Asia-Pacific Leading the Way in High Power LED Market Growth Worldwide

As people are becoming more and more aware of the rapidly growing energy crisis, the adoption of energy-efficient products has been on a rise.

Moreover, the governments of several countries are also focusing on reducing the consumption of energy. These factors are leading to an increasing demand for energy-efficient lighting solutions, such as high-power light emitting diodes (LED).

Download Brochure With Technical Innovation : https://www.psmarketresearch.com/market-analysis/high-power-led-market/report-sample

LEDs require less power, have higher efficiency (energy supplied is converted into radiation, with minimal heat production), and a longer life span (can function for decades).

A type of diode that turns electrical energy into light is called an LED. The demand for these lighting solutions is growing because they have several advantages over traditional lighting solutions, such as fluorescent and incandescent illuminating devices.

Attributed to all these advantages, several countries, such as Australia, the U.S., China, and India, have started focusing on projects that will enable the complete transition of their general lighting lamps, primarily in outdoor lighting applications, to LEDs.

For example, as per the U.S. Department of Energy, the city of Los Angeles saved approximately $9 million in their annual energy costs by completing the citywide street lighting replacement program, under which 215,000 LED streetlights were installed.

As per a research conducted by P&S Intelligence, in 2018, the global high-power LED market reached a value of $12,647.2 million and is expected to advance at a 5.3% CAGR in the near future.

Know Notable Developments in this Technology: https://www.psmarketresearch.com/market-analysis/high-power-led-market

The reason for this is that these LEDs are witnessing a large-scale adoption in several applications. Most commonly they are utilized in outdoor and indoor lighting systems in industrial, residential, and commercial areas, such as retail display lighting, architectural lighting, and channel lighting.

Since high power LEDs have numerous benefits, their applications are wide as well. The high-power LED market is categorized into backlighting, automotive, signs & signals, general lighting, and others (which include ultraviolet LEDs, camera flash lighting, and infrared emitter).

Among all these, the largest demand for high power LEDs was created for the application of general lighting in 2018 due to the rising sales of downlight, area light, spotlight, tunnel light, and industrial light.

Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=high-power-led-market

The fastest growth in demand for high-power LED lighting solutions is projected to be witnessed by the application of backlighting in the coming years. In this application, high-power LEDs are utilized in monitors, tablets, gaming devices, status indicators, televisions, laptops, mobiles, and channel letter lighting.

Read More Related Reports :

LED Lighting Market :
https://www.psmarketresearch.com/market-analysis/led-lighting-market

Smart Lighting Market :
https://www.psmarketresearch.com/market-analysis/smart-lighting-market

Contact:

P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.