LONDON — Technavio has been monitoring the LED market and it is poised to grow by USD 25.78 bn during 2020-2024, progressing at a CAGR of almost 13% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis.
Frequently Asked Questions:
- What are the major trends in the market?
Growing adoption of energy-efficient lighting technologies is a major trend driving the growth of the market
- At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 12.22% and the incremental growth of the market is anticipated to be $ 25.78 bn.
- Who are the top players in the market?
Acuity Brands Inc., Bridgelux Inc., Cree Inc., Eaton Corp. plc, GENERAL ELECTRIC, LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding, are some of the major market participants
- What is the key market driver?
The declining manufacturing cost of LEDs is driving the growth of the market.
- How big is the APAC market?
The APAC region will contribute 50% of the market share
The market is highly fragmented, and the degree of fragmentation will accelerate during the forecast period. Acuity Brands Inc., Bridgelux Inc., Cree Inc., Eaton Corp. plc, GENERAL ELECTRIC, LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding are some of the major market participants. The declining manufacturing cost of LEDs will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Tagged with LED