6 December 2016

HB-LED market to grow at 10% CAGR to $29bn in 2022

The global high-brightness light-emitting diode (HB-LED) market is rising at a compound annual growth rate (CAGR) of 10% from $15bn in 2015 to $29bn in 2022, forecasts a report by Allied Market Research.

In 2014, Asia-Pacific dominated the market, contributing more than 50% share of overall market revenue, followed by North America. The presence of key market players in Asia-Pacific and rising HB-LED application (primarily in signs, display and large-screen backlighting) have fueled growth.

Increasing HB-LED applications in general lighting, cars, mobile, and large-scale replacements of traditional lighting (as LED lights are more cost-effective, energy-efficient, and offer longer life-span) are driving market growth. However, high initial investment could restrict growth. Moreover, it is anticipated that the rise in demand for lighting, coupled with increasing government focus on energy conservation on photovoltaic technology, would spur the global market.

In 2014, the general lighting application segment dominated the HB-LED market (with over 46% share) and is expected to maintain this lead in future. However, the mobile application segment shoud grow significantl (at a CAGR of 10.8% during the forecast period), due to various applications of HB-LEDs in mobile devices, since they produce bright light with minimal use of electricity and instant responsiveness.

Among various geographical regions, Asia-Pacific contributed the most revenue share in 2014 (led by Japan, with about a quarter of the region's market). Asia-Pacific is expected to maintain its lead throughout the forecast period, due to factors such as outdoor lighting installations and policies related to installation receiving importance mainly in emerging markets like India, Russia and Southeast Asia (Vietnam, Malaysia, Indonesia, and Thailand). Moreover, improvement in government expenditure in LED orders has boosted HB-LED growth in Asian countries, particularly India.

However, North America is projected to be the fastest-growing region throughout the analysis period. Increasing shipments of mobile devices and reduction in the cost of LED components are major driving forces for HB-LED markets in the region. Moreover, rising demand for brighter LEDs in commercial applications, automobiles and displays is also contributing to growth.

Key players have adopted product launch as their key developmental strategy to expand their services and businesses in different geographies, notes the report. The major players profiled include Epistar Corp, Cree Inc, Philips Lumileds, Moritex Corp, Samsung Electronics Co Ltd, Seoul Semiconductor, Osram Opto Semiconductor, American Bright Optoelectronics Corp, Nichia Corp, and Toyoda Gosei.

Tags: LED market Lighting market

Visit: www.alliedmarketresearch.com/high-brightness-hb-led-market