Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Light Emitting Diode (LED) Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The light emitting diode (LED) industry is entering an era marked by rapid technological advancement and increasing penetration into various sectors. According to the latest comprehensive market research report, the global LED market size, which surged to a formidable $85.7 billion in 2024, is projected to achieve a substantial growth rate, expanding to $114.04 billion by 2028.
These insights shed light on multiple growth-inducing factors, including heightened utilization of IoT in smart lighting, sustainability trends, and LED integration into electric vehicles. The LED lighting industry is also riding a wave of demand predicated on high CRI values, allowing for personalization in different application settings.
The Asia-Pacific region is leading the surge as the largest market, while North America follows closely with significant contributions to the industry's expansive reach and innovation.
Highlighting the residential sector as a prime impetus for market advancement, the report delineates the increased preference for LED lighting solutions that deliver energy savings, enhanced lighting control, and amplified aesthetic value. These factors are augmented by governmental efforts to bolster energy efficiency, manifesting in initiatives like the U.S. DOE's launch of an energy savings hub that supports clean energy transitions.
Despite the predominance of advantages, the report also delves into challenges faced by the industry, acknowledging the concerns over LED lighting's phototoxic effects. Continued innovation and research are underway to mitigate such effects on human health and vision.
Industry Trends and Innovations Shaping the Future
- Human-centric lighting – Design innovations are increasingly catering to human health and productivity.
- Architectural and decorative applications – LEDs are becoming key players in creating visual aesthetics in spaces.
- Horticultural lighting – Tailored LED solutions are revolutionizing indoor farming by enhancing plant growth efficiency.
- Li-Fi technology – Explorations into using light fidelity to transmit data are gaining traction.
Among the notable market dynamics, horticultural lighting emerges as a standout trend with specialized LED technologies empowering year-round plant cultivation and advancing agricultural yields.
Meanwhile, product innovations such as the up-down glow LED bulb exemplify the industry's drive towards aesthetic and functional enhancements in lighting solutions.
Significant strategic movements also shape the industry, with major players engaging in acquisitions to bolster their technological capabilities. Google's recent acquisition of Raxium highlights a focus on miniaturized LEDs suitable for next-generation device displays.
The LED market research report provides an intricate analysis of market segments, global dynamics, and the competitive landscape, offering crucial insights into the industry's current state and future prospects.
This multi-faceted exploration of the LED landscape encompasses an evaluation of product types such as fixtures and lamps, technologies like OLED and UV LEDs, and the influence of different end-user sectors. By understanding the multifarious forces propelling growth and the potential headwinds, stakeholders in the LED industry can conduct informed decision-making to harness opportunities and navigate challenges.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/98mahs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
