USD 15.32 billion
Report ID:
SQMIG25E2120 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|Tables:
88
|Figures:
72
Global LED Materials Market size was valued at USD 15.32 billion in 2022, USD 16.90 billion in 2023 and is projected to grow USD 33.56 billion by 2031, growing at a CAGR of 10.3% in the forecast period (2024-2031).
A light-emitting diode (LED) emits light when power passes through it. Photons are produced in a semiconductor when electrons recombine with electron holes. The color of the light is determined by the energy required for electrons to pass the band gap of the semiconductor (equal to photon energy). Several semiconductors can be combined to produce white light, or a semiconductor can be covered with a phosphor that emits light. LEDs provide several benefits over incandescent light sources, such as lower power consumption, longer lifespan, greater physical resilience, smaller size, and faster switching. Some drawbacks of LEDs are lower maximum working and storage temperatures; electrical limitations to low voltage and generally to DC (not AC) power; and difficulties to generate steady lighting from a pulsating DC or AC electrical supply source.
As more people adopt cutting-edge technologies like the Internet of things (IoT), automation, and cameras, the use of LED materials is expanding in applications such as high-definition television displays, cameras, camcorders, telecommunications, optical fibre communication, and TV remote controls. The market is evaluated comprehensively in the study on the global market for LED materials. The study provides a thorough examination of the market's major segments, trends, drivers, constraints, competitive environment, and other elements that are significantly influencing it. The LED stays stable when there is no voltage applied to it because no electrons or holes can pass through. Upon applying the voltage, the LED becomes forward biassed, causing electrons from the N-region and holes from the P-region to flow towards the active area.
Global Market Size
USD 15.32 billion
Largest Segment
Substrate
Fastest Growth
Wafer
Growth Rate
10.3% CAGR
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The global LED materials market is segmented based on materials, application, product and regional type. In terms of material, the market is segmented into substrate, wafer, epitaxy and phosphor. Based on application, the market is grouped into general lighting, automotive lighting, backlighting and others. In terms of product, the market is divided into LED lamps and fixtures. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. During the projection period, key drivers of the LED material are anticipated to propel the growth of the material type.
Analysis by Material
As per categorization by material, the market is classified into substrate, wafer, epitaxy and phosphor. Among these, substrate earned the largest share and continues to dominate the market. As of 2024, the global LED materials market is witnessing significant innovation, particularly in substrate technologies that are crucial for enhancing performance and reducing costs. The focus has primarily shifted towards advanced substrates like silicon carbide (SiC) and gallium nitride (GaN), which offer superior thermal conductivity and higher efficiency. Market adoption is accelerating due to these substrates enabling smaller, more powerful LED devices across diverse applications such as automotive lighting, smart home devices, and industrial equipment. This shift is driven by the demand for energy-efficient lighting solutions and prolonged device lifespans.
Wafer, epitaxy, and phosphor are expected to develop at a quick rate in the global LED materials market because of emerging technologies and growing consumer demand for high-efficiency lighting solutions. High-quality LED production starts with wafers and epitaxial layers, where advances in materials like GaN on silicon wafers reduce costs and boost performance. Wider color gamuts and improved color rendering are made possible by novel phosphor compositions, which are crucial for color conversion in LEDs. These elements are vital because energy economy, longevity, and improved illumination quality are becoming more and more important to businesses and consumers.
Analysis by Product
By 2024, the world market for LED materials will have seen a significant uptick in innovation in LED lamps, with an emphasis on better color quality and luminous effectiveness. Progress in material science, namely in the areas of phosphors and LED chip technology, has resulted in lamps that are more energy-efficient, have better light output, and last longer. These developments are encouraging broad adoption in the residential, commercial, and industrial sectors by responding to global regulatory norms and growing environmental concerns. In line with trends towards smart buildings and cities, smart LED lamps—which provide connectivity and adjustability—are also becoming more and more popular.
Due to the rising integration of LEDs into commercial and architectural lighting systems, the fixture segment of the global LED materials market is expected to grow at the fastest rate. More applications and greater adoption rates are being made possible by innovations in fixture designs that improve heat dissipation and optical performance. LED fixtures are becoming more and more popular for both new installations and retrofitting projects because of their increased energy efficiency and longer lifespans. Moreover, the market is expanding at a substantial rate because of the growing trend towards smart lighting systems, which need complex fixtures with the ability to integrate sensors and networking technologies.
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The world's largest and fastest-growing LED materials market is anticipated to be in the Asia-Pacific region. In the Asia-Pacific area, factors including growing infrastructure and the use of general illumination have pushed the demand for LED materials. The use of LEDs is growing in a variety of industries, including street lighting, forensics, automotive, general illumination, mobile devices, and signal and signage. North America's growth is anticipated to pick up speed between 2023 and 2029. This is because more buildings are being rebuilt and more cars are being made in the US and Canada. In the region of North America, the US is the market leader. This is because the electrical and electronics industries in the US are doing very well.
Throughout the projection period, Europe is anticipated to grow quickly. This is a result of new regulations and guidelines from the European Union regarding the use of light-emitting diode (LED) technology, as well as significant investments made by numerous European nations, including the UK, Germany, Spain, and others, in research and development of energy-efficient lighting solutions. Latin America and the Middle East and Africa are exhibiting encouraging growth in the global market for LED materials, with Saudi Arabia and Brazil at the forefront of their respective areas. Brazil is leading the way in the need for energy-efficient lighting by taking advantage of the country's extensive urbanization and infrastructure development. Large-scale expenditures in smart city initiatives and infrastructure upgrades, particularly in lighting, are driving Saudi Arabia's economic expansion in the meantime.
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Drivers
Energy Efficiency Regulations
Technological Developments in LED
Restraints
Alternative Technologies' Competition
Complexity of the Supply Chain
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The competitive landscape of the global LED materials market is highly dynamic, featuring several prominent international players who contribute to its growth. Companies like Nichia Corporation, Cree Inc., and OSRAM Licht AG are key players, each continually innovating in the realms of LED technology and materials. These firms focus on expanding their product portfolios, improving their technological capabilities, and increasing their market reach through strategic alliances, mergers, and acquisitions, thereby enhancing their competitive positions in the global market.
Top Player’s Company Profiles
Recent Developments
Increasing Adoption of Smart LED Lighting:
Shift Towards Miniaturization and Integration:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market for LED materials is expanding due to strict worldwide energy efficiency laws, technological developments in materials like GaN and SiC, and cost reductions that improve the performance and adoption of LEDs across a variety of industries. Despite their benefits, LEDs' commercial expansion is hampered by competition with less expensive upfront technologies like CFLs and halogens. This is made worse by the complexity of the global supply chain, which can result in higher costs, material delays, and quality problems.
Leading businesses like Nichia Corporation, Cree Inc., and OSRAM Licht AG, who innovate and broaden their reach through strategic alliances, mergers, and acquisitions to improve their market positions, are the driving forces behind the fierce competition in the worldwide LED materials industry. Major trends in the global LED materials market include a move towards the miniaturization and integration of LED components to improve efficiency and functionality in space-constrained applications, as well as the growing adoption of smart, connected LED lighting systems driven by IoT advancements.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.32 billion |
Market size value in 2031 | USD 33.56 billion |
Growth Rate | 10.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the LED Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LED Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LED Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LED Materials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25E2120
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