Exploring A LED Lighting Market Trends and Technology

LED is known as today’s most energy-efficient and one of the fast-developing lighting technology. It has huge potential to change the lighting industry in a better way. Don’t know much about LED lighting? This blog sheds light on everything you need to know!

The Basics of LED Lighting

The light-emitting diode (LED) is a semiconductor device that produces light when an electrical current passes through it. Compared to other types of lighting, high-quality LED bulbs are more durable, last longer, and provide light quality that is at least as good. LEDs find applications in various fields, including TV back-lighting, displays, Automotive, dimming of lights, optical communication, alarm, remote-controlled operations, robotics, and others.

The global led lighting market size & share accounted for $76.00 billion in 2022 and is projected to record $191.80 billion by 2032, growing at a CAGR of 9.96% from 2023 to 2032.

Top Trends in Market

LED lighting is becoming more and more popular in many countries across the world. For instance, New York had ambitious plans to transition 250,000 of its streetlights to LEDs, with a subsequent plan to extend the switch to decorative lighting in metropolitan areas. In addition, Barcelona (Spain) positioned about 3,000 LED-based smart streetlights that gather information on humidity, pollution, noise, and other climate factors.

LED is anticipated to replace the conventional Compact Fluorescent Lamp (CFL) and Cold Cathode Fluorescent Lamp (CCFL) lighting market. This is because LEDs are a cost-effective solution and are used in various applications like large-screen backlighting and non-backlight screens (OLED).

Rising technological developments in LED are likely to fuel market growth. For instance, Lumileds Holding launched its new LUXEON 2835 commercial LEDs. These LEDs were developed to meet the rising demand for mid-power, high-volume, high-efficiency LEDs for commercial indoor lighting applications.

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Types of LED

Here are some common types of LEDs:

• Through-Hole LEDs
• Surface-Mount Device (SMD) LEDs
• High-Power LEDs
• RGB LEDs
• Organic Light-Emitting Diodes (OLEDs)
• Ultraviolet (UV) LEDs
• Infrared (IR) LEDs

Advantages of LED lights

• Energy Efficiency
• Long Lifespan
• Durability
• Directional Lighting
• Environmentally Friendly
• Design Flexibility
• Better Light Quality
• Heat Emission
• Cost Savings

Leading Market Share Is Held by The Asia Pacific

Based on geography, Asia-Pacific witnessed the largest CAGR in 2022 and is predicted to register a significant CAGR during an anticipated period. The key factors contributing to this growth are the rising construction activities and expenditure on smart city projects across the Asia Pacific. Moreover, other nations researched in our market report include: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Competitive Insight

Some of the LED lighting market key players include Cree, Inc., Everlight Electronics Co., Ltd., General Electric Company, LG Innotek Co., Ltd., Lumens Co., Ltd., Lumileds Holding B.V., Nichia Corporation, Koninklijke Philips N.V., Osram Licht AG, and Seoul Semiconductor Co. Ltd.

For instance, in June 2022, Fluence's acquisition by Signify from ams OSRAM was made public. Signify's platform for agriculture lighting expansion and its position in the lucrative North American horticulture lighting sector would both be strengthened by the purchase.

The LED lighting has emerged as a popular alternative to traditional lighting solutions and continues to expand across various sectors worldwide. The market is expected to continue expanding as LED technology advances and becomes more accessible and affordable to consumers worldwide.