FELTON, California, August 22, 2017 /PRNewswire/ --
The global high-brightness LED market size to reach USD 27.28 billion by 2024 and is driven by the rise in the consumer need for resource efficient and low energy lighting solutions. The market was dominated by North America and Asia Pacific together accounting for 62% of the revenue share in 2016.
High-brightness LEDs are semiconductor-based devices which exhibit superior luminosity as compared to traditional LEDs due to the higher current levels and power dissipation. Increasing trend of providing more brightness to improve clarity is expected to augment the growth of the market over the projected period.
Increasing demand for HB LEDs in numerous application segments including automotive, television, smartphones, general lighting, and signs owing to their lower energy consumption and superior brightness is expected to drive the demand. Rising consumer awareness regarding the benefits of using HB LED such as lower power consumption and superior brightness for residential as well as commercial applications are expected to bolster growth.
Demand for these lighting solutions was highest in consumer electronics including laptops, TV backlight and smartphones to provide superior luminescence even in dark lighting conditions. The segment accounted for 56.3% of the market share in 2016 and is expected to continue its dominant trend over the projected period. Increasing consumption of HB LEDs in 4K TVs coupled with the growing sales of these products is anticipated to drive the market over the next few years.
Browse full research report with TOC on "High-Brightness (HB) LED Market Size and Forecast, By Application (Consumer Electronics, General Lighting, Automotive, Signals & Signage), and Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/high-brightness-hb-led-market
Automotive is expected to exhibit the fastest growth over the forecast period at a 10.2% CAGR from 2017 to 2024. Although LEDs have penetrated the automotive market, HB LEDs are increasingly used as a safety measure for visibility along with reducing the power consumption. Increasing production of automobiles is expected to propel the sales of these lighting solutions over the next few years.
Keeping these driving factors in mind, companies are ramping up their production capacity as well as seeking out new joint ventures to improve their distribution system. For instance, in March 2017, Samsung signed a MoU with Elec-Tech International (H.K) Co, Ltd. to leverage the latter's technology and market share in China. On the other hand, ETi is likely to benefit from Samsung's patent protection and brand strength.
As the demand for high-brightness LEDs has been growing, it has led companies to increase their fabs. The LED manufacturing industry has roughly added 100 new fabs in the last five years increasing the tally to 169 fabs worldwide.
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Hexa Research has segmented the global high-brightness LED market based on application and region:
Segmentation by application, 2014 - 2024 (USD Million)
• Consumer Electronic
• General Lighting
• Signals and Signage
Segmentation by region, 2014 - 2024 (USD Million)
• North America
• Asia Pacific
• Rest of the World (RoW)
Key players analyzed:
• Lumileds Holding B.V.
• Epistar Corporation
• Cree, Inc.
• MORITEX Corporation
• Samsung Electronics
• Seoul Semiconductor Company, Ltd.
• Osram Licht AG
• American Bright
• Nichias Corporation
• Toyoda Gosei Co., Ltd.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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SOURCE Hexa Research