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The LED industry is being driven by the implementation of favourable regulations by several governments worldwide on products that are energy efficient. Further, the demand for the use of LEDs is rising in the developing economies due to growing population, resource scarcity, and climate change. In addition, governments of emerging nations, such as India and China, are making efforts to develop new houses for homeless people, consequently affecting the LED industry in the region positively as consumers are more likely to purchase affordable and long-lasting products. The market has further grown in the year 2020, as the COVID-19 outbreak brought into effect WFH, resulting in a high demand for LEDs from the residential sector.
The market is boosted by the intense competition among the key industry players of LED, like OSRAM Licht AG (OTCMKTS: OSAG) and Seoul Semiconductor Co Ltd (KOSDAQ: 046890). In September 2019, OSRAM Licht AG introduced new LiDAR (Light Detection and Ranging) lasers, which is expected to be used in autonomous vehicles. This recent invention is developed with the aim to help the driver see longer distances with relative ease. Such innovations in the industry are expected to propel market growth further over the forecast period.
Market Analysis by Type, Technology, Application, and Region:
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OSRAM Licht AG, Nichia Corporation, Signify N.V., Lumileds Holding B.V., Seoul Semiconductor Co Ltd, LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited., among others, are the key players in the global LED market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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