Drivers and Constraints Impacting the Market
LED Materials consist of phosphor, silicon, and sapphire, and re highly used in the manufacture of LED lights. The global market for LED materials is highly influenced by the adoption of advanced technologies like IoT, artificial intelligence, and automation. With rapid urbanization, the LED materials market is estimated to propel. Adoption of LED in HDTV and smartphones is further considered to foster the market growth during the review period. LED Materials are also used in hospitals, cruise ship lights, industrial, and residential lighting. Moreover, favorable government policies such as certification programs and various labeling offer new growth opportunities for the growth of the market.
On the flip side, the short lifespan of LED Materials can retard the market growth globally in the coming years. Moreover, the volatility in the raw materials’ prices leading to lower demand for LED materials along with the high initial cost of LEDs is likely to curtail the market growth across the globe.
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Global LED Materials Market: Segmental Analysis:
The Global LED Materials Market has been segmented on the basis of Component, Application and Region.
By mode of Component, the Global LED Materials Market has been segmented into substrates/semiconductors, wafers, phosphor, epitaxy material, and others. Among these, the wafers segment is further sub-segmented into sapphire, silicon, silicon carbide, and others. The silicon segment is anticipated to showcase robust growth rate due to extensive use of wafers in the microelectronic devices.
By Mode of Application, the Global LED Materials Market has been segmented into automotive exterior lighting, healthcare, consumer electronics, general lighting, automotive interior lighting, display and billboards, and others. Among these, the segment for residential lighting is considered to garner USD 9650.6 million by the end of the forecast period owing to the construction of infrastructural projects in residential areas.
October 22, 2018: A team of researchers from the University of Houston has recently devised a machine learning algorithm which is efficient to run on a personal computer and also predict the properties of more than 100,000 compounds in search of those most likely to be efficient phosphors for LED lighting.
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The noteworthy players operating the global market are EpiGaN, AkzoNobel N.V., Epistar Corporation, Nichia Corporation, Sumitomo Electric Industries Ltd., MACOM, UBE INDUSTRIES LTD., OSRAM Opto Semiconductors GmbH, Plessey, II-VI Incorporated, Intematix, DOWA Electronics Materials Co. Ltd. (DOWA Materials Co., Ltd), and Cree Inc.
The Global LED Materials Market presumed to register 10.92% CAGR during the assessment period (2018-2024) owing to the increasing demand for energy efficient lights, asserts Market Research Future (MRFR). A light emitting diode or LED is referred to as a semiconductor device which produces incoherent narrow spectrum of light when it is in forward biased condition. LEDs find its application in camera, HDTV, telecommunications, camcorder, TV remote control, and optical fiber communication. The global market for LED Materials is highly influenced by the adoption of advanced technologies like Internet of Things (IoT), artificial intelligence, and automation.
Geographically, the LED Materials Market span across regions namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Among all the regions, Asia Pacific is presumed to dominate the global market and reach USD 9,011.2 million by the end of the assessment period. The market in this region is estimated to expand at 12.23 % CAGR due to the growth of the end-use industries such as construction, electrical and electronics, and automotive. Also, high demand for energy-efficient lights in the construction sector coupled with an increasing population base in Thailand, India, South Korea, and China are considered to drive the market in this region.
The North American region is anticipated to hold the second-largest position owing to the growing demand for high energy-efficient vehicles. The market in this region is presumed to touch USD 5,056.9 million by the end of 2024.
Europe is presumed to garner USD 4,496.5 million by the end of 2024 due to the rising production of energy-efficient vehicles.
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