Global LED Materials Market

LED Materials Market Size, Share, Growth Analysis, By Materials(Substrate, Wafer), By Application(General Lighting, Automotive Lighting), By Product(LED Lamps and Fixtures) - Industry Forecast 2024-2031

Report ID: SQMIG25E2120 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 88 | Figures: 72

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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).

The competitive landscape of the 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 market. 'II-VI Incorporated (US)', 'Sumitomo Electric Industries (Japan)', 'Epigan NV (Belgium)', 'Addison Engineering, Inc. (US)', 'Epistar Corporation (Taiwan)', 'Cree, Inc. (US)', 'Dowa Electronic Materials Co., Ltd. (Japan)', 'Koninklijke Philips N.V. (Netherlands)', 'Fagerhult Group (Sweden)', 'Nichia Corporation (Japan)', 'OSRAM Licht AG (Germany)', 'AkzoNobel (Netherlands)', 'Hitachi Metals, Ltd. (Japan)', 'UBE Industries, Ltd. (Japan)', 'China Crystal Technologies Co., Ltd. (China)', 'Everlight Electronics Co., Ltd. (Taiwan)'

Governments across the globe have set strict rules on energy efficiency, which is one of the main factors propelling the market for LED materials. The purpose of these restrictions is to lower greenhouse gas emissions and energy usage. Because they use so little energy, LEDs are becoming more and more popular in the business and residential markets. Manufacturers are being prompted by this legislative pressure to develop and improve LED technologies, which will increase adoption rates and sustain market development.

Increasing Adoption of Smart LED Lighting: The rapid uptake of smart LED lighting systems is one of the major trends in the LED materials industry. These systems are intelligent and connected, allowing for automation, energy management, and remote operation. Smart LEDs are becoming more and more incorporated into industrial settings, smart city infrastructure, and home automation systems because of improvements in IoT (Internet of Things) technology. The need for enhanced lighting control, increased energy efficiency, and the customizability provided by smart lighting solutions are the main drivers of this movement.

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.

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