LOS ANGELES, April 09, 2019 (GLOBE NEWSWIRE) -- The high brightness (HB) LED market is expected to grow at a noteworthy CAGR of around 4.6% during the period from 2019 to 2026. Some of the major factors behind these projections include the need for advanced equipment and machines benefits such as dimmability, longer life-span, and efficiency. In addition, the demand for HB-LEDs in backlighting, portable appliance, displays, and large screen display applications has increased significantly and is projected to endure during the forecast period.
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The research study estimates the global High Brightness (HB) LED market to grow at a significant rate and the market size was over $22 billion in 2017.
Asia-Pacific is the largest market for High Brightness (HB) LED supported by growth from India and China
Asia-Pacific has contributed the maximum revenue share in 2017 and is expected to uphold its lead in the forecast period. This would be attributed to several factors, for example, LED outdoor lighting installations and the government policies related for the installations are getting support mainly in emerging markets such as India, Russia, Vietnam, Malaysia, Indonesia, and Thailand. Furthermore, improvement in government expenditure in LED orders has enhanced the HB-LED growth in Asian countries, particularly in India.
North America is anticipated to be the fastest growing region during the forecast period. The growing shipments of portable devices and decrease in the cost of LED components are key driver for HB-LED market in the region. Furthermore, expanding demand for brighter and ecofriendly LEDs in commercial applications, automobiles, and displays are some of the key factors that are contributing toward the growth of the market. Several government initiatives across the globe to detain the usage of traditional light bulb and to use LEDs is also a key factor for the increase the demand and sales of high-brightness (HB) LED. Moreover, Central & South America, as well as MEA, are expected to grow on account of the presence of a large aftermarket.
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General Lighting segment to lead the global high brightness (HB) LED market
The application segment is dominated by general lighting segment as there is a change in the consumer preferences from traditional bulbs to advanced HB-LEDs and rise in sales of down lights, replacement lamps, outdoor lights, commercial, and industrial products. However, signals & signage application segment is expected to exhibit fastest growth during the forecast period owing to its ability to produce multiple colors and low power requirements. In addition, long life span of these panels has led to an upsurge the performance of the ultimate product with minimum charge for repair and maintenance. Considering these factors, the consumer electronics segment is projected to grow in the estimated period. Moreover, high penetration of LEDs as well as HB LEDs in the segment coupled with the need for less panels is likely to result in relatively lower growth. Asia-Pacific has contributed the maximum revenue share in 2017 and is expected to uphold its lead in the forecast period. This would be attributed to several factors, such as, LED outdoor lighting installations.
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Most of the leading players are now targeting appliance manufacturers and patents to increase their footprint in the domestic as well as in the international market. Some of the leading companies operating in the global high brightness (HB) LED market include Toyoda Gosei, Epistar Corp, Moritex Corporation, Cree, Inc., Samsung Electronics Co Ltd, Osram Opto Semiconductor, Seoul semiconductor, Nichia Corporation, American Bright Optoelectronics Corps, and Philips Lumileds. In addition, the key players operating in high brightness (HB) LED market and identifies the key strategies deployed by them along with the market share of leading players. Certain leading companies such as Samsung have integrated operations where the corporation uses high brightness HB LEDs across a host of products such as laptops, televisions, and mobile phones.
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