Rectangular LED Market Size, Share, Growth and Industry Analysis by Type (Through-Hole (With Leads for Soldering) LED, and, Surface-Mount (SMD) LED) By Application (Industrial, Commercial, Traffic, And, Others) Regional Insights and Forecast To 2032

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RECTANGULAR LED MARKET REPORT OVERVIEW

The global Rectangular LED Market size was valued at approximately USD 0.8 billion in 2023 and is expected to reach USD 1.4 billion by 2032, CAGR of 7% during the forecast period.

LED Rectangular lights are lights with rectangular shaped LED, and they are multi-purpose, energy-saving lighting systems with a contemporary look. These emit equal light distribution with low level of glares which suit office stations, retail stores, and homes. They have a rectangular design which can easily fit into ceiling and wall projects and are also space savers. Latest LED technology guarantees a long working time and uses less electricity have flexibility in cases of brightness adjustment and control of color temperature is possible. These LEDs are also longer lasting and require less maintenance that the traditional lighting fixtures.

COVID-19 impact: Supply Chain Challenges during Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Small rectangular LED light products were affected by the COVID- 19 pandemic in several ways, for instance, in terms of supply chain challenges which resulted in product stock out and rise in costs due to slow production. But similarly, it also helped to penetrate the utilizing of technologies related to LED due to the increase of operation costs in the commercial buildings and households. Due to the increased focus on upgrading indoors such as lighting, there was an upturn on the rectangular LEDs. Further, an increased switch to the work from home facility increased demand for efficient home lighting which in turn positively impacted the market of rectangular LEDs.

LATEST TRENDS

Adoption of New Innovations like IoT Compatible Lighting to Accelerate Market Growth

Modern rectangular LED lighting has adopted new innovations like IoT compatible lighting and voice control for more efficiency and customization of energy used. New changes in color tunings and dimmable settings enable the user to change the atmosphere it creates according to their requirements. The modern skinny designs are very popular because these are highly polished and can easily fit into contemporary homes. Also, durability and energy efficiency were highlighted as important features that concerns materials and technologies causing least harm to the environment. They both represent consumers’ increasing interest in the practical and the ornamental facets of lights. The above-mentioned factors are driving the rectangular LED market growth. 

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RECTANGULAR LED MARKET SEGMENTATION

By Type

Through-hole (with Leads for Soldering) LED, and, Surface-mount (SMD) LED

• Through-hole (with Leads for Soldering) LED: Coaxial LEDs have long leads which are used to pass through holes on the PCB resulting in good mechanical connection and stability. They are widely employed in those uses where they may need to be replaced fairly often and where they must be very sturdy.

• Surface-mount (SMD) LED: SMD LEDs are affixed to the surface of a PCB through solder paste thus can be used in designs that conform to high density. They are preferred for their slim size and reliability in the present day electronic equipment.

By Application

Industrial, commercial, traffic, and, others

• Industrial:  Industrial LEDs are used for a variety of purposes and are made to withstand high heat, shocks and vibrations and have high lumen output. They are often installed in factories and godowns where consistent, effective and strong light is required.

• Commercial: The commercial LEDs offer a flexible and practical lighting to be used in shops, offices and other public places. They concern themselves with looks and efficiency in energy consumption so that there is enough lighting sufficient to improve the experience of the customer as well as the performance of employees.

• Traffic:  Traffic LEDs are designed for use in external application in signaling and transportation systems including traffic signals and road signs. They provide brightness, durability, and protection from unfavorable climate for safety and signification.

• Others:  The other category includes numerous other specific applications of LEDs such as decorative, automotive, and medical and many others. It includes specialized LEDs which are used for purposes such as visibility, automobile lighting, or for certain specific medical tests.

DRIVING FACTORS

Increasing Need for Power Efficient Lighting to Amplify Market Growth

Factors that are driving the growth of the rectangular LED include increasing need for power efficient lighting that is more cost effective in its utilization of electricity. LED technology is also evolving, for instance, brightness, color output, and the intelligent properties that are driving the use across most industries. The continuous campaign for green and environmentally friendly products also influences the need for LEDs. Also, emerging need for innovative and compact lighting solutions which can be used in both, the private and business spheres contributes to the market expansion. Policies on regulations or incentives for energy efficient products also constitute a major role for the use of rectangular LEDs by governments. All of the above-mentioned factors are driving the rectangular LED market share.

Popularity of Smart Home Technology That Incorporates LED Lighting Systems to Propel Market Growth

Other driving forces for the growth of rectangular LED are smart home technology that incorporates LED lighting systems with IoT systems to facilitate the home automation of the LED lighting systems. The increasing awareness of the aesthetic architectural design leads to the use of modern and efficient LED fixtures. More people are knowledgeable on the various health risks that may accompany poor lighting and this boosts the market. Also, LED manufacturing techniques have noted measures of improvement thus reducing the cost of production of high-quality, rectangular LEDs, thus making them available to the common consumer and firms.

RESTRAINING FACTOR

Higher Initial Cost In Comparison With Traditional Types of Lighting to Decrease Market Growth

The main drawback in the rectangular LED market, is higher initial cost in comparison with the traditional types of lighting, which can be decisive for some users and enterprises. The technical part of the system may also pose challenges especially the part that requires integration with other systems in the organization. Also, fear of low quality and short durability of some of the existing LED products may impact the level of confidence of consumers. Lack of awareness of the various benefits associated with LED and its technological improvements is a constraint to market progress. Furthermore, regulation issues make it difficult for the manufacturers.

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RECTANGULAR LED MARKET REGIONAL INSIGHTS

North America to Dominate Market Share in Upcoming Years Due to Sustainability and Integration of Smart Home

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa

The biggest market share in the rectangular LED market is in North America given the region’s technological naissance and the pursuit of energy sparing solutions. Due to the emphasis on sustainability and integration of smart home, the region encourages the adoption of new LED technology at a faster rate than is anticipated. Enhanced manufacturing facilities and distribution channels in North America also act as a strong backed to the leadership of this market. Moreover, favorable government policies and subsidy schemes for energy saving products ensure the expansion of rectangular LED, thus being one of the leaders in the global market.

 Key Industry Players

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Rectangular LED Companies

• Kingbright Company, LLC (Taiwan) 
• Peterson Manufacturing (U.S.) 
• J.W. Speaker (U.S.) 
• Maxxima (U.S.) 
• GRAND GENERAL (U.S.) 
• Brilliance LED (U.S.) 
• Stanley Electric (Japan) 
• Uni-Bond Lighting & Safety Products (U.K.)

INDUSTRIAL DEVELOPMENT

November 2023:  In 2023 the company released LumoFlex 2023 Rectangular LED Panel that has a very important innovation – the ability to change the color temperature dynamically. This LED panel is designed in a way first to let users easily toggle between warm and cool light settings depending on the user’s wish or whether it is day or night so that the light can be comfortable as well as effective in increasing productivity. The panel also contains adaptive brightness technology, as a result of which the brightness is controlled based on the current ambient luminescence, thereby minimizing the energy used by the display. These advanced features apply for home as well for business applications making the system more versatile and practical.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.