A recent report published by Infinium Global Research on the LED market provides an in-depth analysis of segments and sub-segments in global as well as the regional LED market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional LED market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global LED market. According to the report, the global LED market is projected to grow at a CAGR of 15.7% over the forecast period of 2018-2024.
A Light emitting diode (LED) is a semiconductor component that emits light when an electric current is passed through it. Since light is generated within the solid semiconductor material, LEDs are described as solid-state devices. LED are now majorly used as a light source for a short-range fiber-optic transmission system that is, over a distance of fewer than 100 meters (330 feet). The major advantage of LED’s is that they have a longer lifespan as they are energy efficient source of light. They are durable and shockproof, unlike glass bulb lamp types. Visible LEDs are used in many electronic devices as indicator lamps, in automobiles as rear-window and brake lights, and on billboards and signs as alphanumeric displays or even full-color posters. In addition, Infrared LEDs are employed in autofocus cameras and television remote controls and also as light sources in the fiber-optic telecommunication systems.
The benefits offered by LED light bulbs is that it can save money not only because they are roughly 80% more energy efficient than other bulbs, they also produce far less heat than metal halides, CFLs, and incandescent light bulbs. LED’s are one of today’s most promising technology as no mercury makes them a cleaner alternative to fluorescent and CFL lamps. On the other hand, LED replacement bulbs are durable and ecologically friendly. They can be recycled to reduce the carbon footprints up to one third as they can stay bright up to 11 years of continuous operation. The rapid rise of light emitting diode (LED) lighting as a viable option for commercial and industrial applications, government projects, and upcoming smart building projects has flooded the market with a wide array of products and information.
The major application of LED also comes in lightning, consumer electronics and automotive. Lighting contributes principle needs such as ambiance, performance, comfort and an environment where one can feel the space. In consumer devices, LCD reflective display technology can truly put the device in front. The revolutionary LED front light guide panel enables battery savings, thinner display stacks, daylight readability for any use such as home assistants, tablets, e-readers, cyclometers, GPS devices and so on. Automotive applications for LED include interior lighting such as dome, dash, and footwell lighting, indicator and telltale lights and infotainment backlighting as well as exterior functions such as tail lights, turn signals, brake lights including CHMSL (center high-mount stop lamps), parking lights, side marker lights, fog lamps and daytime running lights (DRLs).
Declining LED prices coupled with favorable government initiatives to drive the growth of the LED market. Moreover, technological advancements and the shift from conventional to green lighting with enhanced energy efficiency standards are strengthening the growth of the LED market. However, levy of GST on LED lights and raw materials causes the revenue leakage. This, in turn, is curtailing the growth of the LED market.
Since the LED lights range from a lower price, local manufacturers receive low margins which in turn brings intense competition from Chinese Players as their products are available at cheaper price points though of substantial quality. Furthermore, expansion in infrastructure development such as roads and the growing preference of people towards energy efficient and innovative lighting solutions are creating several growth opportunities for the key players in the LED market. On the other hand, IOT shall be next technology where several devices shall be linked to one as lighting has become like data. Technologies such as Li-Fi that is basically like Wi-Fi but with light and indoor positioning which tracks people’s positions to use luminaries are on the basis of visible light communication. The market for LED lighting is soon expected to surpass the conventional market for CFL.
Among the geographies, Asia Pacific dominated the LED market. Taiwan, Japan, and China are the key contributors to regional growth owing to initiatives undertaken by the respective governments for acceptance light emitting diodes and existence of a large number of market players. Currently, the demand for LED lighting in India is largely driven by Metros, because of stronger awareness. Philips and Panasonic active involvement in the Indian market and are also indicators of LED market potential. The Indian market continues to be mainly driven by the government which makes up 51% of all LED orders. In recent years, U.S. has announced new policies and guidelines regarding the use of light emitting diode technology, invested in research and development of energy-efficient lighting solutions. Moreover, In European countries, the price of LED lamps is anticipated to compete with compact fluorescent lamps by 2018 that shall further speed up the shift from CFLs (Compact fluorescent lamp) to light emitting diodes.
The report on global LED market covers segments such as types, application, and end-users. On the basis of types, the global LED market is categorized into visible LED, an infrared LED. On the basis of application, the global LED market is categorized into indicator lights, LCD panel backlighting, fibre optic data transmission, remote control, and optoisolators. On the basis of end-users, the global LED market is categorized into consumer electronics, automotive, and lighting.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the LED market. As a result, the APAC region is projected to experience a growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global LED market such as Panasonic, LG, Samsung, Philips, Toshiba Corp, Cooper Industries Plc., Cree Corporation, Osram Opto, Dialight Plc, and Digital Lumens Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global LED market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the LED market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the LED market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the LED market to understand the present and future trends in this market and formulate their strategies accordingly.