High Power LED Market estimated to be worth $5.6 billion by 2024

(IT-NEWSWIRE.COM, November 13, 2021 ) The report "High Power LED Market by Packaging Type (Flip Chip, Mesa, and Vertical), Application (General Lighting, Automotive, Flash Lighting, Backlighting,) and Geography (APAC, North America, Europe, Rest of the World) - Global Forecast to 2024", is expected to grow from USD 4.5 billion in 2019 to USD 5.6 billion by 2024, at a CAGR of 4.5% during the forecast period. The long life & continuous usage, small size, less power consumption & low voltage, and increasing high brightness application are the major factors fueling the growth of the overall market.

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Mesa LED packaging is leading the high power LED market
Mesa, also known as traditional horizontal packaging, is the standard chip design for lighting applications. These LEDs do not require electrical conduction for the die bonding materials but require two wires electrically connected to the two electrodes on different sides of a substrate. The substrate must be electrically conductive, and the die bonding materials must be electrically conductive. This use of this traditional horizontal LED packaging technology is likely to be limited in the near future due to its disadvantages compared to other packaging types. Mesa packaging is currently leading the high power LED space.

General lighting application to lead the high power LED market during the forecast period
Residential, commercial, industrial, outdoor, and architectural lighting are the major segments in the general lighting application of high power LEDs. High power LEDs are expected to have tremendous growth potential in the industrial, corporate, and residential sectors due to their high efficiency and smarter lighting capability. As lighting application makes up for approximately 10% of the world’s electricity consumption, improving the effectiveness of these light sources becomes essential to help reduce worldwide carbon emissions. The use of high power LEDs will improve the energy-efficiency and would also provide high brightness. These advantages would drive the high power LED market during the forecast period.

North America to be the fastest-growing region in the high power LED market during 2019–2024
The US is expected to be the major contributor to the high power LED market in North America on the back of its well-established economy; the presence of some leading high power LED suppliers; and a large demand from leading suppliers of smartphones, televisions, smart wearables, automotive lightings, and general lightings. The rapid adoption of the latest technologies, along with the growing number of applications, is another major factor contributing to the projected prominence of North America in the high power LED market in the coming years. Many leading companies, such as HP, Dell, and Apple, are headquartered in the US. These are expected to play an important role in the growth of the high power LED market for display backlighting application in North America. Cree and American Bright Optoelectronics are among the major high power LED companies based in North America.

The major high power LED vendors include Cree (US), Nichia (Japan), OSRAM (Germany), Samsung (South Korea), Everlight (Taiwan), Lumileds (Netherlands), Epistar (Taiwan), LG Innotek (South Korea), Broadcom (US), MLS (China), and Seoul Semiconductor (South Korea). The other companies include Luckylight Electronics (China), Plessey Semiconductors (UK), Betlux Electronics (China), Effilux (France), Lite-On Technology (Taiwan), Crescent LED (UK), Vollong Electronics (China), and Stanley Electric (Switzerland).

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High Power LED Market estimated to be worth $5.6 billion by 2024