Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) — According to the latest detailed report by Market Research Future, the Global LED Materials Market valuation is expected to nearly double to USD 21,457.3 million by 2024 from its prior valuation of USD 10,461.7 million in 2017. The market is expected to expand at a 10.92% CAGR during the assessment period (2018-2024) owing to pressing demand for energy efficient lights.
Overview of the LED Materials Market
LED materials use a combination of phosphor and other substrates to produce variations of white light. For instance, white LEDs have application in display lights, road signs, and outdoor displays. Light-emitting diodes (LEDs) are optoelectronic devices which emit light. The low energy consumption and long shelf-life of LED lights make it a lucrative for manufacturers and consumers alike. The rising energy demand and energy-efficient policies designed to reduce the dependence on fossil fuels and minimize emissions has led to the implementation of LEDs by leaders in various industrial sectors.
LED Materials in High Demand Owing to Digital Advertising
The LED Materials Market is likely to witness a surge in demand owing to the resurgence of the automotive sector after the financial crisis of 2008. The market growth can spiral upwards thanks to the demand for energy-efficient lights. Durability, low carbon emissions, and low costs are attractive features of LEDs which can propel its market growth at a 10.92% CAGR from 2018 to 2024 (forecast period). The new-found use of LEDs in digital advertising can open up new growth opportunities for the market. The emergence of new technologies such as light-fidelity (Li-Fi) and rise of indoor farming can provide the market a much-needed impetus.
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- In 2014, Hiroshi Amano, Isamu Akasaki, and Shuji Nakamura, researchers from Japan managed to produce gallium nitride, a substrate capable of emitting blue light. The technology has applications in homes, data storage, high-speed networking, and water purification. The focus on energy-efficiency can increase the scope of blue LEDs in the forthcoming years owing to continuous advances in technology.
- Scientists at the U.S. Naval Research Laboratory are focusing on halide perovskites to enhance the efficiency of LED lights. Cesium lead halide perovskites possess the potential to emit light at a rapid velocity as compared to standard LED materials. The success of these materials can lead to the development of stronger and efficient LEDs and lasers.
Key Players and Competitive Scenario
Prominent manufacturers include Nichia Corporation, UBE INDUSTRIES, LTD, OSRAM Opto Semiconductors GmbH, II-VI Incorporated, MACOM, AkzoNobel N.V., Plessey, Intematix, Sumitomo Electric Industries, Ltd., EpiGaN, Cree, Inc., DOWA Electronics Materials Co., Ltd. (DOWA Materials Co., Ltd), and Epistar Corporation. Development in production technologies, R&D for new materials, and new product launches are strategies employed by players to gain a larger market share till 2024.
For instance, Cree acquired the radio frequency division of Infineon Technologies in 2018. This would allow the company to further push its proprietary technology of gallium nitride on silicon carbide (GaN on SiC) and revolutionize the microwave and radiofrequency industries. In 2017, Osram Opto established a new chip manufacturing unit in Malaysia to expand its operations in Southeast Asia. This unit can produce 6-inch LED chips.
Browse the market data and information spread across 133 pages with 111 data tables and 28 figures of the report “LED Materials Market Report – Forecast 2018-2024” in-depth alongside in-depth table of content (TOC) at: https://www.marketresearchfuture.com/reports/led-materials-market-6228
The LED materials market is segmented by type and application. Types of LED materials include phosphor, wafers, substrates/semiconductors, epitaxy material, and others. The wafers segment is further segmented into sapphire, silicon carbide, silicon, and others. Within wafers, the sapphire segment can exhibit an 8.25% CAGR over the forecast period, while the silicon segment can induce a strong demand owing to its use in semiconductor chips. The substrates/semiconductors segment assumed the second position in terms of value in the market. It is projected to exhibit an impressive 10.98% CAGR over the forecast period
Major market applications include healthcare, consumer electronics, general lighting, automotive interior lighting, automotive exterior lighting, displays & billboards, specialty lighting, and others. The general lighting segment can touch a valuation of USD 9,650.6 million by 2024 owing to the increasing use of LEDs in residential and commercial settings. On the other hand, the consumer electronics segment can experience growth at a 9.48% CAGR over the review period due to pressing demand for smartphones and smart devices.
Regional Analysis – APAC to Showcase the Fastest CAGR
The market covers the latest happenings in the following regions – Latin America (LATAM), North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC region accounted for 39% share of the global LED materials market in 2017. The expansion of automotive, electrical & electronics, and construction sectors in this region can create demand for LED materials for its components. It can showcase a 12.23% CAGR over the review period. Japan, China, and India are major revenue generators for the region, with China touted to touch a market size amounting to USD 3,595.5 million by the end of the forecast period.
The North America market was valued at USD 2,626.9 million in 2017. But this number is projected to shoot up to USD 5,056.9 million by 2024. The U.S. is responsible for generating nearly 77% of the revenue, and it can continue its run in the region at a CAGR of 9.83% owing to demand for wearables and cars.
However, LATAM and MEA markets are expected to experience sluggish growth during the forecast period. But infrastructural projects to light up cities may provide these markets a much-needed boost.
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