The new report by Expert Market Research titled, ‘Global High-Power LED Market Report and Forecast 2021-2026’, gives in-depth analysis of the global high-power LED market, assessing the market based on its segments like packaging type, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
- Forecast CAGR (2021-2026): 5%
As customer concerns about the environment intensify, the use of LED lights in buildings will increase, resulting in rapid growth in the global high-power LED market. The market for high-power LED lights is growing in tandem with the general lighting industry’s expansion. However, the availability of less expensive LED lights, especially those made in China, could limit demand for high-power LEDs in the future. Nonetheless, the eco-friendliness of high-power LEDs, which do not contain the toxic mercury, will mitigate the effect of restraining factors, resulting in a rapid growth of the global high-power LED market in the coming years.
Industry Definition and Major Segments
A light-emitting diode (LED) is a semiconductor device. When electricity flows forward, it produces a variety of coloured light. LEDs with a higher power and brightness are known as high-power LEDs.
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Based on the packaging type, the high-power LED market can be divided into the following:
- Flip Chip
The high-power LED market can be broadly categorised based on its applications into:
- General Lighting
- Flash Lighting
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Several companies have made significant investments in the LED industry over the last decade, resulting in the development of groundbreaking LED technologies. Growing demand for energy-efficient lighting sources, such as high-power LEDs, is fueling the growth of the high power LED industry, which is fueled by growing adoption of energy-efficient products and increasing government emphasis on energy-saving. High-power LEDs improve energy efficiency while also providing a high level of brightness. Furthermore, governments in developed economies such as the United Kingdom and the United States, as well as emerging economies such as India and China, are promoting LED lighting goods by offering tax incentives and subsidies. Furthermore, high-power LEDs are beneficial in general lighting and automotive applications because they function effectively for long periods of time while requiring little maintenance. Because of these benefits, local governments in countries such as the United States, India, China, and Australia have begun projects to replace their traditional outdoor lighting lamps with LEDs. In addition, Barcelona (Spain) has installed over 3,000 smart streetlights using LED technology that collect data on emissions, humidity, noise, and the overall climate. Other factors driving the growth of the High Power LED market include their small size, long life and continuous use, low power consumption and low voltage, and increasing high brightness applications.
Key Market Players
The major players in the market are Cree Inc. (NASDAQ: CREE), Nichia Corporation, Osram Opto Semiconductors GmbH, Samsung Electronics, Lumileds Holding B.V., Everlight Electronics Co., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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