From 2020 to 2025, the compound annual growth rate of the US LED market is expected to be 12.6%. The increasing demand for energy-saving lighting systems and the continued decline in the price of LED products are some of the main factors that have prompted the adoption of LED lighting in the United States. As a new type of lighting source in the United States, LED is experiencing rapid development, which has encouraged investors to further invest in this field.
In the US domestic market, LED lighting has been widely used in various household and industrial products, and the breadth of the application continues to increase. Currently, manufacturers such as Energy Star and DesignLights Consortium have been improving the quality and efficiency of LED lighting. On-demand production has become one of the new trends in the US market. In 2019, the US Department of Energy (DOE) also released data on the trend of LED lamps in the general lighting market in the United States. Thanks to technological innovation, by 2035, the energy saved by LED lighting can reach 569 trillion watt-hours.
In order to attract industrial customers, customizing light output according to the environment has become a common trend among manufacturers. Therefore, the application of tunable LED lighting solutions has a clear upward trend recently. In the US market, mergers, acquisitions, and cooperation are some of the popular trends adopted by market suppliers for product innovation and inorganic growth. With the rise of smart homes in North America, people's demand for smart LED lighting systems is also growing. These lighting systems can be connected to other electronic devices and users can remotely control them. Suppliers in the regional market have also been committed to making networked lighting more popular, which has also brought innovation at the global level.
The automotive industry is one of the emerging markets for LEDs, and trends such as electric vehicles and autonomous vehicles may promote the application of LED components in automobiles. CRRC stated that vehicles including trains can be interconnected through front and rear LED lights to improve safety. In 2020, Cree, headquartered in the United States, said that Cree has supplied products to Yutong Group.
According to ANSES, the blue light in LED lighting can damage the retina of the eye and disturb the living creatures and sleep rhythm. This may be an important limiting factor for the LED market during the forecast period.