New York, April 05, 2023 (GLOBE NEWSWIRE) -- The global LED chips market size reached US$ 24.9 billion in 2022. From 2023 to 2032, the LED Chip Market is likely to expand at 8.9% CAGR. By the end of 2032, global sales of LED chips will generate revenues worth US$ 58.6 billion.
Backlighting is likely to remain the most remunerative application for LED chips. The target segment will thrive at 8.7% from 2023 to 2032 as per Persistence Market Research.
Growing demand for low-cost and energy-efficient lighting solutions will drive the global market. Further, rising usage of LED chips in automobiles and consumer electronics such as smartphones will boost sales. LED chips generally use less energy than traditional lighting options. They require less energy and last longer, which leads to lower maintenance and energy costs. As opposed to fluorescent bulbs, which contain hazardous materials like mercury, LED lighting options are more environmentally friendly.
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Because LED products use less energy than conventional alternatives, they also emit less carbon dioxide, which is a major contributor to global warming. Thanks to these advantages, the market for LED chips will expand at a robust pace through 2032.
Due to the lower costs of LED chips and high durability, LED lighting solutions are gaining popularity across industries such as automotive, retail, and healthcare.
LED chips are being widely used in the automotive industry as a result of LED lights' higher energy efficiency and longer lifespan. Additionally brighter than other lighting options, LED lights can increase visibility and boost nighttime traffic safety.
LED chips are also used in consumer electronics for backlighting products such as laptops, LCD TVs, and cell phones. As LED is brighter than other lighting solutions, LCD screens using LED backlighting are having higher resolution as well as brightness and produce sharper images on the screen.
Key Takeaways from the LED Chips Market Report:
- Global sales of LED chips are forecast to rise at 8.9% CAGR between 2022 and 2032.
- Based on product, blue LED chips demand is likely to increase at 8.8% CAGR through 2032.
- By application, backlighting segment will expand at 8.7% CAGR over the next ten years.
- China LED chips market is set to cross a massive valuation of US$ 14.8 billion by 2032.
- The USA LED chips industry will reach US$ 9.2 billion by 2032.
- Demand for LED chips in Japan is likely to increase at 9.2% CAGR over the projection period.
- The United Kingdom LED chips market will surpass a valuation of US$ 1.6 billion by 2032.
- Korea market will thrive at 9.4% CAGR during the assessment period.
“Transition towards energy-efficient lighting solutions such as LEDs will boost sales through 2032. Further, development of new advanced LED chips will bode well for the market.” Says a Persistence Market Research analyst.
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Who is Winning?
Kingbright Electronic Co. Ltd., AVA Technologies, Inc., Wolfspeed, Bridgelux, Inc., Dowa Electronics Materials Co., Bright LED Electronics Corporation, Optek Technology, Osram Opto Semiconductors GmbH, Hitachi Cable, Ltd., Ltd., Goldeneye, Inc., Epistar Corporation, and Nichia Corporation are leading manufacturers of LED chips.
New product launches, mergers, partnerships, and acquisitions are few key strategies adopted by these companies. They are also investing heavily in research and development to solidify their position.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the LED chips market presenting historical data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
The study reveals growth in terms of product (blue LED chips, red LED chips, green LED chips, infrared LED chips, yellow LED chips, white LED chips) and application (backlighting, illumination, automotive, signs & signals) across various regions.
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About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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