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High Brightness LED Market Size

Report ID: GMI401
Published Date: Mar 2024
Report Format: PDF

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High Brightness LED Market Size

High Brightness LED Market was valued at over USD 33.1 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 & 2032. The HB LED market has been expanding continuously due to the growing demand for efficient lighting systems. For sustainable economic growth, the world has had to embrace alternative sources of energy. In contrast to traditional sources such as incandescent light bulbs or fluorescent tubes, HB LEDs require less power yet emit either comparable or even more intense light than standard ones. This is supported by legislation that requires governments to conserve minimum energy and limit greenhouse gas emissions.

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Regulations and schemes established by various governments are a major factor driving growth in the High Brightness LED (HB LED) market. Governments globally have also implemented regulations to cut down on energy use and greenhouse gases by promoting energy-efficient lighting technologies. One notable provision is phasing out non-beneficial lighting systems such as incandescent bulbs while others include minimum efficiency requirements for lighting products. In addition, various governments offer incentives or tax cuts or even subsidies to popularize the use of high brightness LEDs and other energy-efficient light systems.

High Brightness LED Market Report Attributes
Report Attribute	Details
Base Year:	2023
High Brightness LED Market Size in 2023:	USD 33.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9%
2032 Value Projection:	USD 73 Billion
Historical Data for:	2018 to 2023
No. of Pages:	230
Tables, Charts & Figures:	362
Segments covered:	Application, distribution channel, and region
Growth Drivers:	Increasing demand for energy-efficient lighting solutions Advancements in technology and product innovation Government regulations and initiatives Growing demand for displays and signage Expansion of automotive lighting applications
Pitfalls & Challenges:	Heat management challenges Compatibility and integration issues

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Heat management is a major challenge in the High Brightness LED (HB LED) market. HB LEDs produce a high amount of heat due to the high-power densities of the semiconductor junctions during their operation. In the presence of insufficient dissipation, thermal stress occurs, which deteriorates the performance and reliability of the LEDs with time.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

High brightness LED market was valued at over USD 33.1 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 & 2032, due to the growing demand for efficient lighting systems.

The general lighting segment held a major market share of over 33% in 2023, driven by popularity of energy-saving LED bulbs that have taken over from traditional incandescent and fluorescent lamps.

North America market accounted for a revenue share of over 38% in 2024 and will show notable growth trends through 2032, in response to the escalating energy costs and ecological concerns.

LG Innotek Co Ltd, Eaton Corporation, Everlight Electronics Co., Ltd., TOYODA GOSEI, Intematix Corporation, Broadcom Ltd., and Kingbright Electronic Co, Ltd. are the key industry players.