WELLESLEY, Mass, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Global demand for LED phosphors is rising due to government efforts, regulations and the declining price of LED lights. According to the BCC Research report LED Phosphors: Materials, Technologies and Global Markets, growing use of white LEDs (WLEDs) in various sectors such as automotive, horticulture, smartphones and televisions is also expected to have a positive impact on the market for LED phosphors.
A phosphor is defined as a substance that emits light, or luminesces, when exposed to radiation such as ultraviolet light or an electron beam. The LED phosphors market provides an environmentally friendly alternative to traditional lighting sources. The strict environmental policies and energy consumption regulations in the developed regions results in LED becoming the only viable lighting solution for various end users, leading to strong growth of LEDs and LED phosphors.
Global demand for LED phosphors is estimated to have reached $1.0 billion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 20.1% through 2022.
Prominent LED phosphor manufacturers mentioned in the report include Intematix, Nichia, Beijing Yuji Science & Technology Co. Ltd., Luming Technology Group, Mitsubishi Chemical Corp., PhosphorTech Corp. and Denka. Manufacturers include OSRAM (OSAGY), Cree (CREE), Philips (RYLPF) and Sony (SNE).
Research Highlights
- Asia-Pacific (APAC) is the largest and most prominent user of LED phosphors in the world. Additionally, APAC is expected to see the strongest growth rate in the coming years, creating an immense growth opportunity.
- The phosphor-converted LED (pc-LED) currently leads the market. However, the remote phosphor is increasing at a far higher growth rate and is expected to see a significant gain in market share due a higher concentration of companies developing this segment.
- The general lighting industry accounts for the largest share of the market and will increase at the strongest growth rate. LCD TVs and automotive are other segments that are increasing at a strong growth rate.
“Light-emitting diodes operate on the electroluminescent principle and are capable of emitting light in infrared, ultraviolet and visible spectra,” the report ntoes. “LED lights have certain advantages such as low energy consumption, longer lifetime, small size and faster switching in comparison to compact fluorescent lamp (CFL) and incandescence lamps. These factors, along with growing concern for energy savings and the increasing electricity demand-supply gap is leading to growing popularity of LED lights.”
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