The light emitting diode (LED) market effectively consists of sales of light emitting diode (LED) and linked services. It is widely utilized in backlighting of TV, mobile phones, automotive lighting and display boards. A light emitting diode (LED) discharges light as electrical current passes through it. The LEDs are very small, devours less electric power and can emit lights of dissimilar colors based on the semiconductor utilized in it.
According to the report analysis, ‘Light Emitting Diode (LED) Global Market Report 2020’ states that in the light emitting diode (LED) global market there are several corporates which presently functioning more effectively for dominating the handsome value of market share around the globe and leading the highest market growth while delivering the better consumer satisfaction, advancing the specifications of such, decreasing the linked prices, employing the young work force, implementing the profitable strategies, analyzing and studying the strategies and policies of competitors and government, and enhancing the specifications of the production technologies includes OSRAM Licht AG, Cree, Inc., Phillips Lighting Holding, and Lumiled holding B.V, Cooper Industries, Virtual Extension, Dialight plc, Zumtobel Group AG, Samsung and Sharp Corporation.
The worldwide light emitting diode (LED) market was worth USD 68.5 billion during 2019. It is projected to increase at a compound annual growth rate (CAGR) of 15.97% and reach USD 123.89 billion by 2023.
The light emitting diode (LED) market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the light emitting diode (LED) market throughout 2019.
The augmented government aim on saving energy participated to the growth of the light emitting diode (LED) market. LED lamps are more proficient in terms of energy consumption and delivers high luminous intensity. LED optimizes less power when linked to incandescent bulbs that decreases the load on electric power plants, which in turn diminishes the amount of fuel being burnt to create electricity. For instance, during 2019, across India, the government of India under its energy proficiency program distributed 21 crores (0.21 billion) LED bulbs across the country. Also, during 2019, in Europe, the EU government debarred all halogen bulbs in an effort to encourage the use of LED bulbs to save energy. Thus, the augmented focus of government on saving energy positively propels the growth of LED market.
Introduction of LEDs specifically for horticulture is a developing trend in the light emitting diode (LED) market. Light plays an essential role in encouraging the plant’s growth and LEDs have the competence to control the spectrum of the light delivered to the plants irrespective of the season. The LED lights utilized in horticulture not only helps growth of the fruits and plants but also develops flavor, color and yields in a shorter time. For instance, during 2019, Cree Inc., a USA-based producer of lighting class LEDs and lighting products, established its next generation XLamp XP-E2 photo red (660 nanometer) and far red (730 nanometer) LEDs, to enhance crop production under LED lights that helps to deliver a unique amalgamation of optical control, light output and high power LED reliability to be utilized in horticulture. Therefore, in the near years, it is predicted that the market of light emitting diode will increase around the globe more actively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications