Global Visible Light-Emitting Diodes (LEDs) Market 2023-2030

Global Visible Light-Emitting Diodes (LEDs) Market 2023-2030

Global Visible Light Emitting Diode (LED) Market Size, Share & Trends Analysis Report Market by Technology Type (AlInGaN, AlInGaP, and AlGaAs), by Application (Indoor, and Outdoor), and by End Users (Commercial, Residential, Industrial) Forecast Period (2023-2030)

The global visible LEDs market is anticipated to grow at a considerable CAGR of 13.2% during the forecast period. The visible radiation refers to the wavelength range between 400 nm and 800 nm, which can be perceived by the human eye. The growing demand for LED lights in several applications, such as industrial, and commercial is propelling the market growth. The visible light-emitting diode driver has become an important part of commercial and industrial lights and has helped in the reduction of electricity costs considerably. For instance, in February 2023, Signify Holdings introduced a range of new solutions for the retail industry, including the Philips StoreFlow retail lighting system, Interact Retail hybrid lighting controls, and a collection of luminaires crafted from recycled materials.

Segmental Outlook

The global visible LED market is segmented based on technology type, application, and end user. Based on technology type, the market is segmented into AlInGaN, AlInGaP, and AlGaAs. Based on application, the market is sub-segmented into indoor and outdoor. Based on end users, the market is segmented into commercial, residential, and industrial. Among these, The residential market is growing worldwide, which has increased demand for floor lamps, lamps, cabinet lights, etc.

Indoor Application of Visible LED is expected to grow at a Significant rate during the Forecast Period

Visible LEDs, due to their numerous advantages are expected to become the dominant indoor lighting technology. Because of various benefits, it can also be switched ON/OFF at high frequency, enabling their additional use for wireless and indoor positioning. The use of Visible LEDs propels the demand for Visible LEDs in this segment. Apart from houses, office spaces are also becoming one of the common LED lighting applications. In today's business world, owners and managers are placing more emphasis on the overall well-being of their employees. By switching to LED lighting, offices can provide bright light for their employees. This helps them see better and experience less eye fatigue. The color of the light can help brighten moods and comfort. This is the result of an increase in the demand for high-intensity discharge and fluorescent bulb substitutes from supermarkets, shopping malls, and retail establishments. LED lighting generates less heat, and costs less than conventional lighting options. The segment's growth is also predicted to be aided by rising demand in public institutions like hospitals and schools.

Regional Outlook

The global visible LED market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the North American region is expected to be the fastest growing market due to rising demand for smart lights and increased awareness of environmentally friendly lighting, the market in North America is expanding quickly.

Asia Pacific Region is Anticipated to Hold the Major Share in the Global Visible LED market

Geographically, the Asia Pacific region holds a sizeable market share due to the presence of major industry players and supportive initiatives from the government. In March 2021, the Indian government introduced GRAM UJALA scheme for rural households, under which it aims to distribute LED bulbs at an affordable price of Rs. 10 per bulb. As per the data by the Ministry of Power, in 2020, the Indian government deployed 366 million LEDs; the Energy Efficiency Services Limited, a government-owned energy services firm, installed >10 million LED smart street lights as part of the LED Street Lighting National Programme.

Market Players Outlook

The major companies serving the global visible LED market include Everlight Electronics Co., Ltd., OSRAM International GmbH, Ushio Europe b.v., Sharp Corp., General Electric among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in July 2021, Signify acquired Telensa Holdings Ltd, a UK-based expert in smart cities wireless monitoring and control systems.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global visible LED market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.