The LED market Light-emitting diodes - Italy

The light-emitting diode, better known as LED, is an electronic component that generates light when it flowsthroughan electric current. LEDs are widely used for lighting(despite higher costs than other types of lighting), but also for the production of electronic or signaling devicessuch as for backlighting displays or as the main light source (OLED displays) in televisions. The LED market involves several segments, such as chip manufacturing, packaging, control, but also the manufacture of the LED module, the lighting device (the bulb), and finally the integration (the luminaire). In 2021, the global LED market was worth more than $77 billion, and the market is expected to grow at a compound annual growth rate of 17.6 % between 2022 and 2029. In particular, the factors that will drive the growth of this market are the increased attention and regulation regarding energy efficiency and savings. The Italian LED market has excellent development prospects. Explaining the growth of the market in the Italian territory are two main factors: the growing concern of the population about energy saving issues and the public sector investing in smart cities. In fact, especially in residential and iondustrial lighting, a growing portion of people are opting for LED lighting sources, the latter being able to consume much less energy than traditional forms of lighting and also presenting better prospects in terms of longevity. ASSIL (National Association of Lighting Manufacturers) states that with LED systems in apartment buildings, energy savings of up to 78 % and an annual reduction of 664.6 kg of co2 can be generated.