adoption in the U.S. is driven by energy efficiency regulations and rebates. LEDs are widely used for residential, commercial, and industrial lighting. The U.S. is also a hub for LED research and development. Similar to the U.S., Canada promotes energy-efficient lighting through regulations and incentives. LEDs are commonly used in both residential and commercial applications.

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Key Players in the Market

The report gives a detailed analysis of the following key players in the global LED market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• 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.

• Cambridge Display Technology Limited.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

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