LED Strip Market Size, Share & Industry Analysis, By Type (3528, 5050, Others ), By Voltage (Low, High), By Application (Residential Application, Commercial Application) And Regional Forecast, 2024-2032

LED Strips, also known as flex LED strips, are thin, flexible printed circuit boards with LEDs and resistors attached. The surface has mounted light-emitting diodes that usually have an adhesive backing. LED strips come in many configurations. They can be very bright to light an entire room and dimmer for other kinds of lighting. LED flexible strips can use any wavelength or color that is desired for a home or business project.

The led strip market can be classified into 3528 and 5050 based on type. The 3528 segment is expected to account for the dominant share in the market during the forecast period. It is estimated to maintain its dominant position. The progress can be attributed to the various uses for 3528 LED strips. They are used for color splashing walls, TV backlighting, accent lighting for crown molding and pictures, under tables and cabinets.

The led strip market can be classified into residential and commercial use based on application. Rising demand for flexible, stylish, and energy-efficient lightings for residential applications in various nations is likely to fuel expansion in the global LED strip lights market. Furthermore, the items' availability in a variety of sizes, colors, forms, brightness, efficiency, and ease of installation is predicted to result in widespread acceptance.

The led strip market is segmented into low and high based on voltage. The low voltage application segment is expected to generate the dominant share compared to the high voltage application. Its progress will be attributed to reliable and safe, and low-energy consumption characteristics of the low voltage LED lights. These factors will help the segment grow during the forecast period.

Growing demand for trendy lightings for residential and non-residential sectors in various countries is expected to be a major factor in the growth of the global LED strip lights market. In addition, the products are available in different sizes, colors, shapes, brightness, efficiency. They are easy to install. As a result, there is high adoption of these lights in the global flex LED strip lights market. Other uses include commercial buildings such as malls, hotels, restaurants, bars and sports bars, or offices.

Fluctuating cost and low performance are factors that can act as restraints for the led strip market. The reason for this slump can be attributed to variable prices and the low performance of products. LED strip lights vary in price based on manufacturers and sellers. In addition, they are known for being low-performing. They can get damaged easily. These factors will hamper the growth during the forecast period.

Key Market Driver -

Increasing Demand For Trendy Lighting To Propel Market Growth

Key Market Restraint -

Fluctuating Cost And Low Performance to Stagnate Market

Key Players Covered:

Some major companies in the led strip market are OML TECHNOLOGY, Jiasheng Lighting, OSRAM, Philips, Forge Europa Limited, SIDON, OPTEK, NVC, Opple Lighting, JESCO Lighting, LEDtronics, Inc, and LEDVANCE.

Regional Analysis:

The led strip market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is dominating the market and is expected to continue its positive growth. The presence of many major players in the countries in the Asia Pacific region is a reason for it. The demand for LED strip lights in outdoor events is rising. As a result, the preference towards fancy lightings among customers in residential areas is increasing as well. These factors are expected to propel the growth of the market in the countries in the region.

Europe and North America flex LED strip lights markets are projected to register significant CAGR over the forecast period. The demands in Latin America, and Middle East & Africa will also account for moderate opportunities in terms of revenue and consumption over the forecast period in the target market. The Asia Pacific market is going to have the most opportunities during the forecast period. The number of major players in the led market is significant in the region. The extensive use of led strip lights will create more opportunities for the market.

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Segmentation

Key Industry Developments

• In September 2020, a new Philips Hue lightstrip was launched. It is meant to be mounted to the back of a TV where it can flash and glow along with the screen. The Hue line has a number of lightstrips already, but this new one — called the Philips Hue Play gradient lightstrip — can display different colors across different segments of the strip, whereas the old ones were limited to a single color.


• In August 2021, OML will launch a series of new led strip lights. They will be available for home and commercial uses. The variants will be low voltage, high voltage, flex strip, and commercial lightning series.