Market Size of High Power LED Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Power LED Market Analysis
The high power led market is expected to register a CAGR of over 4% over the forecast period (2021 - 2026). In the past decade, the LED industry has witnessed massive investments from several companies which have led to the emergence of innovative LED technologies.
- Growing adoption of energy-efficient products, along with rising government focus toward energy-saving, is fueling the demand for energy-efficient lighting sources, such as high power LEDs, which is boosting the growth of the high power LED market. The use of high-power LEDs enhance energy efficiency and also provide high brightness.
- Additionally, the government of developed economies such as UK and US and emerging economies like India and China, are engaging in the promotion of LED lighting products by providing the tax incentives and subsidies on these products.
- Moreover, High-power LEDs are advantageous in general lighting and automotive applications as they work efficiently for long operating hours at low maintenance costs. Owing to these advantages, local authorities of countries, such as the USA, India, China, and Australia, have commenced projects to replace their conventional lighting lamps used in outdoor lighting with LEDs.
- For Instance, According to the US Department of Energy, Los Angeles had completed a citywide street lighting replacement program and installed over 215,000 LED streetlights (saving about USD 9 million in annual energy costs). Additionally, Barcelona (Spain) deployed more than 3,000 smart streetlights based on the LED technology, which gather information about pollution, humidity, noise, and the overall environment.
- The small size, long-life & continuous usage, less power consumption & low voltage, and increasing high brightness application are the other factors driving the growth of the High Power LED market.
