The global LED market revenue was around US$ 78.6 billion in 2022 and is estimated to reach US$ 159.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2023 to 2031.
A light-emitting diode is a semiconductor light source that transforms electrical energy directly into light energy. These components are frequently utilized in lamps as alternatives to incandescent light sources. It is one of the most eco-friendly and quickly evolving lighting technologies. It works for a longer time, is more durable, and provides greater lighting quality compared to conventional lighting technologies.
Market Driving Factors
Regional Analysis
Asia Pacific is estimated to dominate the market during the forecast period. This is due to reasons including government initiatives, rapid urbanization, a sizable population, industrial growth, and technological advancements. Furthermore, rapid economic expansion and the growing use of LED lighting in a variety of industries are estimated to propel the market growth in this region.
Segmentation Insights
Product Insights
LED lamp segment is anticipated to dominate the market growth. This is due to the growing use of LED lighting systems in the residential sector. Furthermore, LED lamps provide benefits including higher energy efficiency and greater stability compared to alternatives like incandescent bulbs and CFLs. The government's initiative to increase public knowledge of LEDs and their potential to assist in reducing and managing energy usage is another factor that is anticipated to drive the market's growth.
Application Insights
The outdoor lighting segment is anticipated to dominate the market. This is due to the elements like the extensive use of LED street lighting, rising demand for outdoor architectural lighting, stadium and sports lighting, parking lot illumination, and signage/ billboard lighting. These factors contribute to propel the market growth in this segment.
End User Insights
The residential segment is anticipated to dominate the market in terms of the largest revenue during the forecast period. This is due to the multiple advantages of installing light-emitting diode systems in homes. Furthermore, this type of illumination is popular with consumers, and it is expected to dominate the market expansion in this segment.
The commercial segment is anticipated to increase more quickly. This is due to the widespread usage of lighting fixtures in several commercial locations, the demand for lighting is stronger in the segment. Furthermore, this segment also places a strong emphasis on cost savings, energy efficiency, customized lighting solutions, and aesthetic appeal. These factors contribute to boost market growth.
Prominent Companies
Segmentation Outline
The global LED market segmentation focuses on Product, Application, End User, and Region.
By Product
By Application
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL LED MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: LED MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL LED MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL LED MARKET, BY PRODUCT
5.1 OVERVIEW
5.2 LED LAMPS
5.3 LED FIXTURES
6 GLOBAL LED MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 INDOOR LIGHTING
6.3 OUTDOOR LIGHTING
7 GLOBAL LED MARKET, BY END-USER
7.1 OVERVIEW
7.2 COMMERCIAL
7.3 RESIDENTIAL
7.4 INDUSTRIAL
7.5 OTHERS
8 GLOBAL LED MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL LED MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 CREE INC.
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 LUMENS CO LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 OSRAM LICHT AG
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 LUMILEDS HOLDING B.V.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 KONINKLIJKE PHILIPS N.V.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 LG INNOTEK CO LTD
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 EVERLIGHT ELECTRONICS CO LTD
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 SEOUL SEMICONDUCTOR CO. LTD.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 NICHIA CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 GENERAL ELECTRIC COMPANY
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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