High Brightness LED Market size to exceed revenue of USD 22 billion by 2023: Global Market Insights Inc.
Manufacturers are now targeting major industry players, brands as well as patents for strengthening overseas distribution channels and improve patent portfolio. In addition, several industry players are also modifying their business models in order to increase their prominence across the industry from 2016 to 2023.
High Brightness LED Market Size By Application (Backlight TV/monitor, Mobile, Sign (Signal Devices & Advertising Panels), Lighting, Automotive), Industry Analysis Report, Regional Outlook (U.S., China, Japan, South Korea), Application Potential, Price Trends, Competitive Market Share & Forecast, 2012 – 2023
Global High Brightness (HB) LED Market size was evaluated at more than $ 15 billion for 2015 and is predictedto surpass revenue of $22 billion by end of 2023 at CAGR of 4.9%.Growing government focus on power conservation is predicted to drive expansion of the industry in future.Increasing use of high brightness LED bulbs in heat responsive applications like food illumination and textile due to infrared radiation absence is predicted to promote the industry growth during forecast timeframe.
These high brightness LED (light emitting diode) bulbs offer enhanced efficacy in comparison to other kinds of bulbs. These equipments are strong and are predicted to have greater lifespan as compared to traditional incandescent bulbs with life time range of 50,000 hours to 100,000 hours. LED technology is one of the effective light sources and helps in 50 to 70 percent of power savings as compared to conventional technologies. It also helps in reducing carbon emissions and thus propels the demand & growth of the industry during forecast timeframe.
High life span of the LED bulbs is predicted to minimize maintenance and replacement costs. This factor drives installation of these equipments at comparatively inaccessible locations. Producers are now concentrating on low global high brightness (HB) LED market cost strategy to fuel the demand for bulbs in future.
But high cost per lumen and highinitial price is predicted to hinder the acceptance across the sector. High price is owing to comparative low lumen power production supply. Cool white LED (light emitting diode) bulbs emit extra blue light as compared to traditional sources of light like sodium bulbs. This light causes pollution which can be a serious threat to environment in future. All these factors can inhibit the growth of industry.
The industry is segmented into lightning application and mobile application. Lightning application is predicted to surpass $7.4 billion by registering CAGR of about 6% during forecast timeframe. The expansion can be credited to rising customer confidence and constant rise in down light sales, replacement bulb sales and sale of industrial & commercial items.
Mobile application is predicted to touch $3.61 billion by end of 2023 and register a CAGR of 5.1% during forecast timeframe. Growing acceptance of mobile equipments is predicted to fuel the demand of LED bulbs in future.
APAC, with China & India, high brightness (HB) LEDmarket was evaluated at more than $7 billion for 2015 and is predicted to register CAGR of 5.51% during forecast timeframe. Many countries in APAC like Japan and China have taken initiatives for power conservation by making use of LED technology. For example, China is promoting use of LED technology by offering incentive and discounts. It is also assisting the local LED manufacturing firms to enhance their production capacity.
Europe high brightness (HB) LED market share is predicted to display substantial expansion due to presence of many key industry players in the region. It is predicted to register CAGR of 4.4% during forecast period.
Key industry players profiled in the report include Samsung Electronics Company Limited, Cree Information, Moritex Corporation, OSRAM GmbH, Nichia Corporation, Sharp Corporation, Kingbright Electronic Company Limited, Seoul Semiconductor Company Limited and Broadcom Limited.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.