The global LED market size was US$ 79.5 billion in 2021. The global LED market is forecast to grow to US$ 191.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030. 

A light-emitting diode (LED) transforms electrical energy directly into light energy. LEDs are replacing incandescent lights due to their applications in lamps. Furthermore, they are considered an energy-efficient solution and can be operated for a longer duration. 

Factors Influencing the Market

• The global LED market is forecast to grow significantly due to its cost-effective nature.
• The rising demand for energy-saving technology will drive the LED market forward. 
• The residential application of LED lights, such as plug-in fixtures, majorly in table lamps, pendants, and floor lamps, is forecast to offer ample growth opportunities.
• The growing trend of smart homes is expected to contribute to the growth of the global LED market. 
• Growing industrialization and rising commercial segments will benefit the global LED market. 
• The increasing number of initiatives for improving healthcare infrastructure will also benefit the global LED market as UV LEDs are widely used in hospitals and clinics. 

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic negatively impacted commercialization and industrialization due to workforce limitations and travel restrictions. Furthermore, the sudden halt in infrastructure development and postponement of government projects negatively influenced the global LED market. Construction activities were also postponed due to a shortage of laborers. Thus, the LED market witnessed a significant downfall in the residential and industrial segments. 

On the contrary, the growth of the medical industry has been beneficial for the global LED market. During the pandemic, the demand for UV LED accelerated. As a result, it accelerated the growth of the global LED market. 

Regional Analysis

The Asia-Pacific LED market is forecast to grow at a significant growth rate. Due to the growing construction industry. Furthermore, the presence of prominent suppliers of LED chips and manufacturing facilities in China, Taiwan, South Korea, and Japan will contribute to the growth of this regional market.

Industrialization is growing rapidly in this region due to the support of government authorities. In addition, the market may witness favourable growth opportunities due to the growing trend of smart homes. 

Competitors in the Market

• Acuity Brands Lighting Incorporated
• Cree Lighting
• Dialight
• Digital Lumens Incorporated
• Hubbell
• LSI Industries Incorporated
• LumiGrow
• Panasonic Corporation
• Siteco GmbH
• Signify Holding
• Semiconductor Co. Ltd. (Seoul Semiconductor)
• Zumtobel Group Ag
• Other Prominent Players

Market Segmentation

The global LED market segmentation focuses on Product, Application, End-Use, and Region. 

By Product Outlook

• Lamps
  • A-Lamps
  • T-Lamps
  • Others
• Luminaires
  • Streetlights
  • Downlights
  • Troffers
  • Others

By Application Outlook

• Indoor
• Outdoor

By End-use Outlook

• Commercial
• Residential
• Industrial
• Others

By Region Outlook

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America