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High Brightness LED Global Market Worth $32.99 Billion By 2028 Rapid Growth Predicted CAGR of 8.8% | LG Electronics, General Electric Company, Broadcom, Eaton Technologies, Nichia Corporation
High Brightness LED Market
According to The Business Research Company's, The high brightness LED market size has grown strongly in recent years. It will grow from $21.78 billion in 2023 to $23.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to energy efficiency regulations, declining LED prices, environmental awareness, government incentives.
The high brightness LED market size is expected to see strong growth in the next few years. It will grow to $32.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to urbanization trends, smart city initiatives, increased demand for automotive lighting, growing adoption of OLED technology, expansion of IoT applications. Major trends in the forecast period include advancements in horticulture lighting, rise of UV LED applications, integration of high brightness LEDs in wearables, increasing penetration in healthcare lighting.
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Market Drivers and Trends:
The increasing demand for electronic devices is expected to propel the high-brightness LED market going forward. Electronic devices are components that control the flow of electrical currents for information processing and system control. The demand for electronic devices is increasing due to technological innovation, lifestyle changes, market expansion in emerging economies, and environmental awareness. Electronic devices leverage the superior performance, energy efficiency, and design flexibility of HB-LEDs, spurring their adoption in consumer electronics and fueling growth. For instance, in August 2022, according to the Pomodoro Timer, a Ukraine-based simple web-based timer platform, the revenue generated by technical electronics devices reached $14.21 billion in 2022 and is projected to experience a 17% increase by 2025. Therefore, the increasing demand for electronic devices is driving the growth of the high-brightness LED market.
Major companies operating in the high-brightness LED market focus on developing innovative LED technology products, such as the Aurora Series, to meet the increasing demand for brighter, more efficient, and versatile lighting solutions across various sectors. An Aurora Series is a new ultra-high-brightness LED display system that provides superior display output to standard display screens. For instance, in March 2021, Shenzhen Absen Optoelectronic Co., Ltd., a China-based provider of LED applications, launched the Aurora Series, a new ultra-high-brightness LED display. This new series offers cutting-edge features and capabilities to meet the increasing demand for bright, high-quality displays across various indoor and outdoor applications. The Aurora Series is 50% thinner and lighter than its predecessors, featuring a fan-less design that reduces power consumption by 40%. The series is waterproof and operates between -40 and +50 degrees Celsius, making it a reliable choice for various applications.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., LG Electronics, General Electric Company, Broadcom, Eaton Technologies, Koninklijke Philips N.V., Toyoda Gosei Co. Ltd., Lite-On Technology Corporation, OSRAM Licht, Seoul Semiconductor Co. Ltd., Everlight Electronics Co. Ltd., Viewsonic Corporation, Cree LED, Lumileds Holding B.V., Moritex Corporation, Lumex, Plessey, Kingbright Company LLC., Genesis Photonics Inc., Intematix Corporation, Luckylight Electronics Co. Ltd, Epistar Corporation, Nichia Corporation, American Bright Optoelectronics Corporation, Syska
High Brightness LED Market 2024 Key Insights:
• The high brightness LED market size is expected to see strong growth in the next few years. It will grow to $32.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Impact Of Increasing Demand For Electronic Devices On The High-Brightness LED Market
• Advancements In Ultra-High-Brightness LED Technology
• Asia-Pacific was the largest region in the high brightness LED market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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