The high power LED market 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.
The major vendors in high power LED market 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 important 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). Companies focus mainly on providing an extensive network of distributors globally to expand their reach. Product launches, agreements, partnerships, expansions, and acquisitions are a few of the significant strategies adopted by the major players in the high power LED market.
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Cree (US) is among the leading manufacturers and marketers of lighting-class LEDs, lighting products, and products for power and RF applications. Majority of the products are manufactured at the production facilities located in North Carolina, Wisconsin, and China. To stay ahead in the competition, the company has adopted various organic and inorganic growth strategies, such as product launches, agreements, and mergers & acquisitions. For instance, in December 2017, Cree announced the commercial availability of XLamp XD16 LEDs, the industry’s first extreme-density LED, which delivers up to 5.5 times higher lumen density than its previous generation of high-power LEDs. Built on Cree’s NX Technology Platform, XD16 LED combines lumen density, low-optical crosstalk, unsurpassed thermal contact, and ease of system manufacturing to enable innovative designs for a broad spectrum of lighting applications, such as color-tuning, street, portable, and industrial.
Nichia (Japan) is growing by adopting various inorganic growth strategies. For instance, the company collaborated with OSRAM LED for license-sharing. It has also been developing innovative products to increase its presence in the high power LED market. Nichia takes a lot of input supply through its R&D program. Nichia focuses mainly on R&D activities and is an early inventor of various types of LEDs. For example, they invented blue and white LEDs. Nichia witnessed strong growth in the overall revenue due to its focused research in the automotive sector, which is complemented by the launch of new products. In October 2018, Nichia won the Best Lighting Technology award for its Optisolis ultrahigh CRI LED in the LED Professional Symposium (LpS). The LpS Awards are given to cutting-edge technologies with the strongest impact on lighting applications and sustainability.
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
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