Japan LED Market to Reach US$ 12.1 Billion by 2032, Accelerated by Rising Environmental Awareness Among Masses

According to the latest report by IMARC Group, titled "Japan LED Market Report by Product Type (Panel Lights, Down Lights, Street Lights, Tube Lights, Bulbs, and Others), Application (Commercial, Residential, Institutional, Industrial), Installation Type (New Installation, Retrofit Installation) 2024-2032," the Japan LED market size reached US$ 6.2 Billion in 2023. Light emitting diode (LED) is a semiconductor component that emits infrared or visible light rays when charged with electricity. It consists of a wide variety of materials, such as aluminum gallium, indium phosphide alloys, and indium gallium nitride alloys, which are capable of producing yellow, red, orange, green, blue, and white lights. It is incorporated into streetlights, parking garage lights, walkways, modular lighting, and task lighting. It is widely utilized in the manufacturing of various electronic devices, including indicator lamps, brake lights, and rare window lights, in automobiles. As it consumes a lesser amount of power and provides better display and contrast, the demand for LED is rising in Japan.

Japan LED Market Trends:

At present, the increasing demand for LEDs, as they are durable, long-lasting, and cost-effective, represents one of the primary factors propelling the growth of the market in Japan. Besides this, the Tokyo Metropolitan Government (TMG) Bureau of Environment is encouraging the use of LED lights via the energy-saving tax incentives for small and medium-sized enterprises. In addition, the growing adoption of LED lighting in the industrial sector due to the rising environmental awareness among the masses is offering a favorable market outlook. Apart from this, the increasing utilization of LED lights, as they are non-toxic in nature and capable of withstanding frequent switching, is supporting the growth of the market in the country. Furthermore, the rising adoption of electrically efficient lighting solutions to reduce the cost of electricity bills is bolstering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.1 Billion by 2032, exhibiting a CAGR of 7.4% during 2024-2032.     

Market Summary:

• On the basis of the product type, the market has been segmented into panel lights, down lights, street lights, tube lights, bulbs, and others. Presently, street lights represent the largest segment in the market.
• Based on the application, the market has been segregated into commercial, residential, institutional, and industrial. At present, residential holds the biggest share in the market.
• On the basis of the installation type, new installation currently exhibits a clear dominance in the market, followed by retrofit installation.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Report Scope:

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