LED Materials Market Worldwide With Impressive Sales Trends By 2030
LED Materials Market
LED materials include phosphor, silicon,
and sapphire, and play integral parts in facilitating the manufacturing of LED
lights. LED lights are energy-efficient and find widespread application in
various electronic gadgets like telecommunications, camera, camcorder, TV
remote control, HDTV, and optical fiber communication. The global LED materials
market can achieve a 10.92% CAGR to surpass a valuation of USD 21,457.3
million during the review period of 2018 to 2024. Market Research Future (MRFR)
predicts the automotive segment as one of the foremost factors to drive the
market ahead.
Recent industrial growth is banking a lot
on integration of IoT, automation, and artificial intelligence. These sectors
are pervasively entering a number of industries like general lighting, display &
billboards, automotive interior lighting, healthcare, consumer electronics, and
others. In a way they are also paving the way for LED materials ingress. Other
fields like optoelectronics applications and lights in indoor farming can take
the onus of furthering the market.
Segmentation:
MRFR, recently launched a report on the
global LED
materials market to understand various facets of the market. The
process is heavily dependent on segmental analysis. This segmentation includes
component and application.
Based on the mode of component, the global
LED materials market comprises wafers, substrates/semiconductors, epitaxy
material, phosphor, and others. The wafers segment includes sapphire, silicon,
silicon carbide, and others. Among these, the silicon segment is expected to
deliver robust growth as it has widespread application in the microelectronic
devices.
Based on the mode of application, the
global LED materials market consists consumer electronics, general lighting,
automotive exterior lighting, healthcare, display & billboards, automotive
interior lighting, and others. The residential lighting segment may garner a
valuation worth USD 9650.6 million by the end of 2024. This is expected to get
triggered by a hike in construction of infrastructural projects.
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Regional Analysis:
The LED materials market, as considered in
the report launched by MRFR, spans across regions namely, North America, Asia
Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA).
This analysis has its aim fixed on understanding growth pockets to enable
market titans improve their profit margin by investing efforts in the right
place.
The APAC region is helming the global LED
materials market with substantial investment in action and in pipeline. The
market is deemed to score a valuation of USD 9,011.2 million by the end of the review
period. This could be achieved with a 12.23 % CAGR that would earn backing from
end-use industries, such as construction, electrical & electronics, and
automotive. The regional market is also hoping to turn sustainable in its use
of energy and power, hence, energy-efficient lights are getting better
permeation policies. Emerging economies like Thailand, India, South Korea, and
China are expected to score well during the forecast period.
North America is having a great run in the
market and it holds the second spot in terms of valuation. This growth owes a
lot to the increase in sales of high energy-efficient vehicles. At current
pace, the market is all set to touch a valuation of USD 5,056.9 million by the
end of 2024.
Europe has the possibility of attaining a
valuation of USD 4,496.5 million by the end of 2024 and its reasons for growth
are quite similar to that of North America.
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Competitive
Landscape:
Various companies are ensuring strong
strategic inputs to solidify their global LED materials market position. Their
moves are also inspiring a holistic growth for the market. MRFR, in their
recent analysis, included companies like AkzoNobel N.V., EpiGaN, Nichia
Corporation, Epistar Corporation, MACOM, Sumitomo Electric Industries Ltd.,
OSRAM Opto Semiconductors GmbH, UBE INDUSTRIES LTD., Intematix, DOWA
Electronics Materials Co. Ltd. (DOWA Materials Co., Ltd), Plessey, II-VI
Incorporated, and Cree Inc. This inclusion is for a better profiling of
companies so that, the upcoming trends can be handled in a better way.
In August 2019, Elinchrom entered the LED
market with their new product ELM8, a continuous light source of light that
works well with a diverse range of Elinchrom's light shapers. Elinchrom is a
known name when it comes to photography and the new model is bound to increase
LED materials market’s impact in the field of photography.
About Market Research Future:
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