According to a new study by Global Market Insights Inc., High Brightness LED Market size is anticipated to surpass USD 22 billion, at 4.9% by 2023. Growing awareness and government initiatives concerning energy conservation are likely to propel the demand soon. The report comprises of an overview of the market with in-depth analysis of key factors and key trends driving the market. It also includes the current market scenario, forecast, and estimations for the projected period.
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High brightness LED bulbs are robust, efficient and are likely to have a greater life span as compared to other types. They aid more than 50% energy savings over conventional technologies. All these features are anticipated to boost the market demand in the next few years. Longer life span leads to low replacement costs. Low prices HB LED will be a key strategy for manufacturers to further the demand over the projected time frame. Increasing use in heat sensitive applications including textile and food illumination is poised to impel HB LED market growth over the predicted period. The high initial cost may hamper the acceptance and growth across the industry.
Lighting application is expected to surge and register more than USD 7.4 billion by 2023. Factors like increased consumer awareness and consistent growth in sales of replacement lamps, downlights, commercial, industrial and outdoor products are likely to drive the demand.
The mobile segment is anticipated to reach USD 3.60 billion at a growing CAGR of 5.1% by 2023. The proliferation of mobile devices is likely to leverage the demand soon.\
Asia Pacific led the HB LED market segment and is projected to register growth at 5.5% CAGR in next seven years. Support and initiatives for energy conservation in various countries are likely to create growth avenues in the market over the forecast period. Europe market share is expected to witness exponential growth at 4.4% CAGR by 2023.
The report analyzes the competitive landscape of the HB LED market with company profiles, key strategies, market trends listed in the report. Key players in the market include Kingbright Electronic, Nichia, Cree, Seoul Semiconductor and Broadcom. Other noteworthy names include OSRAM GmbH, Sharp, Samsung Electronics, and Moritex. Patents and brands are key focus areas of manufacturers to reinforce overseas distribution channels and perk up the patent portfolio. Lowering HB LED market price trend is likely to help overcome growth challenges over the projected period.
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