The Global LED Technology Market is expected to reach $52,011.5 Million by 2022 growing at a CAGR of 11.7% during the forecast period (2016-2022).
The LED market globally is in it nascent stage of adoption. Use of LED’s in automobile and mobile phone backlighting applications has given the necessary drive to the LED market. Awareness about the natural environment among the human population is higher than ever; therefore, there is an overwhelming demand for green construction, which is one of the major factors that drive the adoption of LED globally. Additionally, the growth in display market and falling prices of LED lamps are other favourable factors contributing to the growth of the LED market. Nevertheless, cost associated with replacing conventional lighting would be a factor that would hinder the market growth.
OLEDs are predominantly used in mobile devices; therefore, OLED’s would witness tremendous growth during the forecast period. Backlighting applications due to falling prices, might not showcase enormous growth in terms of percentage; nevertheless, would still remain as one among the major application areas within the LED market. The use of LED as a backlight for LCD panels gave the necessary push to the LED market post 2012, and since then the LED market came into the limelight.
The LED market is studied considering geographies such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has been the largest revenue generating region. Various applications of LEDs are discussed in depth in all the regions. Additionally, the report also throws light on the opportunities available for the market players to find ingress points in the LED market. At present, the North American region is the largest market for LEDs, with adoption in various applications such as automotive, lighting and backlighting. High brightness LEDs (HB-LEDs) are widely used in automotive, signals and signage’s in the North American region.
The global LED market is segmented into technology, application and geography. The technology segment is further divided into technologies used in manufacturing final products such as Basic LED, High Brightness LED (HB-LED), Organic LED (O-LED) and Polymer LED. The application segment is divided into automotive, backlighting, general lightning, mobiles, signal and signage.
Key Players profiled in the report includes Cree Incorportaion, Samsung Electronics, Nichia Corporation, LG Innotek, Philips, Toyoda-Gosei, Osram Light and Seoul Semiconductors.