A light-emitting diode (LED) is a semiconductor, electroluminescence device that emits light when an electric current is passed through it. Cost-effectiveness, reliability, minimal power consumption, and a longer life-span are some of the key benefits offered by LED lights when compared with the conventional lighting systems, such as incandescent and compact fluorescent light (CFL) bulbs. Owing to these benefits, these lights find extensive applications in both the outdoor and indoor settings across various industry verticals, ranging from electronics to healthcare.

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Market Trends

The global market is driven by the rising environmental consciousness across the globe, which has led to an accelerated shift toward the adoption of energy-efficient lighting solutions. Furthermore, the implementation of favorable government policies promoting the utilization of LED lighting systems, along with significant investments by both the government and non-governmental sectors, is creating a positive impact on the market. Other factors, including technological advancements and the emerging trend of smart cities, are projected to drive the market further. IMARC expects the market to reach a value of US$ 1.74 billion by 2024, growing at a CAGR of around 6% during the next five years.

Key Market Segmentation:

Performance of Key Regions

1. India
2. China
3. Europe
4. United States
5. Japan
6. Brazil
7. Russia

Market by Application

1. Retrofit
2. Retail and Hospitality
3. Outdoor
4. Offices
5. Architectural
6. Homes
7. Industry

Key highlights of the report:

Market Performance

Market Outlook

Porter’s Five Forces Analysis

Market Drivers and Success Factors

SWOT Analysis

Value Chain

Competitive Structure

Profiles of Key Players

Some of the major players operating in the industry include Samsung Electronics (SSNLF), Everlight Electronics (EVLEF), Osram (OSAGY), NICHIA CORPORATION, LG Innotek (011070.KS)

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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