According to the ‘Global Light Emitting Diode (LED) Market Report 2024‘, the LED industry is entering an era characterised by rapid technological advancement and increasing penetration in various sectors: the size of the global LED market, which reached an extraordinary $85.7 billion in 2024, is expected to achieve a substantial growth rate, expanding to $114.04 billion by 2028.
The factors driving this growth are many, but certainly include increased use of IoT in digital lighting, growing awareness of sustainability, the integration of LEDs in electric vehicles and the possibility of customisation in different application contexts.
The Asia Pacific region leads growth as the largest market, while North America follows closely with significant contributions to the industry’s expansionary scope and innovation.
According to the report, the industry trends and innovations influencing the future are:
- Human-centred lighting: design innovations are increasingly addressing human health and productivity;
- Architectural and decorative applications: LEDs are becoming key players in creating visual aesthetics in spaces;
- Horticultural lighting: customised LED solutions are revolutionising indoor agriculture by improving the efficiency of plant growth;
- Li-Fi technology: explorations into using the fidelity of light to transmit data are gaining momentum.
The report outlines the growing preference for LED lighting solutions that provide energy savings, better lighting control and enhanced aesthetic value. This trend is also growing due to government efforts to enhance energy efficiency, supporting transitions to clean energy.
Quantum has been an industry leader since 2005: we design, develop and implement a turnkey solution through dedicated lighting design, identification of the best technological solution, remote surveillance and automated monitoring of LED luminaires.
One of our main objectives is also to use the power of light to improve the way our customers work and live, using Human Centric Lighting, a type of lighting that focuses on people and their daily rhythms, which generates a positive effect on people’s well-being and work performance.
Sources: researchandmarkets.com