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What is the Expected Growth Rate of the Light Emitting Diode (LED) Market Based on Industry Projections?

The size of the light emitting diode (LED) market has experienced robust growth in the past years. The market, which was worth $85.46 billion in 2024, is projected to increase to $93.3 billion in 2025, registering a compound annual growth rate (CAGR) of 9.2%. Factors such as heightened awareness of energy efficiency, environmental regulations, cost savings, as well as urban and street lighting initiatives have contributed to this historical growth period.

The market size of the light emitting diode (LED) industry is anticipated to experience a robust growth trajectory within the coming years. The market valuation is projected to reach $122.36 billion by 2029, with a compound annual growth rate (CAGR) of 7.0%. This growth during the forecast period can be ascribed to factors like the rise in smart lighting and IoT, commitment towards sustainability and green building, emphasis on health and well-being, surge in the adoption of electric vehicles (EV), and an increasing demand for customized and high-cri lighting. The forecast period is also expected to witness key trends such as the prevalence of human-centric lighting, miniaturization, architectural and decorative lighting, advancements in horticultural lighting and the advent of li-fi technology.

Which Major Market Drivers Are Expected to Boost the Light Emitting Diode (LED) Market’s Growth Potential?

The emphasis placed by the government on energy conservation has fueled the expansion of the light emitting diode (LED) market. LEDs are superior in energy efficiency and offer high light intensity. When compared to incandescent bulbs, LEDs require less power, which decreases the demand on electricity plants and subsequently lowers the volume of fuel needed for electricity production. As an illustration, the U.S. Department of Energy (DOE) introduced the energy savings hub in April 2023. This center offers information on clean energy tax credits and pending rebates to all Americans, aiding them in managing their energy spending and providing them with access to cleaner, more effective consumer choices, whether they’re considering an electric vehicle, replacing an appliance, or enhancing their home’s safety and comfort. Therefore, the government’s strengthened efforts toward energy conservation are helping to boost the LED market.

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What Companies Are At the Forefront of Innovation in the Light Emitting Diode (LED) Market?

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

What Are the Most Significant Trends Transforming the Light Emitting Diode (LED) Market Today?

The trend of creating LEDs particularly for horticulture usage is gaining momentum in the LED market. LEDs play a vital role in fostering plant growth as they can regulate the spectrum of light delivered to the plants, regardless of the season. The LED lights used for horticulture applications not only stimulate the growth of plants and fruits but also improve their color, flavor, and yield within a shorter duration. For example, Acuity Brands, an American lighting and building management company, introduced the Verjure brand in March 2022, a novel LED horticulture lighting solution that encourages consistent and eco-friendly crop production. The Verjure Pro Series LED is equipped with a distinctive rotational outer module attribute to ensure even illumination on the canopy, and its removable lenses are easy to clean, making sure that the full light output is sustained.

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Which Market Segments Are Driving Strategic Growth and Trends in the Light Emitting Diode (LED) Market?

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

Subsegments:

1) By LED Lamps: Bulbs, Tubes, Downlights, Spotlights, Decorative Lights

2) By LED Fixtures: Panel Lights, Street Lights, Flood Lights, High Bay Lights, Ceiling Lights, Track Lights

What Regions Are Propelling Growth in the Light Emitting Diode (LED) Industry?

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

How Is the Light Emitting Diode (LED) Market Categorized and Defined in the Industry?

A light emitting diode (LED) is a semiconductor device that emits light as an electrical current pass through it. LEDs are very small, consume less electric power, and can emit lights of different colors based on the semiconductor used in it. It is widely used in the backlighting of TV, mobile phones, automotive lighting, and display boards.

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