Boom Predicted in Asia-Pacific High Power LED Market in Coming Years

The global high power light-emitting diode (LED) market reached a value of $12,647.2 million in 2018. As per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $17,581.5 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 5.3% between 2019 and 2024. The factor fueling the expansion of the market is the increasing implementation of government initiatives aimed at promoting energy conservation and energy efficiency.

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The surging adoption of various energy-efficient lighting solutions is one of the biggest factors responsible for the boom of the high power LED market. High power LED lights work extremely efficiently, consume less energy, and can work for long hours at very low maintenance costs, unlike the conventionally used lights. Additionally, high power LEDs have a longer lifespan than the other variants. Due to these factors, the sales of high power LEDs are soaring all over the world.

In countries such as India, the U.S., Australia, and China, local authorities have initiated projects for replacing the traditional lighting lamps used in the outdoor lighting systems with LEDs. For example, as per the U.S. Department of Energy, in 2014, a citywide street lighting system replacement program was completed in Los Angeles. Moreover, more than 215,000 LED streetlights were installed in the city in that year. This massive replacement program resulted in annual energy cost savings of around $9 million.

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Across the globe, the high power LED market is predicted to exhibit huge expansion in the Asia-Pacific (APAC) region in the future years. This will be because of the increasing usage of high power LED lights in various general lighting applications, primarily in India and China. Furthermore, many smart city development projects are being announced rapidly in these countries, which will massively push up the sales of high power LEDs in this region in the coming years.

Hence, it can be said with full confidence that the market will exhibit rapid advancement across the world in the coming years, mainly because of the increasing usage of energy-efficient lighting solutions in both commercial and residential sectors.

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This release was published on openPR.