High Brightness LED MarketSize, Revenue, Growth Rate Analysis and Forecast 2023
Global High Brightness LED Market
According to the recent report by Market Research Future (MRFR), the global high brightness LED market is expected to acquire a substantial market valuation of USD 23.32 billion by 2023, at a notable CAGR of 9.73% over the assessment period.
The growing need for energy-efficient lighting solutions and an increase in the usage of the LED in automotive, backlighting, illumination, mobiles, and signs & signals have led to the growing adoption of high brightness LEDs across the globe. Benefits of High Brightness LED such as the long life span, dim-ability factor, and better large screen backlighting, among others, are expected to drive the demand for high brightness LED systems over the review period.
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Key players
The major market players of the global High Brightness LED market are American Bright Optoelectronics Corps (US), Cree, Inc. (US), Epistar Corporation (Taiwan), Lumileds Holding B.V. (Netherland), Moritex Corporation (Japan), Seoul semiconductor (South Korea), Nichia Corporation (Japan), Osram Opto Semiconductors GmbH (Germany), Samsung Electronics Co Ltd (South Korea), and Toyoda Gosei (Japan).
These players are expected to adopt innovative business strategies such as partnerships & collaborations, mergers & acquisitions, and new product launches to enhance their businesses in the global High Brightness LED market over the review period.
Segmental Analysis
High Brightness LED market is segmented on the basis of application.
On the basis of application, the market is segmented into signals & signage, automotive lighting, general lighting, LCD backlighting, mobile, others. The general lighting segment is likely to dominate the High brightness LED market and acquire the largest market share during the forecast period. This growth is owing to the large-scale replacement of conventional luminaires for indoor and outdoor lighting.
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Regional Analysis
The regional study of the global High Brightness LED market has been analyzed in Europe, Asia-Pacific, North America, and the rest of the world.
Asia-Pacific is anticipated to dominate the High Brightness LED market over the assessment period, owing to the presence of advanced lighting infrastructure in the region, presence of many emerging and major market players, along with a rise in government expenditure towards the up-gradation of public infrastructure outdoor lighting. The Asia Pacific region is also anticipated to acquire the largest regional market share at the highest CAGR during the evaluation period. Market players are expected to shift their focus on broadening their markets, which are expected to increase the scope of opportunities over the estimated period.
The North American market for High Brightness LED lights is expected to acquire a substantial market share over the review period, owing to the early adoption of technological advancements in the region. The U.S. is a global technological hub and is expected to contribute towards the majority of the market share acquired from North America over the forecast period. The increasing adoption of High Brightness LED systems in other end-use industries such as automotive, infrastructure, among others, is also projected to drive the market substantially in this region over the review period. Moreover, the presence of emerging and leading market players is expected to create a vast scope of growth opportunities over the assessment period.
Europe is also considered as a significant region in the global High Brightness LED market and is expected to reach a notable market share over the review period. This is attributed to the advancement in technology taking place in the region, especially in developing countries such as Germany, France, the U.K., among others. Moreover, an increase in government expenditure has led to the growth of research and development activities in the region, which, coupled with the efforts of key market players, is expected to fuel the growth of the European High Brightness LED market in the region over the review period.
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