Market Overview

A light-emitting diode (LED) is a semiconductor device that emits light when an electric current is passed through it. Light is produced when the particles carrying current combine together within semiconductor material. The color of light is determined by the energy required for electron to cross the band gap of semiconductor. An LED can produce different range of colors including red, yellow, blue, green, white, purple, bi-color, tri-color and infrared. LEDs are typically used in indoor lighting, outdoor lighting, and as a backlight source in LCD display. Currently, LEDs are among the most efficient lighting sources available and is expected to become the first technology in the near future. Furthermore, LED offers long lifespan, durability, design flexibility, energy efficiency, economic efficiency, low-voltage operation, zero UV emissions, etc.

The global LED Lighting market was valued for US$ 47,781.0 Mn in 2019 and the market is expected to grow at a CAGR of 17.7% during the forecast period.

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Market Dynamics

Rising awareness among the people about energy shortage is expected to fuel the Global LED Lighting Market in the forecast period. People are becoming more aware about the global energy shortage, making more energy conscious choices in there day to day today life. Moreover, companies are also preferring LED over other light bulbs. LED are cheaper, provides long compared to other devices. Using LED devices companies also showcase their concern about environment which eventually help companies to create good will among the society. Government of different countries have separate bodies to create rules and regulation for energy consumption and also create awareness among the people about energy conversion. For instance, Bureau of Energy Efficiency, is an Indian Government agency specially established to develop programs which will increase the conservation and efficient use of energy in India. Make aware the people about current energy problems world facing. These factors will drive the growth of Global LED Lighting Market in the forecast period.

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Key companies operating in the global LED Lighting market are Daktronics Inc., OSRAM Licht AG, Hubbell Lighting, Inc., GE Lighting, LLC, Acuity Brands Lighting, Inc., Cree, Inc., Toshiba Lighting and Technology Corporation, Sharp Corporation, Philips Lumileds Lighting, Eaton Corporation (Cooper Industries PLC), and Samsung Electronics Co. Ltd.

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