Global LED Indicators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global LED Indicators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

LED indicators are light-emitting components used to display functions, battery or electronic equipment status, and monitor and alarm the operating status of the equipment. LED indicators are found in a wide variety of industries and are especially important in safety-critical industries such as industrial machinery and defense and aerospace applications.

Market Overview:

The latest research study on the global LED Indicators market finds that the global LED Indicators market reached a value of USD 331.14 million in 2022. It’s expected that the market will achieve USD 411.05 million by 2028, exhibiting a CAGR of 3.67% during the forecast period.

Miniaturization and high-power development of LED

Miniaturization is accelerating in nearly every industry, especially in advanced applications such as RF/wireless devices, consumer electronics, and data center/edge computing. Designers must contend with higher feature densities and changing user expectations when creating ever smaller components. SMD LEDs minimize visual clutter, focus indications where needed, and simplify the circuitry involved. Miniaturized LED indicators can further improve the level of detail in the application field. For example, when applied to smartphones, it conforms to the current aesthetic trend of narrow borders; When applied to outdoor large screens, the image quality and color degree are further improved, and the seam problem of the original technology is solved; the development of medical-grade wearables helps patients manage their care more unobtrusively with heart rate monitoring, which informs doctors' diagnostic and treatment decisions. For example, Peloton has launched a forearm-worn heart rate monitor with LED indicators. The wristband uses optical sensors and is equipped with an LED array for quick access to device information. Mini/Micro LED further reduces the LED device pitch and chip size based on small-pitch LEDs. It has the characteristics of thinness, high image quality, low power consumption, etc., and has the characteristics of local dimming. This can effectively improve the brightness and contrast of the screen, achieve a more sophisticated dynamic backlight effect, and is superior to OLED in terms of brightness and color rendering. With the miniaturization of LED devices and the transformation of automotive lighting to LED lights, the power of LEDs is also developing towards higher power. Demand for high-brightness LEDs remains high in environments such as industrial control rooms or in environments where daylight visibility is critical. SMD LEDs can also deliver extremely high brightness levels of 50 to 100 lumens per watt. This requires enterprises to be stricter and precise in product design and material selection, and fully consider the light extraction efficiency and heat dissipation performance of LED lights. In recent years, the rapid rise of electronic products represented by applications such as new energy vehicles, smart cities, and smart homes requires LED devices with higher luminous efficiency. Therefore, the miniaturization and high-power development of LED indicators can be used in future applications requiring maximum light output.

Technology development promotes the integration of the LED industry and emerging industries

With the rapid development of the LED industry, the performance of LED chips and packaging devices continues to improve, and the downstream application market continues to expand. The LED industry has formed an obvious trend of surpassing lighting and cross-industry development. LED technology is being combined with IT technology, Internet of Things technology, artificial intelligence, machine vision, life science technology, sensor technology, etc., and has become an important part of the new generation of information technology. LEDs can be widely used in emerging market areas such as smart cities, the Internet of Things, smart homes, smart lights, artificial intelligence, robots, face recognition, green agriculture, medical health, and disinfection. LED indicators can be fully lit in seconds, and installation time is shorter, which is important for various industries. Also, due to their bright brightness, these signs can be seen in daylight. In terms of intelligent lighting, through the integration of electronic components and control software, lighting electricity and maintenance costs can be saved, and intelligent lighting control and management of indoor lighting and outdoor urban road and landscape lighting can be realized. With the development of intelligent lighting, the demand for high-end LED devices and modules such as high luminous efficiency and high CRI is growing rapidly. With the advancement of 5G technology, the application market of infrared LEDs in face recognition, security inspection, and automobile automation will gradually increase, such as smart thermostats, home security lights, and other smart electrical status indicators. In the field of smart cities, LED manufacturers have begun to build a smart city central management platform, using modern technology to simplify monitoring and maintenance tasks, with functions such as smart city central management, large-scale urban lighting management, security monitoring, energy management, and asset management, etc., through the Internet of Things The layout realizes the transformation of the enterprise. Skoda's, for example, put dancing lights in the grille of the Enyaq to help pedestrians cross the road. In the field of LED car lights, LED manufacturers have acquired car light manufacturers or established joint ventures with car manufacturers to develop LED car lights simultaneously with car OEMs and car light factories. The LED turn indicators on the 2023 Kia Seltos, for example, have a sequential function, adding a premium touch. Other motorcycles, electric vehicles, and helmet companies are also constantly launching new LED products. Giro, for example, has two new helmets featuring white and red LED lights on the front and red LED lights on the rear, as well as amber turn signals that can be controlled via the handlebar remote. In addition, as an optoelectronic semiconductor, LED plays an important role in reducing energy consumption and semiconductors. Background that countries pay more and more attention to ecology, environmental protection, and sustainable development, the government will continue to support the development of the LED industry. Therefore, the development of LED technology promotes the integration of the LED industry and emerging industries.

