A Recent Study Says High Power LED Market Will Make a Huge Impact in Future
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.