The application market of LED in the field of general lighting and functional lighting continues to expand, and the market scale maintains rapid growth. From 2015 to 2020, the global LED market has grown rapidly and has gradually replaced other lighting sources such as incandescent lamps and fluorescent lamps, and the penetration rate has continued to increase rapidly. As of the end of 2020, the global LED lighting penetration rate has exceeded 60%.

Based on the data of IHS Markit and LEDinside, the global LED device market size in 2019 was approximately US$21.17 billion, an increase of nearly 34.8% from US$15.71 billion in 2015 (average annual growth rate of 7.7%). Among them, LED devices for general lighting increased from US$4.62 billion to US$6.41 billion, an increase of 38.8% (average annual growth rate of 8.1%); LED devices for functional lighting increased from US$8.63 billion to US$10.21 billion, an increase of 18.3% (The average annual growth rate is 4.3%); the market share of LED devices used in innovative lighting applications has expanded from 3.7% to 5.2%. It can be seen that in the past five years, general lighting has been the main driving force for the development of the global LED market, and the innovative application lighting market is in the early stages of development and is small in scale. It is expected that from 2021 to 2025, the global LED market will continue to grow, general lighting will gradually transform and upgrade to healthy lighting, and the innovative application market will maintain rapid growth.

It is estimated that by 2025, the transition from general lighting to health lighting will be completed by about 50%; while LED devices for innovative applications such as ultraviolet light sources, infrared light sources, and agricultural lighting will maintain an average annual growth rate of 20%, and the market size will reach 30% by 2025. One hundred million U.S. dollars.