Visualize a long conducting rod of length $l$ falling towards the Earth (after being released from a hight of say $5(km)$) perpendicularly to the Earth's magnetic field.
Near the earth's equator, the earth's magnetic field is approximately horizontal.
So for symplicity, we release the rod at the equator with the rod being parallel to the equator (I choose $5(km)$ as the height from which the rod is released so the magnetic field stays about the same). It's clear that the electrons in the rod experience a Lorenz force $\vec F=q\vec v \times\vec B$, so there will develop a potential difference. It might be clear that the diameter of the rod plays no role.
Now the strength of the magnetic field of the Earth varies between $0,25$-$0,65$ $(G)$ (Gauss), which corresponds to $25 000$-$65 000$ $(nT)$, (where the $T$ stands for Tesla, the international standard for the strength of a magnetic field). For comparison, the strength of a magnet in a refrigerator is about $10 000 000$ $(nT)$, the international standard for the strength of a magnetic field), or $100$ $G$. Let's take the average value of $0,45$ $G$.
When we attach to both ends of the rod conducting wires and attach those on their turn to a led, a current will flow to it if the rod starts to fall.
The rod will accelerate upon release and will move faster and faster. Let's ignore friction between the rod (and the things attached to it) and the air, and the resistance in the conducting wires. Will the led at a certain speed light up (so we can see it)? Of course, this depends on the length of the rod, but let's assume $l=1(m)$. Or is the potential difference after falling free for $5(km)$'s too small?
It's my guess that the speed after falling $5(km)$ is big enough ($s=\frac 1 2 \times 9,8 t^2$, $v=9,8t$ and the Lorenz force should bring clarity) the potential difference in the rod is big enough to let the led shine brightly. But of course, I can be wrong.