New York, June 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Light Emitting Diode (LED) Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06072076/?utm_source=GNW
The global light emitting diode (led) market is expected to grow from $71.25 billion in 2020 to $78.29 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%.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 $124.7 billion in 2025 at a CAGR of 12%.
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 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.
The light emitting diode market covered in this report is segmented by product type into led lamps and led fixtures. It is also segmented by technology into basic LED, high brightness LED, OLED, polymer and ultra violet LED and by end-user into residential, commercial and industrial.
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 the fruits and plants but also enhances flavor, color and yields in a shorter time. For instance, in 2019, Cree Inc., a USA-based manufacturer of lighting class LEDs and lighting products, launched its next generation XLamp XP-E2 photo red (660 nanometre) and far red (730 nanometre) LEDs, to improve crop production under LED lights that helps to provide a unique combination of optical control, light output and high power LED reliability to be used in horticulture.
In 2019, Signify, a Dutch-based based provider of connected LED lighting systems, software and services, announced its decision to acquire Cooper Lighting Solutions for $1.4 Billion. Signify is expected to close the deal in the first quarter of 2020.Through the acquisition, signify aims to strengthen its market position in North America by utilizing the broad indoor and outdoor lighting solutions provided by Cooper Lighting Solutions. Cooper Lighting Solutions headquartered in United States, is a provider of professional lighting, lighting controls, and connected lighting.
Read the full report: https://www.reportlinker.com/p06072076/?utm_source=GNW
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