October 21, 2015: According to “Global LED Chip Market 2015-2019” report, the global LED chip market will grow at a CAGR of 12.89% in terms of revenue and 30.20% in terms of unit shipment over the period 2014-2019.
One major trend in this market is the production of laparotomy sponges by textile companies. In the recent past, increasing support of government organizations to lift the LED lighting market has been witnessed. Governments in both emerging and developed economies have been seen issuing regulations to enhance the demand for LED lighting among various industries.
According to the report, one key driver of this market is the Declining ASP per unit of LEDs. Due to increased R&D by the LED and component manufacturers, along with advancement in the processes, the manufacturing cost of LED per kilo lumen has gradually decreased. Due to this the ASP per unit of LED lighting devices has simultaneously gone done.
Further, the report states that one of the major challenges is the emergence of OLED Panels. OLED is a niche and rapidly growing market. OLED panels are large-area lighting panels. The use of organic materials makes OLEDs energy efficient and raises demand for such technology. With better switching time and properties such as flexibility, transparency, and being a color-tunable and environment friendly source of lighting, OLED panels are being adopted fast in the industry.