The global high power light-emitting diode (LED) market will grow at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022-2030.
Smart LED lights are trending in the high-power LED industry. These devices are widely used in the market because of their energy efficiency property. Moreover, smart LEDs can be controlled through smartphones and tablets. This factor is further boosting the demand for LEDs among the population. Additionally, it also decreases the financial burden on households and businesses as the products consume less power. Users can also change the color of the lights as per their moods. These beneficial factors are increasing their adoption in several industries.
The growth of the global high power light-emitting diode (LED) market is also driven by the growing adoption of energy-efficient lighting solutions. Unlike conventional lights, these lights possess a greater life span which makes them convenient for industrial use. Such factors are forecast to boost the growth of the global high power light-emitting diode (LEDs) market.
Moreover, upcoming sports events are forecast to create promising opportunities for the market players. Sports events require high-power LED lighting systems of better quality and reliability. Thus, the market players are expected to witness favorable opportunities during the forecast period. Various sports events, such as the 2022 Winter Olympics and the 2023 ICC Cricket, would prompt the demand for high-power light-emitting diode (LED) lights. The high durability and energy efficiency of high-power LED lights would enhance its demand for such events.
However, the harmful effects of high power light-emitting diode (LED) can slow down the growth of the global high power light-emitting diode (LED) market. Blue lights used for household and industrial works can negatively impact the eyes. Thus, it can slow down the growth of the market during the forecast period.
Regional analysis
Asia-Pacific (APAC) dominated the global high power light-emitting market by holding the largest revenue share. Meanwhile, India, China, and Japan were the primary contributors in the region. The growth of the high-power LED is attributed to the booming demand for eco-friendly and energy-saving lights. The government of China has introduced investment plans worth $120 billion to enhance the railway facilities in the country. Moreover, smart cities in China would amplify the demand for high-power light-emitting diodes.
COVID-19 Impact Analysis
The COVID-19 impact created several challenges in the market growth.
The demand for LEDs declined during the COVID-19 pandemic, which, in turn, impacted the growth of the overall market.
Moreover, supply chain disruptions and the ban on several import and export activities during the pandemic further slowed down the growth of the market.
Competitors In The Market
Market Segmentation
By Wattage
By Application
By Region
