The Light Emitting Diode (LED) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s 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 in the historic period can be attributed to energy efficiency awareness, environmental regulations, cost reduction, urban and street lighting projects.
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 growth in the forecast period can be attributed to smart lighting and iot, sustainability and green buildingg, health and well-being, electric vehicle (ev) adoption, customized and high-cri lighting:. Major trends in the forecast period include human-centric lighting, miniaturization, architectural and decorative lighting, horticultural lighting, li-fi technology.
The increased government focus on saving energy contributed to the growth of the light emitting diode (LED) market. LED lamps are more efficient in terms of energy consumption and provides high luminous intensity. LED consumes less power when compared to incandescent bulbs that reduces the load on electric power plants, which in turn reduces the amount of fuel being burnt to generate electricity. For instance, in April 2023, the U.S. Department of Energy (DOE), launched energy savings hub. This hub provides clean energy tax credits and upcoming rebates right at the fingertips of Americans, assisting them in taking control of their energy costs and giving them access to cleaner, more efficient consumer options whether they want to buy an electric vehicle, replace an appliance, or improve the safety and comfort of their home. Thus, the increased focus of government on saving energy positively drives the growth of LED market .
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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
The light emitting diode (led) market report table of contents includes:
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