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NEW YORK , July 14, 2022 /PRNewswire/ -- The global LED market is forecasted to grow by USD 96.82 billion , accelerating at a CAGR of 13.10% between 2020 and 2025. Technavio segments the market by application (general lighting, backlighting, automotive lighting, and others), geography (APAC, Europe , North America , South America , and MEA), and product (luminaires and lamps). The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
Governments and regulatory bodies in developed nations such as the US have implemented stringent reforms related to the use of energy. Several cities in the US such as Seattle , Minneapolis , Oklahoma City , St. Louis , Richmond , Orlando , Hartford , Milwaukee , Nashville , and Phoenix are observing high adoption of LEDs. Similarly, the European Union has established a framework called the Ecodesign Directive, which focuses on improving the energy efficiency of products and removing inefficient lamps from the European market. Such measures are creating significant growth opportunities for vendors operating in the market.
Technavio categorizes the global LED market as a part of the global semiconductors market within the overall global semiconductors and semiconductor equipment market. The parent, global semiconductor market covers manufacturers of semiconductors and related products. Technavio defines semiconductor manufacturers as the companies that are involved in the production of integrated circuits (ICs) such as memory, logic, analog, and micro components; optoelectronics; sensors; and discrete semiconductors.
The market is primarily driven by the growing adoption of energy-efficient lighting technologies. Lighting consumes 20% of the global electricity production. With the increasing demand for lighting, the demand for electricity is increasing steadily across the world. This is driving many countries to ban the use of incandescent bulbs and encourage the adoption of other energy-efficient lighting technologies, including halogen, CFL, LFL, and LED. Besides, the growing awareness about power and energy conservation among consumers has increased the adoption of energy-efficient lighting technologies, particularly LEDs, which consume at least 75% less energy than traditional incandescent bulbs and last 25 times longer. All these factors are driving the growth of the market in focus.
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APAC to dominate the LED market with a 50% share and the market will record the highest growth in the region during the forecast period. The market in APAC is growing at a rapid rate due to the increased demand for LEDs from commercial and residential end-users. The region is emerging as a global hub for industries such as retail, hospitality, and healthcare. Many multinational companies are setting up their manufacturing facilities in the region due to the availability of low-cost labor and raw materials. Moreover, the thriving IT infrastructure in the region is expected to foster the growth of the LED market in APAC during the forecast period.
General lighting segment will generate maximum revenue in LED market. The general lighting segment is witnessing unprecedented demand for LEDs due to the presence of favorable government regulatory frameworks across the globe for LED lighting. In addition, the declining cost of LEDs will further accelerate the growth of the market in the segment.
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The global LED market is highly fragmented and comprises well-diversified international and regional vendors. The international players are increasing their footprint globally with LEDs becoming the go-to lighting technology. Technavio expects the competitive environment to intensify over the forecast period with an increase in product or service extensions, M&A, and innovations in technology by the leading global and regional vendors. Also, international players are engaging in the acquisition of regional or local players to grow and expand their product lines and gain a competitive advantage over their competitors. A majority of the vendors in the market are manufacturers of lighting solutions that are extensively focused on the LED lighting segment.
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Accelerate at a CAGR of 13.10%
APAC, Europe, North America, South America, and MEA
China, US, Japan, India, and Germany
Leading companies, competitive strategies, consumer engagement scope
Acuity Brands Inc., ams AG, Bridgelux Inc., Eaton Corp. Plc, General Electric Co., Lumileds Holding BV, Nichia Corp., Signify NV, SMART Global Holdings Inc., and WOOREE E and L Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period.
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Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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