Market Size of LED Material Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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LED Materials Market Analysis
The LED Materials Market was valued at USD 10.51 billion in 2020 and is expected to reach USD 16.83 billion by 2026, at a CAGR of over 9% over the forecast period 2021 - 2026. The market of LED materials is driven by the rising adoption of technological advancements, such as artificial intelligence, the Internet of things (IoT), and automation, LEDs are increasingly being used in applications, such as high-definition television display, camera, camcorder, telecommunications, optical fiber communication, and TV remote controls.
- However, the environmental threats related to lead, nickel, and copper present in some LEDs are likely to hinder the growth of the studied market. Moreover, the temporary halt in production due to unfavorable conditions arising from the COVID-19 outbreak is also expected to hamper the market growth.
- The research and technological development in Li-Fi are likely to provide opportunities for the LED material market over the next five years.
- The Asia-Pacific region dominated the LED material market, owing to the growing application of LED Material in general lighting for residential and commercial purposes in the region.
