Market Research Future (MRFR) reports the global market for LED materials is expected to touch USD 21,457.3 million at a prodigious CAGR of 10.92 % during the forecast period (2018–2024). The demand for LED materials by construction, electrical, and electronics industries in developing as well as developed countries can spur the market growth.
The global market growth has been
majorly influenced by the adoption of advanced technologies such as artificial
intelligence, Internet of Things (IoT), and automation globally. Moreover,
rapid urbanization can also boost the market growth. The thriving automotive industry
in developing regions with growing expendable incomes of consumers is fueling
the market growth.
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The adoption of LED in
smartphones and HD televisions is further driving the market growth globally.
Moreover, government policies including certification and labeling programs are
offering growth opportunities for the LED industry. However, the short lifespan
LED materials can deter the market growth globally.
Competitive Dashboard
The market is highly fragmented
and several players are establishing themselves as market influencers. EpiGaN,
Epistar Corporation, OSRAM Opto Semiconductors GmbH, Intematix, Plessey,
AkzoNobel N.V., Nichia Corporation, and others are some of the prominent
players operating the global market for LED materials.
Segmental Analysis
The global LED
materials market can be segmented on the basis of type, application,
and region.
BY type, the market is segmented
into substrates, wafers, epitaxy material, phosphor, and others. Among these,
the wafers segment has accounted to hold 40 % of the market share in 2017. It
was valued at USD 4,184.7 million in the same year. This segment is anticipated
to grow at 11.77 % CAGR through the assessment period owing to the growing
demand for energy and cost-effective lights from several end-use industries
such as electrical and electronics, automotive, and construction.
Substrates are projected to hold
the second position and expects to grow at 10.98 % CAGR over the review period
owing to the growing demand for fabrication of integrated circuits from the
electrical and electronics industry. Wafers have been subsegmented into
silicon, silicon carbide, sapphire, and others, where sapphire has been
projected to hold the largest market share and expected to grow at 8.25% CAGR
during the assessment period. Similarly, the substrates segment is
sub-segmented into aluminum gallium arsenide, gallium phosphide, gallium
nitride, indium gallium nitride, gallium arsenide, and others where gallium
arsenide accounted for the largest market share in 2017. Gallium nitride is
also anticipated to grow at the highest rate over the assessment period due to
its high energy efficiency, high mobility, and cost-effectiveness.
The market has been segmented
into healthcare, displays and billboards, automotive exterior lighting,
consumer electronics, specialty lighting, general lighting, automotive interior
lighting, and others based on application. Among these, the general lighting
segment has accounted to hold 42 % of the market share and is anticipated to
grow at 12 % CAGR over the assessment period owing to the increasing commercial
and residential construction globally. Consumer electronics segment is also
accounted to hold the second-largest market share and touted to grow at 9.48 %
CAGR over the review period. The general lighting segment has been segmented
into I&I, residential, outdoor, and others where the residential segment
has accounted for the largest market share owing to the growing residential
constructions in developing countries.
Regional Outlook
Geographically, the market for
LED materials has been segmented into Europe, North America, Latin America,
Asia-Pacific, and the Middle East & Africa.
With a market share of 39 % in
2017, Asia Pacific has emerged as the largest market and expects to touch a
projected size of USD 9,011.2 million by 2024. The market is expected to grow
at 12.23 % CAGR over the assessment period owing to the growth of end-use
industries like electrical and electronics, construction, and automotive. The
market is influenced by the increasing demand for energy efficient lights
majorly in the construction industry along with a growing population base in
countries such as South Korea, India, Thailand, and China.
North America holds the
second-largest position for LED materials due to the increasing demand for high
energy efficient vehicles. It is expected to reach USD 5,056.9 million by 2024.
The European market was valued at
USD 2,388.4 million in 2017 and likely to touch USD 4,496.5 million by 2024
owing to the growing production of energy efficient vehicles. Moreover, Latin
America along with the Middle East and Africa are foreseen to showcase a
moderate growth rate due to increasing disposable income and rising industrial
base.
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