Increased demand in the automotive sector

LED has the characteristics of low energy consumption, small size, long life, no pollution, fast response, low driving voltage, strong shock resistance, high color purity, etc., and is known as a new generation of lighting source and green light source. Widely used in various indications, displays, decorations, backlights, lighting and urban landscapes, and other fields. The automobile industry is one of the largest industries in the world. It has become a pillar industry of the national economy of developed countries such as the United States, Japan, Germany, and France. It has the characteristics of high industrial correlation, wide coverage, high technical requirements, strong comprehensiveness, a large number of parts and components, and high added value. The application fields of LED in the automotive industry are gradually expanding, including intelligent headlights, intelligent interactive signal taillights, interior ambient lights, new vehicle display modules, infrared photoelectric sensors, laser radar, and other professional lighting, Micro/Mini-LED transparent New display and intelligent sensing, etc. The penetration of LED headlights has progressed rapidly since 2018. In the field of vehicle display, the demand for LED indicator lights of vehicle panels such as central control panels, head-up displays, satellite navigation, entertainment panel, and instrument panels is growing rapidly. Increasing production of passenger cars, trucks, buses, and other commercial vehicles drives the growth of the market. Increasing road conditions and the development of new roads, along with increasing infrastructure development plans, have positively impacted the automotive market. With the development of new energy vehicles, LED lights can not only meet the needs of energy saving and environmental protection but also meet the needs of autonomous driving technology. As the core components of new energy vehicles, LED optoelectronic semiconductor devices will usher in rapid growth with the increase in the number of new energy vehicles.

Region Overview:

In 2022, the share of the LED Indicators market in North America stood at 30.89%.

Company Overview:

The major players operating in the LED Indicators market include IDEC(APEM), CML Innovative Technologies, Inc., Schneider Electric, Dialight, Visual Communications, etc. Among which, IDEC(APEM) ranked top in terms of sales and revenue in 2023.

IDEC(APEM)

At APEM, we can design and manufacture any Human Machine Interface, whatever your requirements may be. Our extensive experience enables us to develop unique switches, joysticks, and panel solutions with our customers that meet the highest standards.

CML Innovative Technologies, Inc.

The company's goal is to operate as a vertically integrated, highly automated manufacturer providing one-stop lighting solutions for its customers' lighting requirements.

Segmentation Overview:

By type, Monochromatic LED Indicators segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Industrial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global LED Indicators market covered in Chapter 3:

Visual Communications
Banner Engineering
Schneider Electric
MARL
Bulgin
CML Innovative Technologies, Inc.
IDEC(APEM)
Dialight
Lumex
Micropac Industries
Wamco
Kingbright
Bivar
LEDtronics

In Chapter 4 and Chapter 14.2, on the basis of types, the LED Indicators market from 2018 to 2029 is primarily split into:

Monochromatic LED Indicators
Multicolor LED Indicators

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the LED Indicators market from 2018 to 2029 covers:

Electronics
Automotive
Medical
Architecture
Industrial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)