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The light-emitting diode market size is forecast to increase by USD 264.1 million at a CAGR of 19.2% between 2024 and 2029.
The light-emitting diode (LED) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The luminaires segment is estimated to witness significant growth during the forecast period.
LED technology has revolutionized the lighting industry with its energy-efficient and cost-effective solutions. LED luminaires, including downlights, troffers, roadway fixtures, outdoor lighting, and others, are increasingly adopted across various sectors such as residential, office, retail, and industrial. LED luminaires offer numerous benefits, including longer lifespan, reduced energy consumption, and lower maintenance costs. Traditional luminaires, such as incandescent and fluorescent, have limitations like frequent replacement due to continuous switching, the need for external ballasts, and the presence of toxic mercury. LED luminaires, on the other hand, do not require external ballasts and have a longer lifespan, making them a more cost-effective and environmentally-friendly alternative.
The LED value chain includes LED chips, materials, components, drivers, controllers, systems, and modules. LED innovations continue to advance, leading to the development of LED displays, signage, backlighting, grow lights, floodlights, tubes, panels, screens, strips, and headlights. The adoption of LED technology is expected to continue, driven by its energy efficiency and cost savings.
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The Luminaires segment was valued at USD 76.90 million in 2019 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is experiencing significant growth due to the increasing demand for energy-efficient lighting solutions from the residential and commercial sectors. With the region becoming a hub for industries such as retail, hospitality, and healthcare, and the setting up of offices by multinational companies, the need for cost-effective and long-lasting LED lighting solutions is on the rise. Moreover, the development of smart infrastructure in several countries in the region, driven by improving IT infrastructure, is further fueling market growth. The construction market is also expanding, and governments' investments in infrastructure projects present substantial opportunities for the LED industry.
This trend is leading to increased demand for LED bulbs, fixtures, panels, displays, signage, street lights, strips, drivers, backlighting, grow lights, floodlights, tubes, downlights, headlights, and other LED innovations. The benefits of LED technology, including energy efficiency and environment-friendliness, make it an attractive alternative to traditional incandescent light sources. The LED value chain comprises various components, such as LED chips, materials, controllers, systems, modules, and design and engineering solutions, all contributing to the advancements in LED technology.
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The light-emitting diode (LED) market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the light-emitting diode (led) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, light-emitting diode (led) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
SMART Global Holdings Inc.- The company offers LED such as DL DR6BD14AWG, DL DR6BD14KKG, and DL DR6BD14WWE.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global LED market encompasses a diverse range of applications, from general illumination to display backlighting and signage. This market's growth is underpinned by the technological advantages of LED lighting, which offers energy efficiency, longer lifespan, and cost-effectiveness compared to traditional incandescent light sources. LED technology, a semiconductor-based lighting solution, converts electrical energy into light through the emission of photons. Its versatility allows for various forms of LED products, including bulbs, fixtures, panels, screens, street lights, strips, and tubes, among others. The value chain of the LED market comprises several stages, from the production of LED chips to the manufacturing of LED components, systems, and solutions.
LED's energy efficiency is a significant factor driving its adoption in various sectors. Traditional lighting sources, such as incandescent bulbs, consume a substantial amount of electrical energy and emit a considerable amount of heat. In contrast, LEDs convert a large portion of electrical energy into light, making them more energy-efficient and environmentally friendly. Furthermore, LEDs have a longer lifespan, reducing the frequency of replacements and associated costs. LED's cost-effectiveness is another critical factor contributing to its market growth. While the production cost of LED chips has decreased significantly over the years, advancements in LED design, engineering, and manufacturing processes have led to more affordable LED products.
This makes LED a more sustainable and eco-friendly lighting solution. In summary, the global LED market is driven by the technological advantages of LED lighting, including energy efficiency, longer lifespan, and cost-effectiveness. Its versatility and environmental friendliness have led to its adoption in various sectors, from general illumination to display backlighting and signage. As LED technology continues to advance, it is poised to become the dominant lighting solution in the global market. The LED market is witnessing significant growth with various applications such as LED signage, LED strips, LED backlighting, LED grow lights, LED floodlights, and LED tubes, leading the demand. LED drivers are an essential component in LED lighting systems, ensuring efficient power management. LED research and developments continue to advance, leading to the production of innovative LED materials and modules. Engineering advancements in LED technology result in energy savings, longer lifespan, and improved color rendering. LED benefits, including energy efficiency and eco-friendliness, make it a preferred choice for numerous industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
244 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.2% |
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Market growth 2025-2029 |
USD 264.1 million |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
15.7 |
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Key countries |
China, US, Japan, India, Germany, South Korea, Brazil, UK, Italy, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Product
9 Market Segmentation by Application
10 Market Segmentation by Distribution Channel
11 Market Segmentation by Type
12 Customer Landscape
13 Geographic Landscape
14 Drivers, Challenges, and Opportunity/Restraints
15 Competitive Landscape
16 Competitive Analysis
17 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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