Oct 6, 2016: High brightness LED market size is projected to be valued at US $22.46 billion by 2023, as per a new research report by Global Market Insights, Inc.
Rising regulatory concerns regarding conservation of energy is expected to propel global HB LED market growth over the forecast period. These devices offer enhanced effectiveness, longer life span, and are robust as compared to incandescent lights. Their life span ranges between 50,000 and 100,000 hours, with energy considerable energy savings over traditional counterparts.
Extended life cycle is projected to lower replacement cost as well as maintenance crew charges to a great extent. Furthermore, industry players are now concentrating on optimizing pricing strategies to boost high brightness LED market share over the forecast period.
Absence of IR radiation has led to proliferating application for food and textile illumination, which is forecast propel industry growth over the forecast timeframe.
Excessive usage in high temperatures may overheat the equipment package and in turn is likely to cause breakdown, as performance is highly dependent on ambient temperature. In addition, it requires ample heat sinks to enable implementation in numerous applications such as military, medical, and automotive sectors.
U.S., China and Japan are now taking rigorous measures for energy optimization. China high brightness LED market has witnessed considerable support through immense financial backing, vibrant resources, as well as incentives to improvise manufacturing capacity. Furthermore, the country is also focusing on innovation & upstream of raw materials owing to high dependency of producers on international players for specific upstream MOCVD resources.
High HB LED market price trend coupled with high cost per lumen is likely to pose a growth challenge over the forecast period.
Source: Global Market Insights