Global Backlight LED Market| Global Backlight LED Industry | Backlight LED Market Research Report: Ken Research
Some of the key features are included dimming backlight capability and wide color gamuts are anticipated to propel LED backlighting market growth. However, an irregular availability of components may pose a challenge for market.
According to study, “Backlight LED Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global backlight LED market are Epistar, Lumileds, Samsung, NICHIA, LG Innotek, Seoul Semiconductor, Unity Opto Technology, TOYODA GOSEI, GENESIS Photonics, Philips, CREE, LG, SHARP, EVERLIGHT, Shenzhen jufei optoelectronics, OSRAM, AUO, NEC, JF, Mitsubishi, Sony. Key companies are focusing on introducing novel products into the market, to compete with the competitors and increase market share. In addition to design, the companies are also focusing on introducing novel energy-efficient lighting products and importing innovative technologies to support the development of energy-efficient products, in-house Research & Development (R&D) and strategic partnerships, which is contributing to the growth of Backlight LED market.
Based on product type, backlight LED market is segmented as small sized backlight LED and mid & large sized backlight LED. Based on color type, market is segmented as white LED, red LED and RGB LED. In addition, based on application, market is segmented as television, phone, instruments, computer, and others.
The backlight LED market is driven by low power consumption, followed by light & slim form factor, increase in penetration of LCD, smart-phone, and computer display, high product differentiation, rise in launch elegant LCD models and smart-phones. However, increase in use of organic light-emitting diode (OLED) technologies over LED for niche applications may impact the market.
Based on geography, the Asian-Pacific region holds major share in global backlight LED market owing to increase in awareness regarding adoption of green technologies coupled with rise in need of power optimization in the region. The North-American and European regions are estimated to witness higher growth rate due to rise in demand for backlight LED in the advertising industry over the forecast period. The global backlight LED market was valued at US $1.52 billion in 2019 and it is likely to decline at a compound annual growth rate (CAGR) of -0.24% and reach US $1.51 billion by 2023.
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