LEDs or light-emitting diodes are vital elements of semiconductor devices and transmit light by virtue of electroluminescence. Products with LED lighting are bundled collection of light-emitting diodes that offer durable, eco-friendly, and cost effective lighting systems. These products do not give out carbon dioxide which thus makes them environment friendly. When compared to the traditional incandescent bulbs, the light-emitting diode lighting system consumes 80% less energy. This makes them increasingly cost efficient as well as energy efficient for the customers.
The global light-emitting diode market is expected to grow at a CAGR of 18.46% over the course of given forecast period of 2017 to 2021.
The global market for light emitting diodes is expected to be chiefly driven by the huge benefits offered by these LEDs compared to the traditional incandescent bulbs. Due to its eco-friendly results and energy-efficient performance, more and more people are projected to adopt LED lighting systems. This is expected to lead to the rapid growth of the market. Additionally, the market is projected to be driven due to backing of governments to take up LEDs due to the fast depletion of natural resource as well growing hazard of global warming. Furthermore, world is experiencing a rapid urbanization. This has been a crucial factor contributing to the growing requirement for energy efficient lighting devices across the households. In addition to this, there is also a growing awareness among people about the deterioration of nature and increasing requirement of energy efficient devices. This trend has been projected to lead to an increased adoption of light-emitting diodes across a wide range of industries, thus, resulting into the overall growth of the global LED market in the coming years. However, there are some challenges that may hamper the growth of the global market. One of the major impeding factor that may affect development of the global light-emitting diode market is the clear lack of standardization.
The global light-emitting diode (LED) market can be segmented to into key geographical regions such as the Americas, Asia Pacific, and the Middle East and Africa among others.
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Some of the key players in the global light emitting diode market include names such as Cree, LG Innotek, GE Lighting, NICHIA, OSRAM, Samsung Electronics, Philips Lighting, Emerson, Eaton, Dialight, Lite-On, MLS (Forest Lighting), TOYODA GOSEI, and Seoul Semiconductor among others.