LED Materials Market Share 2023: Global Industry Future, Demand-Supply and Regional Growth Analysis to 2030
Overview:
The global report on the LED materials market would reach a valuation worth USD 21457.3 million by 2027 with a CAGR of 10.92% during the forecast period spanning 2021 to 2027.
Competitive Landscape:
The LED Materials Market Share is slated to find a boost from various end-user companies like EpiGaN, OSRAM Epistar Corporation, Opto Semiconductors GmbH, Intematix, Plessey, AkzoNobel N.V., Nichia Corporation, and others. These companies are launching innovative measures like collaborations, mergers, and acquisitions, an increase in investment for research and development, better branding procedures, and growing expenditure in the innovation sector. Various other challenges, growing exposure to the product, and rising disposable income would take charge of pushing the global market ahead.
Market Research Future (MRFR) includes factors like the impact of end users including automotive and construction and features like cost-efficiency and environment-friendly that can ensure the market receives decent growth in the coming years. The inclusion of advanced technologies like the Internet of Things (IoT), artificial intelligence, and automation would also ensure growth possibilities.
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The global market for LED materials has been segmented in the report into type and application. This segmentation has its focuses on various inputs and insights that would help the players in devising better strategies and boosting growth. The reading also incorporates various understandings of dynamics that may trigger growth.
By type, the report on the LED materials market can be segmented into epitaxy material, wafers, phosphor, substrates, and others. The wafers segment had over 40% share of the global market in 2017 and it is currently showing a possibility of achieving an 11.77 % CAGR. This would be backed by various demands from the automotive and construction segments where curb in bill and demand for eco-friendly business would boost the market. The substrate segment would lead the market growth.
By application, the global market for LED materials can be segmented into healthcare, displays and billboards, automotive exterior lighting, consumer electronics, specialty lighting, general lighting, automotive interior lighting, and others. The general lighting segment has around 42 % of the market share and may grow with 12% CAGR during the forecast period.
Regional Analysis:
The global LED lights market would have a significant impact on the Asia Pacific region where the market valuation would reach USD 9011.2 million by 2027. This market is also showing ample promise of achieving a 12.23% CAGR during the forecast period. Various end-user industries are creating a huge growth scope for the market. Among them, automotive and electrical & electronics would be substantial. China, South Korea, Japan, India, and others would ensure the uptake gets better backing.
Europe has a growth policy in the market that prefers eco-friendly backings owing to which the LED materials market would profit. Several other countries in the market are showing promising signs of growth. Germany, France, the UK, and Italy are a few of them that would impact the regional automotive intake of the LED materials market. By 2027, the projected value would surpass USD 4496.5 million. In North America, this growth would reach a valuation of USD 5056.9 million.
Industry News:
In February 2020, Jasper National Park announced that they are expected to increase their profit margin as they are launching a new type of streetlight powered by LEDs to curb the cost and be more environment-friendly. This is the outcome of a collaborative impact from ATCO and Jasper town council. Such steps would show how well the market is placed in taking the global market ahead.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which helps answer your most important questions.
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