LED Chip Market

by Rahul Rastogi Market Research Analyst

LED chip market is projected to exceed US$ 37.0 Billion by 2024, expanding at a CAGR of around 14% during 2019-2024.

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Based on the product, the market has been segregated into blue, red, green, infrared, yellow, white and other LED chips.
On the basis of the application, the market has been segmented into backlighting, illumination, automotive, signs and signal, and others.
Region-wise, Asia Pacific represents the largest market for LED chips around the world, owing to a large number of industry participants in the region.
The competitive landscape of the market has also been examined with some of the key players being AVA Technologies Inc., Bright LED Electronics Corporation, Cree, Bridgelux, Hitachi Cable, Huga Optech
The LED chip market is presently witnessing double-digit growth owing to the strong demand for LED lighting products.

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Review on LED Chip Market

The LED chip market is presently witnessing double-digit growth owing to the strong demand for LED lighting products. These lights are more energy-efficient in terms of power consumption and offer a high luminous intensity. Moreover, LED lights utilize electroluminescence to produce light by converting electricity into visible light with minimum wastage and heat generation.

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