High Brightness LED market to exceed revenue of USD 22 billion by 2023, at 4.9% CAGR

High brightness LED market has established its bearings significantly in today’s world, with LEDs gaining precedence over CFLs. Depleting energy resources and increasing carbon emissions have directed the demand for energy conservation to top the priority lists in all sectors. The government and regulatory bodies across the globe are strictly implementing energy conservation norms, which in turn is triggering heavy deployment of energy saving lighting sources.

An ordinary light bulb transforms 100 Joules of electric energy into 5 J of light energy and 95 J of heat energy, in which case, the latter is a complete waste. In comparison, the energy saving light bulb saves 50% to 70% of energy and increases the life span of the device, which is in the range of 50,000 hours to 100,000 hours, thus offering huge potential. The extended life cycle of these bulbs leads to lower replacement and maintenance costs, which in turn is driving high brightness LED market size. As per a report by Global Market Insights, Inc., “High Brightness LED industry is set to witness a revenue of over USD 22 billion by 2023, at a y-o-y growth of 4.9% over the period 2016-2023.”

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These popular high brightness LED technologies are already commercially available in a range of new products in the automotive, backlight, mobile, and lighting applications. Increasing smartphone penetration and demand for related mobile devices have led the mobile segment in high brightness LED industry to snowball. The mobile segment is foreseen to exceed USD 3.60 billion by 2023, increasing at an annual growth rate of 5.1% over the period of 2016-2023.

Rise in sales due to swift penetration of HB LEDs in downlights, replacement lamps, outdoor lights, commercial, and industrial products is likely to propel the lighting application market to register a CAGR of 6% between 2016-2023. High brightness LED industry from the lighting application is estimated to generate a revenue share of over USD 7.4 billion by 2023.

Absence of infrared radiation in HB LEDs is resulting into its growing application for food and textile illumination, thereby showcasing a positive swing in global high brightness LED industry dynamics.

Growing concerns regarding energy saving and rising number of initiatives toward increasing green construction are expected to provide ample growth prospects in the regional landscape of high brightness LED industry. Asia Pacific high brightness LED market is projected to register a CAGR of 5.5% over the period of 2016-2023. China and Japan are the prominent countries which are actively seeking a fundamental shift in their energy policies by encouraging improved LED manufacturing, attractive initiatives, and huge financial subsidies.

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Europe high brightness LED market is poised to witness an exponential growth at a rate of 4.4% from 2016-2023, due to the vast presence of industries in the region.

Analyzing the opportunistic growth in the global high brightness LED industry, number of players are entering in the marketplace. These players are likely to offer end-to-end solutions to gain competitive advantages. The existing players will be focusing on their brand value for strengthening the prominence overseas. Several other players are working on reforming their business models to achieve a gradual decline in the price trend, which will lead to a brighter future for this industry. Prominent high brightness LED industry players include Samsung Electronics, Cree, Broadcom, Moritex, and Seoul Semiconductor.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.