Light Emitting Diode (LED) Global Market Report 2024

The light emitting diode (led) market size has grown strongly in recent years. It will grow from $78.35 billion in 2023 to $85.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historical period can be attributed to several key factors, including increasing awareness of the importance of energy efficiency, the influence of environmental regulations promoting more sustainable lighting solutions, efforts to reduce operational costs, and the implementation of urban and street lighting projects aimed at improving public safety and aesthetics. These factors collectively contributed to the growth of the LED market during that period.

The light emitting diode (led) market size is expected to see strong growth in the next few years. It will grow to $114.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing adoption of smart lighting and the Internet of Things (IoT), a growing focus on sustainability and green building practices, a heightened emphasis on health and well-being through lighting solutions, the rising adoption of electric vehicles (EVs), and the demand for customized lighting with high Color Rendering Index (CRI) values. Major trends expected to shape this period include the implementation of human-centric lighting for improved human health and productivity, the miniaturization of lighting technologies, the use of lighting for architectural and decorative purposes, the development of horticultural lighting for plant growth, and the exploration of Li-Fi technology for data transmission through light. These trends reflect the evolving landscape of the LED market.

The burgeoning government emphasis on energy conservation has significantly contributed to the expansion of the light emitting diode (LED) market. LED lamps are highly energy-efficient and offer superior luminosity. Compared to incandescent bulbs, LEDs consume less power, alleviating the strain on electric power systems. The reduced power demand lessens fuel usage in electricity generation. For instance, in April 2023, the U.S. Department of Energy (DOE) launched an energy savings hub to provide Americans access to cleaner, more efficient energy options, offering clean energy tax credits and upcoming rebates. This elevated government focus on energy preservation is a driving force behind the LED market's growth.

The main product types in the LED market include LED lamps and LED fixtures. LED lamps are standalone lighting units that incorporate LEDs, while LED fixtures are luminaires with built-in LEDs. These products utilize various technologies, including basic LEDs, high brightness LEDs, Organic Light Emitting Diodes (OLED), polymers, and ultraviolet LEDs. LEDs cater to a diverse range of end-users, including residential, commercial, and industrial customers, meeting a wide array of lighting needs in different settings.

The light emitting diode (LED) market research report is one of a series of new reports that provides light emitting diode (LED) market statistics, including light emitting diode (LED) market size, regional shares, competitors with a light emitting diode (LED) market share, detailed light emitting diode (LED) market segments, market trends and opportunities, and any further data you may need to thrive in the light emitting diode (LED) industry. This light emitting diode (LED) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising residential sector is anticipated to be a key driver of the light emitting diode (LED) market's growth. LED lighting in residential settings brings numerous benefits, including energy and cost savings, enhanced lighting control, durability, energy efficiency, and reduced maintenance. Notably, in September 2023, the United States Census Bureau reported a surge in the number of privately owned housing units approved by building permits, signaling a 13.8% increase in February 2023 compared to the adjusted January rate. This burgeoning residential sector is significantly propelling the LED market forward.

The adverse impact of LEDs on human health is a restricting factor in the light emitting diode (LED) market's growth. LEDs emit shortwave light, which, upon prolonged exposure, can potentially cause harm to a person's vision. An article published by Ultralase in August 2021 highlighted that LED lights are 'phototoxic,' leading to irreversible retinal cell loss and impaired visual clarity. Chronic exposure to LED lights may expedite the ageing of retinal tissue, heightening the risk of eye conditions such as age-related macular degeneration (AMD) and resulting in a loss of visual acuity.

Cultivating LED technology tailored specifically for horticulture stands as a burgeoning trend within the light emitting diode (LED) market. The role of light in plant growth is vital, and LEDs offer precise control over the light spectrum provided to plants, irrespective of the season. LED lights designed for horticulture not only foster fruit and plant growth but also enrich flavors, colors, and yields within a shorter duration. For example, in March 2022, Acuity Brands, a US-based lighting and building management firm, unveiled the Verjure brand, a novel LED horticulture lighting solution. The Verjure Pro Series LED boasts a unique rotational outer module feature, ensuring consistent lighting uniformity across the canopy. Additionally, its detachable lenses facilitate easy cleaning, allowing for the maintenance of full light output.

Innovation within the light emitting diode (LED) market is focusing on products like the up-down glow LED bulb to drive market revenues. This unique bulb emits light in both upward and downward directions, producing a distinct and aesthetically pleasing lighting effect. For instance, in October 2023, Halonix Technologies Pvt Ltd., an India-based firm specializing in LED lighting solutions, launched the up-down glow LED bulb. This 10W LED Bulb offers two variations, each with three lighting modes, providing white, warm, and mixed illumination in the first variation, and white, blue, and mixed lighting in the second.

In May 2022, Google, a US-based technology company, made an undisclosed acquisition of Raxium. Google aims to advance its mission of creating innovative devices and services that enhance people's daily lives. Raxium, a US-based company, specializes in developing miniature light-emitting diodes for use in displays utilized in augmented and mixed reality devices.

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

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

The countries covered in the light emitting diode (led) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The light emitting diode (LED) market consists of sales of LED lamps and LED fixtures. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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