The high-power
light-emitting diode market is projected to generate $17,581.5 million
in 2024, witnessing a 5.3% CAGR during the forecast period (2019–2024). The key
factors driving the market are the growing government support for the adoption
of LED lights and increasing adoption of energy-efficient lighting solutions.
On the basis of wattage, the market is divided into 1–2.9 W,
3–4.9 W, 5–10 W, and >10 W. During the forecast period, 5–10 W division is
projected to advance at the fastest pace because of the increasing deployment
of these LED lights in general lighting applications.
In terms of application, the high-power LED market is
classified into general lighting, signs & signals, automotive, backlighting,
and others (which include infrared emitter, camera flash lighting, and
ultraviolet (UV) LEDs).
Among these, the automotive application is expected to grow
at a CAGR of 5.4% during the forecast period. This is ascribed to the growing requirement
for high-power LED lights in automotive interior and exterior applications, including
position lights, ambient lighting, fog lights, headlights, and dashboard
lights.
Geographically, Asia-Pacific (APAC) is projected to hold a
considerable share of the high-power LED
market during the forecast period. The primary reason for this is the
rising adoption of these LED lights in general lighting applications, majorly
in India and China.
Furthermore, various smart city projects are in their
developmental phase in these countries, which are predicted to create a huge
demand for high-power LED lights. For example, in 2012, China introduced a
national smart city development project, which will utilize modern technology
for building smart cities.
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