Austin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The LED Chip Market Share was valued at USD 28.81 billion in 2023. It is expected to grow to USD 78.01 billion by 2032 and grow at a CAGR of 11.7% over the forecast period of 2023-2032.
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Key Players
- Bright LED Electronics Corporation
- AVA Technologies Inc.
- Bridgelux Inc.
- Hitachi Cable Ltd.
- Dowa Electronics Materials Co. Ltd.
- Optek Technology
- Cree LED.
- Nichia Corporation
- Epistar Corporatio
- Huga Optech Inc.
The market for LED chips is experiencing rapid growth as there is an increasing need for energy-efficient lighting. These chips are transforming the lighting sector, providing a 75% reduction in energy usage and a lifespan 25 times greater than conventional bulbs. The United States is spearheading the push for widespread adoption of LED technology, with a goal of reaching more than 50% market penetration by 2035, resulting in a remarkable annual energy savings of 569 terawatt-hours. The increase in popularity, along with advances in technology, establishes LED chips as a crucial part of eco-friendly lighting options.
The LED chip market is flourishing thanks to the international move towards energy-saving lighting. With 50 % of all sales of residential lighting now consisting of LEDs, the industry is picking up speed. Governments globally are endorsing this movement by implementing regulations such as the UK's minimum energy performance standards, set at 120 lm/W by 2023 and 140 lm/W by 2027. With consumers looking for energy-saving choices, the need for LED chips is increasing, boosting market expansion and shaping an eco-friendly lighting outlook.
Government regulations are speeding up the growth of the LED chip market. Nations such as China, India, and the USA are putting in place encouragements, requirements, and efficiency criteria for LED lighting. Quality standards are being established by global efforts. This regulation push, combined with the international emphasis on saving energy, is increasing the need for LED chips, setting the market up for significant growth.
LED Chip Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 28.81 billion |
| Market Size in 2032 | USD 78.01 billion |
| CAGR (2024-2032) | 11.7% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
By Product
- Red LED Chips
- Green LED Chips
- Blue LED Chips
- Yellow LED Chips
- Infrared LED Chips
- White LED Chips
- Others
Blue LED Chips dominated the LED Chip Market with 29% of share in 2023. Blue LED chips play a crucial role in producing white light, leading to their extensive usage in different lighting purposes. Their higher effectiveness in generating white light has sped up the transition to energy-saving lighting. Advanced lighting systems have the potential to decrease energy costs and carbon emissions by saving 6.9 trillion kWh of electricity by 2035. With advancements in LED technology, there is increased potential for enhanced energy efficiency and sustainable practices.
By Application
- Signs and Signal
- Backlighting
- Automotive
- Illumination
- Others
Automotive dominated the LED Chip Market with 32% of share in 2023. High-performance LEDs, like Luxeon Rebel, excel in heat dissipation, allowing for larger metal plates, increased current flow, and broader light emission. With an emission area of around 1 mm² and efficiency reaching 40-100 lumens, they outperform standard 5 mm LEDs (0.25 mm, <0.1W, 20-30 mA, 1-2 lumens). This superior performance enables innovative designs like the LEDayFlex daytime running light module.
Regional Analysis
In the LED Chip market of 2023, North America, mainly the United States, has become a leading player with a significant 32% market share. North America leads the LED chip market because of robust manufacturing, technological progress, and increasing demand. Businesses such as Cree and Lumileds drive progress through innovative initiatives. Efficiency is increased with GaN technology. The market growth is propelled by the automotive industry and increasing awareness about energy efficiency, as LED lighting saves 28.2 billion kWh every year. This ideal combination reinforces North America's position of leadership.
Asia Pacific is the fastest growing in LED Chip Market with 28% of share in 2023.The Asia-Pacific LED chip market is booming, driven by rising consumer electronics and automotive demand. India's growing consumer market and government initiatives like India's Street Lighting National Program fuel growth. While trade tensions impact China's chip manufacturing, ongoing efforts to boost domestic capabilities offer future potential. Overall, the region's strong consumer base and supportive policies make it a key growth driver for LED chips.
Recent Development
- In April 2023, Sharp NEC introduces the LED FC Series featuring COB technology for long-lasting, high-contrast screens.
- In January 2023, Nichia and Infineon release the first fully integrated micro-LED light engine for HD adaptive driving beams in the industry.
- In May 2022, AMS OSRAM introduces OSLON Optimal LEDs for horticulture lighting, offering top efficiency and dependability.
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Key Takeaways
- Offers detailed examination of market patterns, factors, and obstacles, empowering stakeholders to make educated choices.
- Provides information on important participants, their tactics, and percentage of market control, assisting in competitive evaluation.
- Recognizes possible investment opportunities and up-and-coming trends, aiding in strategic decision-making.
- Assesses the effects of government policies and regulations, aiding stakeholders in navigating the regulatory environment.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. LED Chip Market Segmentation, By Product
8. LED Chip Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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