The market for LED material is expected to register a CAGR of more than 8%, globally, during the forecast period. A light-emitting diode (LED) is a semiconductor light source that emits light when current flows through it. Electrons in the semiconductor recombine with electron holes, releasing energy in the form of photons. The color of the light is determined by the energy required for electrons to cross the bandgap of the semiconductor. The growing demand for LED materials in residential and industrial applications and regulatory policies for energy-efficient lighting has been driving the market growth.
– However, the environmental threats related to lead, nickel, and copper present in some LEDs are likely to hinder the growth of the studied market. Moreover, the temporary halt in production due to unfavorable conditions arising from the COVID-19 outbreak is also expected to hamper the market growth.
– The research and technological development in Li-Fi are likely to provide opportunities for the LED material market over the next five years.
– The Asia-Pacific region dominated the LED material market, owing to the growing application of LED Material in general lighting for residential and commercial purposes in the region.
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Key Market Trends
General Lighting Segment to Dominate the Market
– General lighting segment stands to be the dominating segment. Factors such as rising application and demand of LED in energy-efficient efficient lighting are expected to provide thrust to LED material market.
– Power consumption in LED lights is relatively less as low as one-third as compared with normal lights due to which rapid adoption of LED lighting is expected to happen which in turn anticipated to surge market growth.
– Beneficial attributes of LEDs like highly efficient, reliable, low cost of operation, reduced heat losses and longer life span are anticipated to boost their application in both indoor and outdoor settings.
– LED luminaires to deliver more light per output power owing to which it has numerous applications include lights used in streetlights, high bays, downlights, track lights, troffers, and among others in residential and commercial segment.
– Countries, such as the United States, New Zealand, United Kingdom, India, Canada, Taiwan, Australia, and among others have taken several initiatives to replace tradition less durable, high power consuming bulbs with energy efficient LED bulbs which in turn augment the demand for LED material.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region stands to be the largest and fastest growing market for LED material. Factors, such as growing utilization in general lighting as well as rising infrastructural expansion, have been driving the LED material requirements in Asia-Pacific.
– Growing application of LED in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, academics and street lighting. Hence, vast applications of LED are expected to provide a boost to the growth of the market.
– High adoption of LEDs as an alternative to fluorescent, high-intensity discharge (HID) and incandescent lamps is likely to augment the demand for light-emitting diode material.
– Asia-Pacific region is known for its industrial base across the globe. China, Taiwan, Japan, India has the presence of some of the top manufacturers of LEDs. Large scale LED manufacturing industries are located in Asia-Pacific countries like China, South Korea, and Taiwan is anticipated to drive the market for LED material in the region.
– Hence, all such market trends are expected to drive the demand for LED material market in the region during the forecast period.
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