HB-LED Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $29 billion by 2022, registering a CAGR of 10% during the period 2014-2022. In the year 2014, Asia-Pacific dominated the market and contributed more than 50% share of the overall market revenue, followed by North America. The presence of key market players in Asia-Pacific and rising HB-LED application, primarily in signs, display, and large screen backlighting have fueled the market growth.
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Increasing HB-LED light applications in general lighting, cars, mobile, and large scale replacements of traditional lights as these are more cost-effective, energy-efficient, and offers longer life span drive the market growth. However, high initial investment could restrict the market growth. Moreover, it is anticipated that the rise in demand for lighting, coupled with rising government focus on energy conservation on photovoltaic technology would spur the global market growth.
In 2014, general lighting application segment dominated the global HB-LED market with over 46% share and is anticipated to maintain this lead in future as well. General lighting refers to the lighting systems that ensure the entire ambiance is lit correctly. This also includes the use of both artificial lightings such as lamps and light fixtures and natural illumination to reduce energy consumption. However, mobile application segment is anticipated to grow significantly and is expected to register a CAGR of 10.8% during the forecast period. This is due to various applications of HB-LED in mobile devices since it produces bright light with minimum electricity and instant responsiveness.
Among various geographical regions Asia-Pacific has contributed the maximum revenue share in 2014 and is expected to maintain its lead throughout the forecast period. This could be attributed to various factors, for instance, LED outdoor lighting installations and the policies related for the installations are receiving importance primarily in emerging markets such as India, Russia, and Southeast Asia (Vietnam, Malaysia, Indonesia, and Thailand). Moreover, improvement in government expenditure in LED orders has boosted the HB-LED growth in Asian countries, particularly in India.
However, North America is projected to be the fastest growing region throughout the analysis period. The increasing shipments of mobile devices and reduction in the cost of LED components are major driving forces for HB-LED market in the region. Moreover, rising demand for Brighter LEDs in commercial applications, automobiles, and displays are also the factors contributing for the growth of the market.
Key findings of the study:
- In 2014, general lighting application led the overall HB-LED market revenue, which is projected to grow at a CAGR of 9.5% during the forecast period
- Mobile application segment is expected to exhibit rapid growth, owing to the rising increasing shipments of mobile devices
- Presently, Asia-Pacific leads the world HB-LED market and it is expected to continue this trend throughout the forecast period owing to the swift rise in energy saving lighting solutions from countries such as U.S., Japan and India.
- Japan leads the overall Asia-Pacific HB-LED market with about one-fourth of the market shares in the region
Key players in the market have adopted product launch as their key developmental strategy to expand their services and businesses in different geographies. The major players profiled in this report include Epistar Corp, Cree, Inc., Philips Lumileds, Moritex Corporation, Samsung Electronics Co Ltd, Seoul semiconductor, Osram Opto Semiconductor, American Bright Optoelectronics Corps, Nichia Corporation, and Toyoda Gosei.