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High Brightness LED Market Report Key Players: Nichia Corporation, Kingbright Electronic Co, Ltd, Broadcom Ltd, Cree, Inc., Seoul Semiconductor Co. Ltd, OSRAM GmbH, Samsung Electronics Co Ltd, Sharp Corporation, Moritex Corporation
High Brightness LED Market
Growing concerns regarding energy saving and rising number of initiatives toward increasing green construction are expected to provide ample growth prospects in the regional landscape of high brightness LED industry. Asia Pacific high brightness LED market is projected to register a CAGR of 5.5% over the period of 2016-2023. China and Japan are the prominent countries which are actively seeking a fundamental shift in their energy policies by encouraging improved LED manufacturing, attractive initiatives, and huge financial subsidies.
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High brightness LED bulbs are robust, efficient and are likely to have a greater life span as compared to other types. They aid more than 50% energy savings over conventional technologies. All these features are anticipated to boost the market demand in the next few years. Longer life span leads to low replacement costs. Low prices HB LED will be a key strategy for manufacturers to further the demand over the projected time frame. Increasing use in heat sensitive applications including textile and food illumination is poised to impel high brightness LED market growth over the predicted period. The high initial cost may hamper the acceptance and growth across the industry.
These popular high brightness LED technologies are already commercially available in a range of new products in the automotive, backlight, mobile, and lighting applications. Increasing smartphone penetration and demand for related mobile devices have led the mobile segment in high brightness LED market to snowball. The mobile segment is foreseen to exceed USD 3.60 billion by 2023, increasing at an annual growth rate of 5.1% over the period of 2016-2023.
Rise in sales due to swift penetration of HB LEDs in downlights, replacement lamps, outdoor lights, commercial, and industrial products is likely to propel the lighting application market to register a CAGR of 6% between 2016-2023. High brightness LED market from the lighting application is estimated to generate a revenue share of over USD 7.4 billion by 2023.
Lighting application is expected to surge and register more than USD 7.4 billion by 2023. Factors like increased consumer awareness and consistent growth in sales of replacement lamps, downlights, commercial, industrial and outdoor products are likely to drive the demand.
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The mobile segment is anticipated to reach USD 3.60 billion at a growing CAGR of 5.1% by 2023. The proliferation of mobile devices is likely to leverage the demand soon.
Analyzing the opportunistic growth in the global high brightness LED market, number of players are entering in the marketplace. These players are likely to offer end-to-end solutions to gain competitive advantages. The existing players will be focusing on their brand value for strengthening the prominence overseas. Several other players are working on reforming their business models to achieve a gradual decline in the price trend, which will lead to a brighter future for this industry. Prominent high brightness LED industry players include Samsung Electronics, Cree, Broadcom, Moritex, and Seoul Semiconductor.
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