Market Highlights:
The Light Emitting Diode Materials Market is projected to touch the valuation of USD 21,457.3 million by 2024, reveals Market Research Future (MRFR). It is expected that the market will expand at a CAGR of 10.92% during the forecast period (2018-2024) supported by the dire demand for energy efficient lights.
Growth Drivers and Key Challenges:
The LED Materials Market has witnessed strong growth in recent years backed by numerous factors, mostly by the growing adoption of technological advancements, including the Internet of Things (IoT), automation, and artificial intelligence. LEDs find applications in camera, high-definition television display, telecommunications, camcorder, TV remote controls and optical fiber communication among others.
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The hike in the adoption of LEDs in nations like the United States, the United Kingdom, New Zealand, Taiwan, Canada, Japan, Australia, Venezuela, and Brazil, as a consequence of existing policies against high-power consuming bulbs, has been excellent for the business. With the ban on use of incandescent bulbs along with the rise in demand for energy efficient lighting as well as high-definition displays is an additional factor promoting the development of LED Materials Market.
Although the market is set to do exceedingly well in the ensuing years, lack of awareness regarding the benefits of the technology could slow down the growth rate to some extent. However, critical factors such as the rising product demand in optoelectronics applications as well as for lights in indoor farming will ensure its smooth run in the following years.
Leading Players:
The leading players making a mark in the Global LED Materials Market include UBE INDUSTRIES LTD., Nichia Corporation, EpiGaN, OSRAM Opto Semiconductors GmbH, Plessey, II-VI Incorporated, MACOM, DOWA Electronics Materials Co. Ltd. (DOWA Materials Co., Ltd), AkzoNobel N.V., Cree Inc., Intematix, Sumitomo Electric Industries Ltd., Epistar Corporation, and others.
Recent Developments
June 2019
A team of researchers has developed perovskites that are LED Materials used for converting electrons into light. It is as efficient as commercial organic light-emitting diodes (LEDs) present in flat-screen TVs and cellphones.
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Market Segmentation:
The Segments Identified in the LED Materials Market include Component and Application.
With respect to Component, the LED Materials Market is fragmented into wafers, substrates/semiconductors, epitaxy material, phosphor, and others. The wafers segment includes silicon, silicon carbide, sapphire, and others. The sapphire segment is poised to expand at a CAGR of 8.25% during the conjectured time frame. The segment of silicon will be projecting robust growth as well, on account of rising use of wafers in microelectronic devices.
Application-Dependent Segments in the market are general lighting, consumer electronics, automotive interior lighting, automotive exterior lighting, healthcare, display and billboards, and others. Between these, the residential lighting segment is reckoned to have a good run by reaching a valuation of USD 9650.6 million by 2024. The growing construction of several infrastructural projects in residential areas has led to the segmental growth in the market.
Regional Insight:
The Latest Trends in the LED Materials Market have been analyzed in the key regions of Europe, the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC) and North America.
With a superlative performance in the Global LED Materials Market, Asia Pacific has acquired the top spot. By 2024, the market size is estimated to expand to reach the valuation of USD 9,011.2 million at a growth rate of 12.23%. The surge in adoption of LEDs is touted to be the main reason for the said growth of the market. China has been analyzed to be the most significant country in the region, based on the consumption of LED Materials across different end-user industries, including backlighting, automotive lighting, and so on. With the boost in power generation as well as distribution along with great stress being put on information technology, the regional market has managed to amass considerable profits in recent years. The declining cost of LED in the region is another prominent factor accountable for the high consumption of LEDs, subsequently benefitting the market.
The second strongest region in the Global LED Materials Market is North America, with the primary reason said to be the rising demand for high energy-efficient vehicles. The North America market is poised to reach the valuation of USD 5,056.9 million by 2024. The esteemed players within the region are emphasizing on expanding their customer base by leveraging on calculative collaborative initiatives. The rise in efforts by these players is providing collateral benefits to the regional market. A case in point could be the launch of KBL LED High-Bay Series by Cree in November 2017. This solution was developed for diverse applications including civic, industrial, and retail. On account of this launch, the regional market profited from the surge in customers interested in this product.
Europe is expected to arrive at the valuation of USD 4,496.5 million by 2024, with support from factors like the increasing production of energy-efficient vehicles. In addition, the growing implementation of advanced lighting system across the commercial and residential sectors will work in favor of the LED Lighting Market in the region. The projects for implementing LED systems for residential purposes, street lights and traffic signals are noting high adoption across several countries in the region. Besides, the government is taking up a number of smart city initiatives and also making strict energy regulations to encourage the use of LEDs, which will help the Europe LED Materials Market generate higher revenues.
About Market Research Future:
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