The need for energy efficient solutions is growing rapidly in every field, on account of the surging energy crisis, growing price volatility of power, and rapid depletion of fossil fuels. As people and governments alike are becoming more aware regarding all this issue, the preference for energy efficient solutions is increasing. There is a pressing need for conserving energy or generating energy through renewable sources in order to prevent further degradation of the environment. Due to these factors, the demand for energy efficient lighting solutions, including high power light emitting diodes (LED), is surging as well.
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LED is a semiconductor device which emits light when electricity flows through it. High power LED is a type of LED, which has increased power and brightness, and while it is slightly costlier than regular LED, it provides greater energy efficiency. Because of these advantages the demand for high power LEDs is growing rapidly. As per a P&S Intelligence report, the global high power LED market attained a value of $12,647.2 million in 2018 and is projected to generate a revenue of $17,581.5 million by 2024, advancing at a 5.3% CAGR during the forecast period (2019–2024).
The objective of this research includes;
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High power LEDs come in different wattages— 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. Among these, the larger demand in the past was created for 3–4.9 W high power LEDs, because of the increasing adoption of these lighting solutions in a number of applications. 3–4.9 W high power LEDs is further expected to rise in the coming years as they are being widely deployed in outdoor and indoor lighting systems in commercial, residential, and industrial areas. Apart from this, the requirement for 5–10 W high power LEDs is also projected to grow considerably in the near future, as they are being used as outdoor and entertainment lights.
High power LEDs have different applications, such as backlighting, general lighting, signs & signals, automotive, ultraviolet LEDs, camera flash lighting, and infrared emitter. The highest demand in 2019 for these highting solutions was created for general lighting applications, due to the growing sales for downlight, industrial light, spotlight, tunnel light, and area light. A considerable demand for high power LEDs is projected to be created for automotive applications in the coming years, which is ascribed to the rising requirement for these lights in interior and exterior applications, including dashboard lights, fog lights, headlights, position lights, and ambient lighting.
The research includes detailed analysis of;
Market Segmentation by Wattage
Market Segmentation by Application
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