May 14, 2020
As per the report titled ‘Global High-Power LED Market Size study, by Packaging Type (Mesa, Flip Chip, Vertical), by Application (Automotive, General Lighting, Backlighting, Flash Lighting) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global high-power LED market was worth USD 4.31 billion in 2018 and is projected to register a 4.40% CAGR during 2019-2026.
Broadening applications of high brightness LED in tandem with increasing adoption of smart lighting systems, rising awareness regarding efficient energy systems, and government initiatives towards sustainable development are fueling the growth of global high-power LED market.
High-power LEDs have more working power rating and better light intensity as compared to traditional LEDs. Ordinary LED power is generally 0.05W with a working current of 20mA, whereas the working current of high-power LED can range between dozen to hundred milliamps. Low power consumption, continuous light output, compact size, extended lifespan and low voltage operations are the key factors encouraging the product adoption.
On the contrary, high temperature and thermal issues are major limitations of high-power LED that may hinder the market growth during the forecast period.
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Speaking of the application scope, automotive segment is slated to see considerable growth over the forecast timeline. Soaring demand for passenger vehicles coupled with usage of high-power LEDs in exterior and interior applications such as backlighting and flash lighting are stimulating the segment growth.
Considering the regional outlook, global high-power LED market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Asia pacific is anticipated to attain a considerable market share over the forecast timeline. Increasing demand for energy saving and eco-friendly lighting products in tandem with rising energy consumption from the burgeoning population, various government initiatives, and presence of key manufacturers in the region are supporting the APAC market growth.
Major players in global high-power LED market are Cree, OSRAM Opto Semiconductors, Nichia, Samsung Electronics, Everlight Electronics, Lumileds, Seoul Semiconductor, Epistar, Broadcom, and LG Innotek.