Light Emitting Diode (LED) Global Market Report 2022 – GlobeNewswire
New York, March 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Light Emitting Diode (LED) Global Market Report 2022” – https://www.reportlinker.com/p06247502/?utm_source=GNW
The global light emitting diode (led) market is expected to grow from $61.33 billion in 2021 to $71.04 billion in 2022 at a compound annual growth rate (CAGR) of 15.8%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $113.40 billion in 2026 at a CAGR of 12.4%.
The light emitting diode (LED) market consists of sales of light emitting diode (LED) and related services.It is widely used in backlighting of TV, mobile phones, automotive lighting and display boards.
A light emitting diode (LED) emits light as electrical current passes through it. LEDs are very small, consumes less electric power and can emit lights of different colors based on the semiconductor used in it.
The main product types of light-emitting diode are LED lamps and LED fixtures.A LED fixture has LEDs built right into the luminaire.
The various technologies used in the products include basic LED, high brightness LED, OLED, polymer and ultraviolet LED that is used by residential, commercial and industrial end-users.
Asia Pacific was the largest region in the light emitting diode market in 2021.North America was the second-largest region in the light emitting diode market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increased government focus on saving energy contributed to the growth of the light emitting diode (LED) market.LED lamps are more efficient in terms of energy consumption and provides high luminous intensity.
LED consumes less power when compared to incandescent bulbs that reduces the load on electric power plants, which in turn reduces the amount of fuel being burnt to generate electricity. For instance, in 2019, in India, the government of India under its energy efficiency program distributed 21 crores (0.21 billion) LED bulbs in the country. Also, in 2019, in Europe, the EU government banned all halogen bulbs in an effort to promote the use of LED bulbs to save energy. Thus, the increased focus of government on saving energy positively drives the growth of LED market.
The harmful effects of LEDs on human health restricts the growth of light emitting diode (LED) market.LEDs uses shortwave light and its prolonged exposure can damage the vision of a person.
For instance, in 2019, according to the ‘French Agency for Food, Environmental and Occupational Health & Safety’ (ANSES), blue lights used in households, offices, headlights, torches, toys and street lighting can damage the eye’s retina, while disturbing biological and sleep rhythms.The report also states that an increased exposure to blue light emitted from LEDs increases the risk for age-related macular degeneration that can cause vision loss in adults.
These harmful effects of LEDs negatively impact the light emitting diode, affecting the market’s growth.
Production of LEDs specifically for horticulture is an emerging trend in the light emitting diode (LED) market.Light plays an important role in promoting the plant’s growth and LEDs have the capability to control the spectrum of the light provided to the plants irrespective of the season.
The LED lights used in horticulture not only promotes growth of …….
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