12 October 2017
HB-LED market growing at 10% CAGR to 2023
The high-brightness LED market will rise at a compound annual growth rate (CAGR) of 10% during 2016-2023, forecasts Occams Business Research and Consulting in its report ‘Global High Brightness LED Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 – 2023’. The key factors driving growth are increasing lighting applications, large-scale replacement of traditional luminaires, the decreasing cost of LED components, and the growing need for energy-efficient lighting products to save energy.
Asia-Pacific is the largest market region in terms of revenue share. Key factors are the large market for LEDs in China and the on-going technical advances in LED technology. Furthermore, according to the US Department of Energy (DOE), the Chinese LED market grew at a CAGR of 15.3% in 2015 (up from 13% in 2014 and 10.7% in 2013).
Furthermore, the presence of leading LED makers in the Asia-Pacific region such as Epistar, LG Innotek, Moritex and Nichia is driving growth.
However, North America is expected to emerge as the fastest-growing region during the forecast period due to the increased adoption of high-brightness LEDs for energy conservation.
The report notes that the HB-LED market is influenced by the presence of leading companies such as Cree Inc (USA), GE Lighting (USA), LG Innotek (South Korea), Nichia Corp (Japan), and Seoul Semiconductor Co Ltd (South Korea). Other companies mentioned include American Bright Optoelectronics Corps (USA), Arena Luci Srl (Italy), Bridgelux Inc (USA), Epistar Corp (Taiwan), Lumileds (The Netherlands), Moritex Corp (Japan), Osram Licht Ag (Germany), Tekcore (China), Toyoda Gosei Co Ltd (Japan), and Wavesquare (South Korea).