NEW YORK, Sept. 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global high power LED market share is expected to reach $17,581.5 million by 2024, registering a CAGR of 5.3% during the forecast period (2019–2024). The major factors stimulating the market growth include rising adoption of energy-efficient lighting solutions and increasing government support for the adoption of LED lights, globally.
Based on wattage, the high power LED market is classified into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. Among these, 5–10 W category is expected to register the fastest growth during the forecast period. This can be attributed to the rising deployment of 5–10 W high power LED lights in general lighting applications, such as outdoor lighting and entertainment lighting.
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On the basis of application, the high power LED market is categorized into automotive, general lighting, backlighting, signs & signals, and others; wherein, others include camera flash lighting, infrared emitter, and ultraviolet (UV) LEDs. Of these, the automotive category is projected to register a CAGR of 5.4% during the forecast period. This can be attributed to increasing demand for high power LED lights in automotive exterior and interior applications, such as fog lights, position lights, headlights, ambient lighting, and dashboard lights.
Globally, the Asia-Pacific (APAC) region is expected to account for a substantial share in the high power LED market during the forecast period. This can majorly be attributed to the growing adoption of high power LED lights in general lighting applications, mainly in China and India. Also, several smart city development projects are in the pipeline in these countries, which are expected to generate huge demand for high power LED lights. For instance, China introduced a national smart city development project in 2012 to build smart cities with modern technology. Further, the Chinese government aimed to nurture 100 new smart cities to lead their urban planning and development by 2020.
Browse report overview with detailed TOC on "High Power LED Market Research Report by Wattage (1–2.9 W, 3–4.9 W, 5–10 W, >10 W), Application (General Lighting, Automotive, Signs & Signals, Backlighting), Geographical Outlook (U.S., Canada, U.K., Germany, France, Italy, Russia, Spain, The Netherlands, China, India, Japan, South Korea, Australia, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Colombia, Saudi Arabia, South Africa, U.A.E., Nigeria, Turkey, Qatar) - Global Industry Trends and Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/high-power-led-market
Rising adoption of energy-efficient products, along with increasing government focus toward energy saving, is fueling the demand for energy-efficient lighting sources, predominantly high power LEDs, which is likely to bolster the growth of the high power LED market. High power LEDs are particularly advantageous in general lighting and automotive applications as they work efficiently for long operating hours at low maintenance cost. Owing to these advantages, local authorities of countries, such as U.S., India, China, and Australia, have commenced projects to replace their conventional lighting lamps used in outdoor lighting with LEDs. For instance, in 2014, according to the U.S. Department of Energy, the city of Los Angeles had completed a citywide street lighting replacement program and installed over 215,000 LED streetlights, which saved about $9 million in annual energy costs.
Furthermore, in 2016, the Institute of Public Works Engineering Australasia (IPWEA) and the Australian government together showcased a strategic roadmap to promote LED lights to increase energy efficiency under the Street Lighting and Smart Controls Programme. Hence, increasing number of government initiatives to reduce energy consumptions are expected to bolster the high power LED market growth in the future.
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The global high power LED market is highly competitive, with the presence of a large number of global and regional market players. Some of the key players operating in the market include Cree Inc., Osram Licht AG, Nichia Corporation, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Everlight Electronics Co. Ltd., Lumileds Holding B.V., MLS Co. Ltd., LG Innotek Co. Ltd., Broadcom Inc., and Epistar Corporation. These companies are adopting product launches, as a key strategy, to maintain their stronghold in the market.
For instance, in May 2018, Samsung Electronics Co. Ltd. introduced LED component solution for horticulture lighting. The company’s new horticulture LED lineup features a newly developed red LED package, in additions to key existing Samsung white LED package and module families to include horticulture lighting specifications.
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High demand for LED lights is being driven by the modernization and development of infrastructure. Governments of various countries, especially of developing countries such as India, China, and Indonesia, are focusing toward modernization and development of infrastructure.
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