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LED Chip market Size & Growth Report
The LED Chip market growth driven by the increasing need for energy-efficient, durable, and eco-friendly lighting options across various industries.
AUSTIN, TX, UNITED STATES, January 17, 2025 /EINPresswire / -- Market Size &
industry Insights
As Per the SNS Insider,“The LED Chip Market size was USD 28.81 billion in 2023 and is expected to reach USD 78.01 billion by 2032, growing at a CAGR of 11.7% over the forecast period of 2024-2032.”
Rapid Growth of the LED Chip Market Driven by
energy Efficiency and Government Support
-Market Expansion: The LED chip market is expanding rapidly due to the increasing demand for energy-efficient and durable lighting options.
-Global Impact: LED technology is playing a crucial role in the global lighting revolution, especially in countries like the United States.
-By 2035, LED technology is expected to reduce energy consumption by 569 terawatt hours annually, equivalent to the energy produced by 92 1,000 MW power plants.
-Rising Demand: The shift towards energy-saving lighting solutions is driving a significant increase in LED chip demand.
-Government Support: Countries like China and India are encouraging LED adoption through tax benefits, energy efficiency standards, and direct policy measures, such as required government purchases of LEDs.
-Global Initiatives: Initiatives like the IEA's 4E SSL Annex and SEAD Initiative are setting international standards for LED quality and performance, helping to accelerate market growth.
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SWOT Analysis of Key Players as follows:
Bright LED Electronics Corporation
AVA Technologies Inc.
Bridgelux Inc.
Hitachi Cable Ltd.
Dowa Electronics Materials Co. Ltd.
Optek Technology
Cree LED.
Nichia Corporation
Epistar Corporation
Huga Optech Inc.
Segment Analysis
By Product
Blue LED chips dominate the LED Chip market, holding a significant market share of 29% in 2023. Their essential role in producing white light through phosphor conversion has made them indispensable in various lighting applications. Blue LEDs have been pivotal in the transition to energy-efficient lighting, making them the leading choice for commercial and residential lighting.
The Green LED Chips segment is experiencing the largest CAGR within the forecasted period 2024-2032, driven by the increasing demand for energy-efficient lighting solutions in various applications, including signage, display technology, and general lighting. The green LED chip technology offers high energy efficiency, longer lifespans, and excellent colour rendering, making it an attractive option for both residential and commercial uses.
By Application
The Automotive Segment leads the way, commanding a 32% share of the LED chip market in 2023. The automotive industry's demand for high-quality diodes, especially for applications like headlights, taillights, and daytime running lights, is a primary factor contributing to this dominance. LEDs provide superior performance in terms of heat regulation, light output, and durability, making them ideal for automotive lighting solutions.
The Illumination segment is witnessing the fastest-growing CAGR in the LED chip market in the forecasted period, driven by the growing demand for energy-efficient, durable, and high-performance lighting solutions. LED chips are increasingly being used in residential, commercial, and street lighting due to their energy efficiency, longer lifespan, and lower environmental impact. Companies are actively launching new products and developing innovations to meet this demand. For instance, Philips Lighting (now Signify) has introduced a range of smart LED lighting solutions that integrate with IoT systems for enhanced control and energy management.
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KEY MARKET SEGMENTS:
By Product
Red LED Chips
Green LED Chips
Blue LED Chips
Yellow LED Chips
Infrared LED Chips
White LED Chips
Others
By Application
Signs and Signal
Backlighting
Automotive
Illumination
Others
Key Regional Development
North America, particularly the United States, emerged as a dominant player in the LED chip market, holding a 32% market share in 2023. This leadership is attributed to a combination of factors, including strong manufacturing capabilities, technological advancements, and high demand for energy-efficient lighting solutions. The United States is home to several key LED chip manufacturers such as Cree, Lumileds, and Bridgelux, which are continuously innovating and producing high-quality products.
For instance, LED lights can reduce energy consumption by as much as 80% compared to traditional incandescent bulbs, resulting in energy savings of 28.2 billion kWh annually in the United States alone.
Asia Pacific, with a market share of 28% in 2023, is the fastest-growing region in the LED chip market. This growth is driven by rising disposable incomes, rapid urbanization, and increasing demand for consumer electronics and automotive products. Countries like India are seeing a significant surge in the consumer electronics market, while government policies in both India and China are pushing for wider adoption of LED technology.
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Recent Development
-In April 2023, Sharp NEC introduced the LED FC Series featuring COB technology, designed to provide long-lasting, high-contrast screens.
-In January 2023, Nichia and Infineon released the first fully integrated micro-LED light engine for HD adaptive driving beams, marking a significant innovation in the automotive lighting sector.
Table of Content - Major Points Analysis
Chapter 1. Introduction
Chapter 2. Executive Summary
Chapter 3. Research Methodology
Chapter 4. Market Dynamics Impact Analysis
Chapter 5. Statistical Insights and Trends Reporting
Chapter 6. Competitive Landscape
Chapter 7. LED Chip Market Segmentation, by Product
Chapter 8. LED Chip Market Segmentation, by Application
Chapter 9. Regional Analysis
Chapter 10. Company Profiles
Chapter 11. Use Cases and Best Practices
Chapter 12. Conclusion
Continued...
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Akash Anand
SNS Insider
+1 415-230-0044
...
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