A new report from Transparency Market Research, titled ‘LED Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,’ states that the global LED market is expected to expand at a rapid pace during the period between 2016 and 2024 owing to the many benefits offered by LEDs and their rising applications.
Defined by improved controllability and energy efficiency, the arrival of light-emitting diodes (LED) is considered to be revolutionary. By 2014, LED lighting constituted a major share of the global lighting market and the trend is expected to continue during the period between 2016 and 2024. LED is a two-lead semiconductor light source, which emits light when activated. The recent advancements in LEDs allow them to be extensively used in environmental lighting. Over the past few years, LEDs have been registering growing demand owing to the many advantages they offer. Low energy consumption, longer life, improved physical robustness, smaller size, and faster switching are some of the advantages offered by LEDs.
Applications of LEDs are as varied as headlamps, aviation lighting, forensic, general lighting, healthcare, signals and signage, advertising, camera flash, electronic devices, and mobile devices. Over the past few years, LEDs have emerged as a very powerful lighting source; however, they require more precise electricity and heat and remain more expensive as compared to compact fluorescent lamps.
Initially, the application of LED was limited to specific purposes. The introduction of LED in the mainstream market and in generic lighting applications has helped the global market to gain momentum. Considering its rapid proliferation, the global LED market is predicted to surpass the conventional CFL market. Factors such as the rising awareness among people about LED lamps, the energy saving benefits offered by LEDs, and their widespread adoption are expected to propel the global LED market in the near future. Going forward, the global LED market is expected to benefit from the declining prices of LEDs and their increasing application in display backlighting.
Considering the long lifespan of LEDs, the number of people investing in LED lamps is expected to increase. The increasing application of LED in digital signage and display lights is expected to benefit the global LED market. Further, technological advancements are expected to assist leading players in introducing new LED lights in the global market.
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By region, the global LED market is divided into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Key companies in the global LED market are strategically diverse and operate at different levels. Some of the key companies focus on manufacturing different LED chips and their components. Many others manufacture LED lamps and luminaries. Philips, LG, Samsung, and Panasonic are some of the top companies operating in the global LED market.