|Status : Published||Published On : Oct, 2019||Report Code : VRSME9060||Industry : Semiconductor & Electronics||Available Format :||Page : 170|
The global high power light-emitting diode (LED) market is projected to reach USD 17,985.3 million by 2024, registering a CAGR of 5.4% during the forecast period. Growing adoption of energy-efficient lighting solutions and increasing government support for the adoption of LED lights, propelling the growth of the market.
Insight by Wattage
On the basis of wattage, the high power LED market is classified into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W, wherein 3–4.9 W category held largest revenue share in the market in 2018. The growth of this segment is attributed towards huge adoption of high power LED lights in automotive, in general, and sign and signal lighting applications.
Insight by Application
On the basis of application, the high power LED market is categorized into automotive, general lighting, backlighting, signs & signals, and others, wherein general lighting category held largest share in the market in 2018. The growth of this segment is attributed towards the fact that increase in sales of downlight, spotlight, area light, tunnel light, and industrial light.
Global high power LED market has been driven by several key factors, predominantly increasing adoption of energy-efficient lighting solutions across the globe, increasing awareness towards the conservation of energy, and rising demand for high power LEDs in automotive applications.
High initial cost is hindering the growth of the high power LED market, globally.
Geographically, Asia-Pacific has accounted for the largest share in high power LED market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for energy-saving and eco-friendly lighting products in application areas, such as railways, roads, and buildings.
Some of the key players operating in the global high power LED market are Samsung Electronics Co. Ltd., Cree Inc., Seoul Semiconductor Co. Ltd., LG Innotek Co. Ltd., Broadcom Inc., Epistar Corporation, Everlight Electronics Co. Ltd., and MLS Co. Ltd.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- The bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research