Global LED Chip Market Expected to Rise at 14% CAGR during 2019-2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC
Group, titled “LED
Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and
Forecast 2019-2024”, the global LED chip market size reached US$ 16.4 Billion in 2018. A
light-emitting diode (LED) chip, also known as the die, refers to the core
component in the LED lighting system. It has different ratings based on the
voltage, brightness and wavelength, and primarily assists in determining the
quality and color of light, such as red, blue, green, white and yellow. Over
the years, the LED chip technology has evolved from the low-efficiency Dual
In-Line Package (DIP) to high-powered Chip on Board (COB) circuits, which in
turn, has helped in improving the efficiency of lighting systems.
Request Free Sample Report: https://www.imarcgroup.com/led-chip-market/requestsample
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. Apart from this, LED products have a longer lifespan in
comparison to incandescent bulbs which, in turn, is strengthening the growth of
the LED chip market. Further, owing to technological innovations and continuous
research and development (R&D), the cost of manufacturing LED per kilolumen
has also decreased, thereby reducing the average selling price (ASP) of LEDs.
Furthermore, incentives offered by governments around the world to promote the
utilization of energy-efficient lighting is also boosting the sales of LED
chips. Looking forward, the market is projected to exceed US$ 37.0 Billion by
2024, expanding at a CAGR of around 14% during 2019-2024.
LED Chip Market Summary:
· Based
on the product, the market has been segregated into blue, red, green, infrared,
yellow, white and other LED chips. At present, blue LED chips account for the
majority of the total market share.
This can be accredited to their application in backlighting as well as
illumination to attain a high degree of brightness.
· 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. Other major
markets include Europe, North America, Latin America, and Middle East and Africa.
· 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, Dowa Electronics Materials Co Ltd.,
Epistar Corporation, Nichia Corporation, Formosa Epitaxy Inc., Goldeneye INC.,
Kingbright, Optek Technology Ltd., Osa Opto Light Gmbh and Osram Opto
Semiconductors.
Browse Full Report with Table of Content: https://www.imarcgroup.com/led-chip-market
About Us
IMARC Group is a leading market research
company that offers management strategy and market research worldwide. We
partner with clients in all sectors and regions to identify their highest-value
opportunities, address their most critical challenges, and transform their
businesses.
IMARC’s information products include major
market, scientific, economic and technological developments for business
leaders in pharmaceutical, industrial, and high technology organizations.
Market forecasts and industry analysis for biotechnology, advanced materials,
pharmaceuticals, food and beverage, travel and tourism, nanotechnology and
novel processing methods are at the top of the company’s expertise.
Contact US
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800 | https://www.imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Linkedin: https://www.linkedin.com/company/imarc-group
Sponsor Ads
Created on Jul 12th 2019 01:06. Viewed 358 times.