Press release
Lighting the Way: Transformative Trends in Backlight LED Technology
According to The Business Research Company's, The backlight led market size has declined marginally in recent years. It will decline from $0.85 billion in 2023 to $0.84 billion in 2024 at a compound annual growth rate (CAGR) of -1.6%. The decline in the historic period can be attributed to covid Impact, and russia ukraine war impact.
The backlight led market size is expected to see marginal decline in the next few years. It will decline to $0.8 billion in 2028 at a compound annual growth rate (CAGR) of -1.1%. The decline in the forecast period can be attributed to high cost of production, and high Price. Major trends in the forecast period include mini-led and micro-led displays, demand for high-dynamic-range (hdr) and wide color gamut displays, edge-lit and direct-lit backlighting, customization and flexible displays, integration with smart and iot devices.
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Market Drivers and Trends:
The increasing demand for backlight LED in the advertising industry is expected to drive the market in the forecast period. Backlight LED offers high flash and fade frequencies which helps the advertisers to showcase their products with better visibility. The LED backlight produces even light with less power consumption compared to fluorescent backlights. The maintenance cost of LED backlights used in billboards is also very minimal and saves 90% on power when compared to other light bulbs. These advantages offered by LED backlights will boost the backlight LED market in the forecast period.
Increasing adoption of substitute technologies such as OLED is likely to restrain the backlight LED market growth. The power consumption of OLEDs is less when compared to LEDs because OLEDs generate light themselves and do not require backlighting. The battery-operated devices will be highly benefited from OLED features, thus affecting the growth of the backlight LED market.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd.; NICHIA CORPORATION; LG Innotek Co. Ltd.; Epistar Corporation; Lumileds Holding B.V.; OSRAM GmbH; Koninklijke Philips N.V.; Cree Inc.; LG Corporation; Sharp Corporation; Everlight Electronics Co. Ltd.; AU Optronics Corp.; NEC Corporation; Mitsubishi Electric Corporation; Sony Group Corporation; JF Technology Berhad; Broadcom Inc.; ON Semiconductor Corporation; Texas Instruments Incorporated; Analog Devices Inc.; Infineon Technologies AG; STMicroelectronics N.V.; NXP Semiconductors N.V.; Renesas Electronics Corporation; Maxim Integrated Products Inc.; Microchip Technology Inc.; Silicon Laboratories Inc.; Skyworks Solutions Inc.; Qorvo Inc.; Murata Manufacturing Co. Ltd.; TDK Corporation; Panasonic Corporation; Toshiba Corporation; Hitachi Ltd.
Backlight LED Market 2024 Key Insights:
• The backlight led market size will decline to $0.8 billion in 2028 at a compound annual growth rate (CAGR) of -1.1%.
• Demand In The Advertising Industry Is Boosting The Backlight Led Market
• Challenges In The Backlight Led Market, Competition From Oled And Substitute Technologies
• Asia-Pacific was the largest region in the backlight 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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