The high power light-emitting diode (LED) market is projected to demonstrate a CAGR of 5.3% during the forecast period (2019–2024), due to the increasing demand for high-power LEDs from the automobile industry and government initiatives to promote energy conservation and energy efficiency.
Based on the application segment, the high power LED market is categorized into general lighting, automotive, signs and signals, backlighting, and others that include camera flash lighting, infrared emitter, and ultraviolet (UV) LEDs. Amongst these, the general lighting category accounted for the largest share in the market in 2018, owing to the increase in demand for industrial light, spotlight, area light, tunnel light, and downlight. Whereas, during the forecast period, the backlight category is projected to grow steadily due to the increasing usage of high-power LEDs in backlighting applications, including channel letter lighting, gaming, and portable appliances.
Additionally, categories under the wattage segment of the market include 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. Of these, 3–4.9 W category generated the maximum revenue in the high power LED market in 2018, owing to the large-scale adoption of these lights in automotive, sign and signal, and general lighting applications. Due to the increasing adoption of 3–4.9 W high-power LEDs in outdoor and indoor lighting systems in commercial, industrial, and residential areas, this category is expected to dominate the market during the forecast period as well.
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Globally, the Asia-Pacific (APAC) high power LED market generated the maximum revenue in 2018 and is projected to account for a substantial growth during the forecast period. This can be ascribed to the increasing application of environment-friendly and energy-efficient lighting products in railways, roads, and buildings in the region. The maximum demand is generated from India, Japan, and China. Also, increasing number of smart cities in countries, such as China and India, is expected to add to the market size.
Therefore, the energy efficiency and cost-effectiveness of the high-power LED lights are expected to boost the market size during the forecast period.
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