According to a new report published by Acumen Research and Consulting titled “High Brightness (HB) LED Market (By Application: Automotive, General Lighting, Consumer Electronics, Signals & Signage) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”, the global market for vertical farming is estimated to grow at a significant rate and reach the market value of over $22 billion by 2026. Among the major factors responsible for this astounding growth are ever increasing population and the need to meet their demand for 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.
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North America is anticipated to be the fastest growing region during the forecast period. The growing shipments of portable devices and decrease in the cost of LED components are key driver for HB-LED market in the region. Furthermore, expanding demand for brighter and ecofriendly LEDs in commercial applications, automobiles, and displays are some of the key factors that are contributing toward the growth of the market.Several government initiatives across the globe to detain the usage of traditional light bulb and to use LEDs is also a key factor for the increase the demand and sales of high-brightness (HB) LED. Moreover, Central & South America, as well as MEA, are expected to grow on account of the presence of a large aftermarket.
High Brightness (HB) LED uses less power and is highly efficient compared to traditional lights
The different High Brightness (HB) LED application automotive, general lighting, consumer electronics and signals & signage. HB LEDs are used in televisions and other display screens to high brightness and provide better clearness to the customer. As HB LEDs devices along with its components consume minimum space and weight, allow manufacturers flexibility in designing the ultimate product. In addition, long life span of these panels has led toanupsurge the performance of the ultimate product with minimum charge for repair and maintenance.Considering these factors, the consumer electronics segment is projected to grow in the estimated period. Moreover, high penetration of LEDs as well as HB LEDs in the segment coupled with the need for less panels is likely to result in relatively lower growth. 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, such as, LED outdoor lighting installations.
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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. In addition, 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. Moreover, leading players are now targeting appliance manufacturers and patents to increase their footprint in the domestic as well as in the international market. Certain leading companies such as Samsung have integrated operations where the corporation uses high brightness HB LEDs across a host of products such as laptops,televisions, and mobile phones.
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