LED market to reach $96.71 bn, globally, by 2024: Reports
Asia-Pacific is anticipated to exhibit the highest CAGR during the period, forecasts Allied Market Research (AMR).
The global LED market was valued at $33.10 billion in 2017 and is projected to reach $96.71 billion by 2024, registering a CAGR of 15.9% from 2018 to 2024, says a recent report titled ‘Global LED Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2024’, published by Allied Market Research (AMR).
Light emitting diodes (LEDs) are used in variety of applications. A few years ago, application of LED was limited to certain specific lighting needs and had not entered the mainstream general lighting applications. Entrance of LED in applications such as general lightings have given a strong thrust to the market. LED is expected to take over the conventional CFL and CCFL lighting market due to advanced features. Moreover, it is a cost-effective solution for all lighting as well as other application purposes such as backlighting in large screen displays, automotive lighting and many others.
At present, Asia Pacific dominates the market, followed by Europe. In 2017, according to the AMR report, the US is expected to remain dominant in the North America market, while China is projected to lead the overall market in Asia Pacific.
Increase in government focus on energy saving solutions, increase in utility rebates, and Growing display and large screen backlighting market are the factors that drive the market. In addition, growth of smart lighting and high efficacy LED boost the growth of the LED market. However, high initial cost restricts the growth of the market.
Key findings of the AMR report on global LED market include:
• The residential segment generated the highest revenue in the global LED market in 2017.
• In 2017, the general lighting segment contributed to the highest revenue in the application segment.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
“In 2017, the general lighting segment dominated the global LED market based on application, in terms of revenue. Furthermore, based on end-user, the residential segment contributed to major revenue share of the global LED market, followed by architectural in 2017. LED is gaining popularity as a strong replacement for traditional incandescent bulbs. Falling cost of LED lamps is the reason for the increasing use of such lamps. LED lighting is gaining pace in developed countries and people are gaining awareness in developing nations too. This makes general lighting a lucrative source for the global LED market,” Rahul Kumar and Richa, Semiconductor & Electronics at AMR.
The key players profiled in the report are Nichia Corporation, Osram GmbH, Lumileds Holding B.V., Seoul Semiconductor, Samsung Electonics, Everlight Electronics, Cree Inc., LG Innotek, Lumens Co., Ltd. and GE Lighting Solutions.