Global High Power LED Markets, 2019-2024 - Opportunities in Increased Demand for Smart Lighting Systems
DUBLIN, Aug. 2, 2019 /PRNewswire/ -- The "High Power LED Market by Packaging Type (Flip Chip, Mesa, and Vertical), Application (General Lighting, Automotive, Flash Lighting, Backlighting,) and Geography (APAC, North America, Europe, Rest of the World) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The High Power LED Market is Expected to Grow from USD 4.5 Billion in 2019 to USD 5.6 Billion by 2024, at a CAGR of 4.5% During the Forecast Period
The long-life & continuous usage, small size, less power consumption & low voltage, and increasing high brightness application are the major factors fueling the growth of the overall market. However, the high initial cost might restrain the market growth.
High power LED with flip chip packaging to grow at the highest CAGR during the forecast period
The high power LED market for flip chip packages will grow at the highest CAGR during the forecast period owing to its advantages over the traditional horizontal mesa packaging and vertical packaging. The flip chip packages can be driven at higher current, are free of wire-bonding, and are offered in smaller packages. This is the major factor leading to the higher adoption of these LEDs than the traditional horizontal and vertical LEDs.
Automotive application to register high CAGR in high power LED market during the forecast period
In the automotive sector, high power LEDs are used in interior and exterior lighting applications. The adoption of high power LEDs for automotive lighting is very low due to their high costs, and they are used mostly in premium cars. However, their adoption is slowly gaining momentum because of increased interest among automobile manufacturers for high power LED modules and their availability for automotive applications. The available brightness due to high power LEDs would be the major driver for the growth of the high power LED market.
APAC to hold a significant share of the high power LED market by 2024
APAC currently leads the high power LED industry in terms of market size and is likely to continue being the leading region in 2024 as well. China, South Korea, and Japan are the top three contributors to the high power LED market in APAC; the market in Japan is expected to grow at the highest CAGR during the forecast period owing to the adoption of high power LEDs in premium automotive-based out in Japan. General lighting will be the leading application segment due to the early adoption of the high power LED. Also, the demand for high power LEDs in automotive, backlighting, and flash lighting in this region are the major factors fueling the growth of the high power LED market in this region.
Market Dynamics
Drivers
- Long Life and Continuous Usage
- Small Size, Less Power Consumption, and Low Voltage
- Increasing High Brightness LED Applications
Restraints
- High Initial Cost
Opportunities
- Increased Demand for Smart Lighting Systems
- Increased Awareness Regarding Implementation of Energy-Efficient Systems
Challenge
- Overcoming the Thermal Problems
Company Profiles
Key Players
- CREE
- Nichia
- OSRAM Opto Semiconductors
- Samsung Electronics
- Lumileds
- Everlight Electronics
- Epistar
- Seoul Semiconductor
- LG Innotek
- Broadcom
- MLS Co. Ltd.
Other Key Players
- Luckylight Electronics
- Plessey Semiconductors
- Betlux Electronics
- Effilux
Key Innovators
- Lite-On Technology
- Crescent LED
- Vollong Electronics
- Stanley Electric
For more information about this report visit https://www.researchandmarkets.com/r/1tfjvm
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