Why is Rising Adoption of Energy-Efficient Lighting Solutions Driving High Power LED Market?

In 2018, the global high power light-emitting diode (LED) market reached a value of $12,647.2 million and is further projected to advance at a 5.3% CAGR during the forecast period (2019–2024).

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The market is growing due to the increasing adoption of energy-efficient lighting solutions, rising requirement for high-power LEDs in automotive applications, and high energy efficiency and greater lifespan. The high power LED is a semiconductor device which emits light when electric current passes through it.

Out of these, the general lighting application held the largest share of the market during the historical period (2014–2018) and is further expected to dominate the market during the forecast period because of the rising sales of downlight, industrial light, spotlight, area light, and tunnel light. The backlighting category is predicted to grow at the fastest pace during the forecast period.

When application is taken into consideration, the high power LED market is divided into backlighting, general lighting, signs & signals, automotive, and others (which include infrared emitter, flash lighting, and ultraviolet LEDs).

Among the different regions, namely Latin America, Asia-Pacific (APAC), North America, Middle East & Africa, and Europe, the APAC region accounted for the largest value share of the high power LED market during the historical period and is projected to retain its position during the forecast period.

This is attributed to the increasing requirement for energy-saving and eco-friendly lighting products for different application areas, such as buildings, roads, and railways. In addition to this, the development of smart cities in China is predicted to drive the requirement for high power LEDs.

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Created on Apr 14th 2020 10:00. Viewed 316 times.

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