Industry Overview
The global high power light-emitting diode (LED) market is projected to reach USD 17,985.3 million by 2024, registering a CAGR of 5.4% during the forecast period. Growing adoption of energy-efficient lighting solutions and increasing government support for the adoption of LED lights, propelling the growth of the market.
Growth Drivers
Global high power LED market has been driven by several key factors, predominantly increasing adoption of energy-efficient lighting solutions across the globe, increasing awareness towards the conservation of energy, and rising demand for high power LEDs in automotive applications.
Geography Insight
Geographically, Asia-Pacific has accounted for the largest share in high power LED market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for energy-saving and eco-friendly lighting products in application areas, such as railways, roads, and buildings.
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Competitive Insight
Some of the key players operating in the global high power LED market are Samsung Electronics Co. Ltd., Cree Inc., Seoul Semiconductor Co. Ltd., LG Innotek Co. Ltd., Broadcom Inc., Epistar Corporation, Everlight Electronics Co. Ltd., and MLS Co. Ltd
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