High power LEDs have different applications, such as backlighting, general lighting, signs & signals, automotive, ultraviolet LEDs, camera flash lighting, and infrared emitter. The highest demand in 2019 for these highting solutions was created for general lighting applications, due to the growing sales for downlight, industrial light, spotlight, tunnel light, and area light.
A considerable demand for high power LEDs is projected to be created for automotive applications in the coming years, which is ascribed to the rising requirement for these lights in interior and exterior applications, including dashboard lights, fog lights, headlights, position lights, and ambient lighting.
When geographical scenario is taken into consideration, the Asia-Pacific region emerged as the largest high power LED market in the past, which is particularly because of the surging requirement for energy-saving and eco-friendly products in different application areas, such as buildings, roads, and railways. In February 2019, the government of China announced regarding an investment of $120 billion in railway construction for improving rail facilities in the country.
In addition to this, the growing development of smart cities in the country will drive the demand for high power LEDs. Because of these advantages the demand for high power LEDs is growing rapidly. As per a P&S Intelligence report, the global high power LED market attained a value of $12,647.2 million in 2018 and is projected to generate a revenue of $17,581.5 million by 2024, advancing at a 5.3% CAGR during the forecast period (2019–2024).
The need for energy efficient solutions is growing rapidly in every field, on account of the surging energy crisis, growing price volatility of power, and rapid depletion of fossil fuels. As people and governments alike are becoming more aware regarding all this issue, the preference for energy efficient solutions is increasing. Hence, the need for energy efficient solutions is resulting in growing adoption of high power LED lighting solutions.
This market research report provides a comprehensive overview of the high power LED market
- Historical and the present size of the high power LED market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
