The latest research study “High-Brightness LED Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the Global High-Brightness LED Market size reached US$ 24.51 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 36.18 Billion by 2027 exhibiting a CAGR of 6.50% during 2022-2027.
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NOTE: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
A high-brightness LED (HB-LED) is an advanced LED with a higher luminosity and can withstand additional current levels and power depletion. It consumes one watt of power to produce more than 50 lumens, which results in bright light output. It is widely utilized in tubes and bulbs, signs and signals, and displays of mobiles and televisions due to its longer lifespan, improved dimmability, and efficiency. In addition, these lights can save up to 50% to 70% of energy consumption and reduce carbon emissions than conventional lights. Consequently, high-brightness LEDs are widely replacing the standard LED luminaires in various lighting applications.
High-Brightness LED Market Trends and Drivers:
The market is primarily driven by the escalating demand for energy-efficient durable lighting solutions due to the growing concerns regarding the high levels of carbon emissions. In addition, the implementation of favorable government initiatives to support energy conservation and green construction practices represents another major growth-inducing factor.
Apart from this, HB-LEDs are beneficial in general lighting and automotive applications as they work efficiently for prolonged operating hours at low maintenance costs. This, coupled with the escalating sales of consumer electronics, such as laptops, mobiles, and televisions, is providing a positive thrust to market growth.
Moreover, the market is further driven by continual product launches and the reducing prices of HB-LED components. Besides this, the increasing mergers and acquisitions (M&A) and research and development (R&D) activities conducted by key players are also propelling market growth.
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The report has been segmented the market into following categories:
Breakup by Application:
• Automotive Lighting
• General Lighting
• Mobile Device
• Signals and Signage
Breakup by Distribution Channel:
Breakup by Indoor and Outdoor Application:
Breakup by Breakup by End-Use Sector:
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
List of Major Key Players:
The major players in the market are Broadcom Inc., Cree LED, Epistar Corporation, Lumileds Holding B.V., Moritex Corporation, Nichia Corporation, Osram Opto Semiconductor, Samsung Electronics Co. Ltd. and Seoul Semiconductor Co. Ltd.
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