HB-LED Market to Reach $29 Billion by 2022

A new report published by Allied Market Research, titled, "HB-LED Market by Application and Geography-Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the world HB-LED market would reach $29 billion by 2022 from $15 billion in 2015; growing at a CAGR of 10% from 2016 to 2022. In the year 2014, Asia-Pacific dominated the market and contributed more than 50% share of the overall market revenue, followed by North America. The presence of key market players in Asia-Pacific and rising HB-LED application, primarily in signs, display, and large screen backlighting have fueled the market growth.

Increasing HB-LED light applications in general lighting, cars, mobile, and large scale replacements of traditional lights as these are more cost-effective, energy-efficient, and offers longer life span drive the market growth. However, high initial investment could restrict the market growth. Moreover, it is anticipated that the rise in demand for lighting, coupled with rising government focus on energy conservation on photovoltaic technology would spur the global market growth.

In 2014, general lighting application segment dominated the global HB-LED market with over  46% share and is anticipated to maintain this lead in future as well. General lighting refers to the lighting systems that ensure the entire ambiance is lit correctly. This also includes the use of both artificial lightings such as lamps and light fixtures and natural illumination to reduce energy consumption. However, mobile application segment is anticipated to grow significantly and is expected to register a CAGR of 10.8% during the forecast period. This is due to various applications of HB-LED in mobile devices since it produces bright light with minimum electricity and instant responsiveness.