Industry Overview
The market for high power light-emitting diodes (LEDs) is expected to witness substantial growth in the coming years, with a projected value of USD 2.9 billion by 2030. Over the forecast period, it is anticipated to achieve a compound annual growth rate (CAGR) of 6.4%. This growth can be attributed to the rising demand for energy-efficient lighting options and the strong backing from governments worldwide to promote the adoption of LED lights. These factors collectively drive the expansion of the Global High Power LED Market.
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Market Segmentation
Insight by Wattage
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.
Insight by Application
On the basis of application, the high power LED market is categorized into automotive, general lighting, backlighting, signs & signals, and others, wherein general lighting category held largest share in the market in 2018. The growth of this segment is attributed towards the fact that increase in sales of downlight, spotlight, area light, tunnel light, and industrial light.
Global High Power LED Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. X.X Billion
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Revenue Forecast in 2030
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U.S.D. 2.9 Billion
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Growth Rate
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6.4%
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Segments Covered in the Report
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By Wattage and By Application
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, and Rest of the World
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Industry Dynamics
Growth Drivers
The growth of the global high power LED market can be attributed to various crucial factors. Primarily, there is a significant surge in the adoption of energy-efficient lighting solutions worldwide. Additionally, the growing awareness regarding energy conservation has also played a pivotal role. Moreover, there is a rising demand for high power LEDs in automotive applications. These factors collectively drive the expansion of the global high power LED market.
Restraints
High initial cost is hindering the growth of the high power LED market, globally.
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.
Forecast Parameters
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
Data Validation
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- The bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
The High Power LED Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Wattage
- 1–2.9 W
- 3–4.9 W
- 5–10 W
- >10 W
- By Application
- General Lighting
- Automotive
- Signs & Signals
- Backlighting
- Others
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
