LED Market: Overview
Defined by energy efficiency and improved controllability, the advent of light-emitting diodes (LED) is considered revolutionary. By late 2014, LED lighting constituted a substantial share of the global lighting market. The trend is anticipated to continue through the report’s forecast period from 2016 to 2024.
A light emitting diode is defined as a two-lead semiconductor light source. Being a p-n junction diode, it emits light when activated. The recent developments introduced in LEDs allow them to be used in environmental lighting. LEDs have been witnessing surging demand worldwide due to the advantages they offer over incandescent light sources. These include lower energy consumption, improved physical robustness, longer lifetime, faster switching, and smaller size.
LEDs boast disparate characteristics. Thus, their applications are as diverse as aviation lighting, headlamps, automotive, general lighting, forensic, health care, advertising, signals and signage, lighted wallpapers, camera flashes, mobile devices, and electronic devices. LEDs have emerged as a powerful source for lighting; however, they remain somewhat more expensive and require more precise heat and electricity management than compact fluorescent lamps of similar output.
The report on light emitting diodes presents key insights into the growth trajectory exhibited by the LED market over the last few years. An in-depth study of the various economic, social, and commercial factors poised to impact the market over the forthcoming years makes a valuable inclusion in the report.
LED Market: Key Opportunities and Threats
The growing awareness among consumers about the benefits of the longer lifespan of LEDs has been leading to their widespread adoption. The market is also expected to gain impetus from the declining prices of LED lamps, their growing application in display back lighting, and the high efficacy offered by LED lamps.
In the initial days, the application of LED lighting was limited to certain specific purposes and had not entered the mainstream. The emergence of LED in general lighting applications also helped the market to gain momentum. Given its rapid proliferation, the market for LED lighting is soon expected to surpass the conventional market for CFL. However, the high initial cost of LEDs has been restricting their initial acceptance. Nevertheless, considering the longer lifespan of LED lamps, the overall cost incurred on these lamps is found to be lower than CFLs. This is a crucial factor driving the global LED market.
The market also has been gaining from the growing application of LED in display and digital signage or large screens. This, coupled with the falling prices of the technology, would positively influence the growth exhibited by the market during the forecast period. Various technologies are used in the manufacturing of LED products. Chips and components are basic materials used in the production of LED lamps.
LED Market: Vendor Landscape
Enterprises operating in the global LED market are strategically diverse, as they operate at various levels of the market’s value chain. Some of these enterprises focus only on manufacturing LED chips and components, while others are involved in the production of lamps and luminaries. Besides this, there are other companies that are engaged in the delivery and transportation of final products. The rising demand for LED in newer applications would also provide opportunities for the entry of new players in the market.
Key companies operating in the global LED market include Panasonic, LG, Samsung, and Philips.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.