With the increasing environmental concerns, the implementation rate of LED is expected to grow in buildings. General lighting industry is also anticipated to propel the demand for LED lights.In addition, leading HB-LED manufacturers have initiated manufacturing LED lights and some of the Chinese LED manufacturers have entered into market with LED products having low price. In spite of traditional fluorescent lamps, LED lights do not contain mercury, that is a hazardous element. Though, LED lights comprises of some poisonous substances such as gallium arsenide, but the quantity of substance is very less and therefore, it can be considered as a eco-friendly alternative to traditional fluorescent lamps.
The market research study on “High Brightness (HB) LED Market (By Application: Automotive, General Lighting, Consumer Electronics, Signals & Signage) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global high brightness (HB) LED market. The report also analyzes the key players operating in high brightness (HB) LED market and identifies the key strategies deployed by them along with the market share of leading players. The global high brightness (HB) LED market is segmented as below:
High Brightness (HB) LED Market by Application
High Brightness (HB) LED Market by Geography
The global high brightness (HB) LED market is expected to grow at a CAGR of around 4.9% to reach over $22 Billion by 2026. Some of the major factors driving the growth of this market include high brightness LED bulbs market offers better efficiency when compared to other types of lights bulbs. In addition, these devices are robust and are expected to have higher life span as compared to traditional incandescent bulbs which have life time range of 50,000 hours to 100,000 hours. Likewise, they are one of the efficient lighting sources and hence enable in saving 50% to 70% of energy over traditional incandescent bulbs. This in turn is anticipated to decrease carbon emissions and bolster the global high brightness LED market demand over the forecast period.
The application segment is dominated by general lighting segment as there is a change in the consumer preferences from traditional bulbs to advanced HB-LEDs and rise in sales of downlights, replacement lamps, outdoor lights, commercial, and industrial products. However, signals & signage application segment is expected to exhibit fastest growth during the forecast period owing to its ability to produce multiple colors and low power requirements.
HB-LED includes growing application such as demand has proliferated in different applications due to its different benefits such as dimmability,longer life-span, and efficiency. In addition, the demand for HB-LEDs in back lighting, portable appliance, displays, and large screen display applications has increased significantly and is projected to endure during the forecast period. The life span of LED is likely to have a key impact on the demand. With growing demand for long lasting bulbs, its effect is likely growing in upcoming days. LEDs have a longer lifespan compared to the other light sources.
Based on geographical regions,Asia-Pacific has contributed the maximum revenue share in 2017 and is expected to uphold its lead in the forecast period. This would be attributed to several factors, for example, LED outdoor lighting installations and the government policies related for the installations are getting support mainly in emerging markets such as India, Russia, Vietnam, Malaysia, Indonesia, and Thailand. Furthermore, improvement in government expenditure in LED orders has enhanced the HB-LED growth in Asian countries, particularly in India.
Some of the leading companies operating in the global high brightness (HB) LED market include Toyoda Gosei, Epistar Corp, Moritex Corporation, Cree, Inc., Samsung Electronics Co Ltd, Osram Opto Semiconductor, Seoul semiconductor, Nichia Corporation, American Bright Optoelectronics Corps, and Philips Lumileds.