Global High Power LED Market Expected to Witness a Growth with a CAGR of 5.3%
The key factors driving the market are the growing government support for the adoption of LED lights and increasing adoption of energy-efficient lighting solutions.
Among these, the automotive application is expected to grow at a CAGR of 5.4% during the forecast period. This is ascribed to the growing requirement for high-power LED lights in automotive interior and exterior applications, including position lights, ambient lighting, fog lights, headlights, and dashboard lights.
Geographically, Asia-Pacific (APAC) is projected to hold a considerable share of the high-power LED market during the forecast period. The primary reason for this is the rising adoption of these LED lights in general lighting applications, majorly in India and China.
Furthermore, various smart city projects are in their developmental phase in these countries, which are predicted to create a huge demand for high-power LED lights. For example, in 2012, China introduced a national smart city development project, which will utilize modern technology for building smart cities.
The governments have started focusing on saving energy, which is why the requirement for energy-efficient lighting solutions is increasing. This is further leading to the growth of the high-power LED market, since high-power LEDs are able to work efficiently for long periods of time and at low maintenance cost. Because of these advantages, the local authorities of several countries, including Australia, the U.S., China, and India, have introduced projects in order to replace their traditional lighting lamps, which are utilized in outdoor lighting, with LEDs.
No comments: