LED Chip Market Size to Expand at a CAGR of 14% during 2019-2024
According to the latest report by IMARC Group, titled “LED Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global LED chip market size reached US$ 16.4 Billion in 2018. A light-emitting diode (LED) chip, also known as the die, refers to the core component in the LED lighting system. It has different ratings based on the voltage, brightness and wavelength, and primarily assists in determining the quality and color of light, such as red, blue, green, white and yellow. Over the years, the LED chip technology has evolved from the low-efficiency Dual In-Line Package (DIP) to high-powered Chip on Board (COB) circuits, which in turn, has helped in improving the efficiency of lighting systems.
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LED Chip Market Trends:
The LED chip market is presently witnessing double-digit growth owing to the strong demand for LED lighting products. These lights are more energy-efficient in terms of power consumption and offer a high luminous intensity. Moreover, LED lights utilize electroluminescence to produce light by converting electricity into visible light with minimum wastage and heat generation. Apart from this, LED products have a longer lifespan in comparison to incandescent bulbs which, in turn, is strengthening the growth of the LED chip market. Further, owing to technological innovations and continuous research and development (R&D), the cost of manufacturing LED per kilolumen has also decreased, thereby reducing the average selling price (ASP) of LEDs. Furthermore, incentives offered by governments around the world to promote the utilization of energy-efficient lighting is also boosting the sales of LED chips. Looking forward, the LED chip market size is projected to exceed US$ 37.0 Billion by 2024, expanding at a CAGR of around 14% during 2019-2024.
LED Chip Market Summary:
- Based on the product, the market has been segregated into blue, red, green, infrared, yellow, white and other LED chips. At present, blue LED chips account for the majority of the total market share. This can be accredited to their application in backlighting as well as illumination to attain a high degree of brightness.
- On the basis of the application, the market has been segmented into backlighting, illumination, automotive, signs and signal, and others.
- Region-wise, Asia Pacific represents the largest market for LED chips around the world, owing to a large number of industry participants in the region. Other major markets include Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being AVA Technologies Inc., Bright LED Electronics Corporation, Cree, Bridgelux, Hitachi Cable, Huga Optech, Dowa Electronics Materials Co Ltd., Epistar Corporation, Nichia Corporation, Formosa Epitaxy Inc., Goldeneye INC., Kingbright, Optek Technology Ltd., Osa Opto Light Gmbh and Osram Opto Semiconductors.
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