Global LED Market Is Expected To Reach US$ 117 Billion By 2024

LEDs represent electronic components that can convert electric energy into light. They have today gained prominence across all the regions on account of their potential advantages over other lighting sources such as incandescent bulbs and CFLs. LEDs stay much cooler than incandescent lights, reducing the risk of combustion or burns. As they are made with epoxy lenses, they are highly resistant to breakage. Besides this, they are energy-efficient, long-lasting and easy to install.

With technological advancements, manufacturing efficiency and decline in the prices, the global market for LEDs has witnessed strong growth over a period of time. According to a new report by Expert Market Research (EMR), the global LED market reached a value of US$ 69 Billion in 2018 and is further expected to reach US$ 117 Billion by 2024. Owing to the growing environmental concerns and increasing expenses on electricity generation, governments’ regulations have become more stringent, encouraging the penetration of energy-efficient light sources like LED lights. Moreover, a rising demand for LEDs in high-tech products such as flat TVs, digital cameras, smartphones and automotives has also propelled the growth aspects of the LED market.

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Key findings from the report:

The two lighting products are LED lamps and modules and LED fixtures.The major end-uses of LED lights are in retrofit, retail and hospitality, outdoor, office, architectural, homes, industry and others. In 2018, retrofit was the biggest end-use sector with a share of more than a third of the global market. It was followed by retail and hospitality, outdoor, offices, architectural, homes, industry and others.Region-wise, China dominated the market with a share of more than one-fifth of the global LED market. It was followed by Europe, North America, Asia-Pacific, Japan, Middle East & Africa and Latin America.Being fragmented in nature, the global LED market is surrounded by a number of small and big players. In 2018, Nichia was the biggest player in the market with a share of nearly a fifth of the total LED sales. It was followed by Osram, Samsung Electronics, Everlight Electronics, LG Innotek, Epistar, Seoul Semiconductor, Cree, Lumileds, Mulinsen and others.

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Market breakup by Lighting Product:

LED Lamps and Modules

LED Fixtures

Market Breakup by Region:

China

Europe

North America

Asia Pacific

Japan

Middle East and Africa

Latin America

Market breakup by End-use:

Retrofit

Retail and Hospitality

Outdoor

Office

Architectural

Homes

Industry

Others

Top players:

Nichia

Osram

Samsung

Electronics

Everlight

ElectronicsLG

Innotek

EpistarSeoul

Semiconductor

Cree

Lumileds

Mulinsen

Related Links:

https://www.expertmarketresearch.com/reports/vietnam-led-market https://www.expertmarketresearch.com/reports/tft-lcd-market

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