Global High Power LED Market Insights, 2019-2024 - Growing Government Support, Increasing Adoption of Energy-Efficient Lighting Solutions
DUBLIN, Feb. 3, 2020 /PRNewswire/ -- The "High Power LED Market Research Report by Wattage, Application, Geographical Outlook - Global Industry Trends and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The high-power light-emitting diode market is projected to generate $17,581.5 million in 2024, witnessing a 5.3% CAGR during the forecast period (2019-2024). The key factors driving the market are the growing government support for the adoption of LED lights and increasing adoption of energy-efficient lighting solutions.
On the basis of wattage, the market is divided into 1-2.9 W, 3-4.9 W, 5-10 W, and >10 W. During the forecast period, 5-10 W division is projected to advance at the fastest pace because of the increasing deployment of these LED lights in general lighting applications.
In terms of application, the high-power LED market is classified into general lighting, signs & signals, automotive, backlighting, and others (which include infrared emitter, camera flash lighting, and ultraviolet (UV) LEDs).
Among these, the automotive application is expected to grow at a CAGR of 5.4% during the forecast period. This is ascribed to the growing requirement for high-power LED lights in automotive interior and exterior applications, including position lights, ambient lighting, fog lights, headlights, and dashboard lights.
Geographically, Asia-Pacific (APAC) is projected to hold a considerable share of the high-power LED market during the forecast period. The primary reason for this is the rising adoption of these LED lights in general lighting applications, majorly in India and China.
Furthermore, various smart city projects are in their developmental phase in these countries, which are predicted to create a huge demand for high-power LED lights. For example, in 2012, China introduced a national smart city development project, which will utilize modern technology for building smart cities.
The governments have started focusing on saving energy, which is why the requirement for energy-efficient lighting solutions is increasing. This is further leading to the growth of the high-power LED market, since high-power LEDs are able to work efficiently for long periods of time and at low maintenance cost. Because of these advantages, the local authorities of several countries, including Australia, the U.S., China, and India, have introduced projects in order to replace their traditional lighting lamps, which are utilized in outdoor lighting, with LEDs.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Wattage
1.3.2 Market Segmentation by Application
1.3.3 Market Segmentation by Region
1.3.4 Analysis Period
1.3.5 Market Data Reporting Unit
1.3.5.1 Value
1.3.5.2 Volume
1.4 Key Stakeholders
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Wattage
4.1.1.1 1-2.9 W
4.1.1.2 3-4.9 W
4.1.1.3 5-10 W
4.1.1.4 >10 W
4.1.2 By Application
4.1.2.1 General lighting
4.1.2.2 Automotive
4.1.2.3 Signs & signals
4.1.2.4 Backlighting
4.1.2.5 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Growing Popularity of Smart LED Lighting
4.3.2 Drivers
4.3.2.1 Rising Adoption of Energy-Efficient Lighting Solutions
4.3.2.2 High-Energy Efficiency and Greater Lifespan
4.3.2.3 Growing Demand for High Power LEDs in Automotive Applications
4.3.2.4 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 High Initial Cost
4.3.3.2 Temperature Sensitivity
4.3.3.3 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Growing Awareness of Energy-Efficient Solutions
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Wattage
5.2 By Application
5.3 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players and Offerings
11.2 Market Share Analysis of Key Players
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Key Market Players
11.5 Strategic Developments of Key Players
11.5.1 Product Launches
11.5.2 Partnerships
Chapter 12. Company Profiles
12.1 Cree Inc.
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 Nichia Corporation
12.3 Lumileds Holding B.V.
12.4 Osram Licht AG
12.5 Samsung Electronics Co. Ltd.
12.6 Everlight Electronics Co. Ltd.
12.7 Seoul Semiconductor Co. Ltd.
12.8 LG Innotek Co. Ltd.
12.9 Epistar Corporation
12.10 Broadcom Inc.
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