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Oct 21, 2019 1:26 PM ET

Global High Power LED Market is Set to Reach USD 17,985.3 million by 2024, Observing a CAGR of 5.4% during 2019–2024: VynZ Research


Global High Power LED Market is Set to Reach USD 17,985.3 million by 2024, Observing a CAGR of 5.4% during 2019–2024: VynZ Research

iCrowd Newswire - Oct 21, 2019

The global high power LED market is expected to grow at a CAGR of 5.4% during the forecast period with its market size predicted to reach USD 17,985.3 million by 2024.

Industry Insights by Wattage (1–2.9 W, 3–4.9 W, 5–10 W, >10 W), Application (General Lighting, Automotive, Signs & Signals, Backlighting, Others)

Globally, high power LED industry players are leveraging market growth through offering new LED lighting products. For example, in May 2019, Lumileds Holdings B.V. launched two new additions to its LUXEON chip on board (COB) LED family, such as the LUXEON COB Core Range and the LUXEON COB with CrispWhite Technology. These two COB product ranges can offer a minimum of 95 color rendering index (CRI) for the applications, such as indoor and retail lighting.

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3–4.9 W category held largest share in the high power LED market in 2018

On the basis of wattage, the high power LED market is classified into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W, wherein 3–4.9 W category held largest revenue share in the market in 2018. The growth of this segment is attributed towards huge adoption of high power LED lights in automotive, in general, and sign and signal lighting applications.

Geography Insight

Geographically, Asia-Pacific has accounted for the largest share in high power LED market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for energy-saving and eco-friendly lighting products in application areas, such as railways, roads, and buildings.

Competitive Insight

Some of the key players operating in the global high power LED market are Samsung Electronics Co. Ltd., Cree Inc., Seoul Semiconductor Co. Ltd., LG Innotek Co. Ltd., Broadcom Inc., Epistar Corporation, Everlight Electronics Co. Ltd., and MLS Co. Ltd.

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Primary Research

In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources those are included for the data collection of this study comprises of manufacturers, commercial growers, industry consultants and others key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global high power LED market. Primary research in this report has been conducted for estimating market size, market dynamics and strategies adopted by the key players in this market.

Secondary Research

Secondary sources referred for this research report includes association for high power LED, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating the overall market size and growth of the high power LED market that has been authenticated with the supporting facts gathered through primary data collection.

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Global High Power LED Market Coverage

Wattage Insight and Forecast 2014-2024

Application Insight and Forecast 2014-2024

Geographical Segmentation

High Power LED Market by Region

North America

Europe

Asia-Pacific (APAC)

Rest of the World (RoW)

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Keywords:    High Power LED Market, High Power LED, High Power LED Market Size, high power light-emitting diode, high power light-emitting diode market

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