LED Market - Forecast(2021 - 2026)

Report Code: ESR 0475 Report Format: PDF + Excel (Delivery in 48 Hrs)

LED Market Overview

The market for LED is forecast to reach $102.6 billion by 2026, growing at a CAGR of 15.3% from 2021 to 2026. The LED Market is estimated to witness a sustainable growth over the forecast period majorly because of the different environment friendly features it offers in different applications. Rise in Environmental concerns is one of the major driving factor of LED market in global level. Moreover, with the ongoing governmental regulations in global market for deploying energy-efficient lighting such as LED lighting tend to create a major impact in the rapid adoption of LEDs. Ultraviolet light occurs between the visible and x-ray electromagnetic spectrum. The Ultraviolet wavelength range is specified between 10 nm to 400 nm which categorizes LEDs into three different types. However, many photoelectric manufacturers also consider wavelengths as high as 430 nm to be in the UV range.  The replacement of CCFL with LEDs made of Silicon Carbide, Gallium Nitride and other materials will drive the demand in UV Curing and medical phototherapy applications. The wide electromagnetic spectrum of LED lighting across Infrared through to Ultraviolet will be a major driver of adoption. However potential electromagnetic interference of LEDs in TVs and Radio will hinder market growth.

LED Market Report Coverage

The report: “LED Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the LED Market.

By Type – UV (Ultraviolet A (UV-A), Ultraviolet B (UV-B) and Ultraviolet C (UV-C)), IR LED and Visible Light LED.
By Material Indium gallium nitride (InGaN), Aluminium gallium indium phosphide (AlGaInP), Aluminium gallium arsenide (AlGaAs), Gallium phosphide (GaP) and Others.
By Applications – UV Curing, Adhesive Coating, Lacquer Coating, Sterilization, Forensic Application, In-Line Coating, Counterfeit Detection, Sensing, Lighting, Display and Others.
By End-Use Industries – Healthcare, Research, Industrial, Residential, BFSI, Security, Consumer Electronics, Automotive and Others.
By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC(China, Japan India, SK, Australia, Indonesia and Others), South America(Brazil, Argentina, Chile, Colombia and others), and RoW (Middle East and Africa).

Key Takeaways

  • The LED Market is estimated to witness a sustainable growth over the forecast period because of the rising environmental concerns for adopting eco-friendly lighting systems at various industries. 
  • The other factor responsible for the growth of LED Market are the various environmental friendly features it offers to the sterilization industry and different disinfection processes such as of water, air and different surfaces.
  • In addition, increasing safety concerns over water-borne diseases have brought an increase in people's awareness of consuming treated water. The growing awareness of the benefits of treated water consumption has impacted the applications LED that tend to propel its market growth.  
  • The scope for a LED is becoming abundant in sterilization applications, as it is being proved to be one of the cheapest way to provide safe drinking water across the globe. This safety benefits are expected to enhance the demand of LEDs in global market further uplifting its market growth.  

 

LED Market, By Region, 2020

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LED Market Segment Analysis - By Type

Ultraviolet LED is set to be fastest growing segment of the LED Market with a CAGR of 20.9% in 2020. In general, UV-C LEDs have wavelength range of 275 nm (280-100 nm) and they are available in different power levels and styles. Offering different operations in various industries, UV-C is available in different light sources such as single, chip-on-board and strip module of different specifications. Longer strip lengths with higher outputs is one of the widely used type. LED's have been increasingly used in applications where UV lamps (mercury, xenon, amalgam, excimer) have operated for decades. Improvements in UV-LED flux density, stability and life hours have made LEDs a viable solution for replacing traditional UV light sources such as mercury arc lamps, arch lamps, hot and cold cathode lamps and grid lamps. LEDs are more environment friendly as they do not contain harmful mercury, they do not produce ozone and consume less energy as well. These major advantages uplift the demand of LEDs, particularly using Silicon Carbide and Gallium Nitride materials which is expected to propel its market growth in forecast period. UV-C LED usage is rapidly growing in applications such as germicidal (UVGI) for air, surface and water purification.

LED Market Segment Analysis - By End Use Industry

LEDs are widely used for different Healthcare and Sterilization applications and are projected to grow at a CAGR of 18.4%.  LED Curing uses light-emitting diodes which convert electrical current into light. When the electrical current flows through an LED, it gives off ultraviolet radiation. The ultraviolet light causes chemical reactions in the molecules within the liquid, forming chains of polymers until the liquid becomes a solid. This process is a new technology which was designed to provide solutions to many of the issues found in traditional UV curing and heat-set drying. LED curing offers all the benefits of traditional curing, but also provides solutions to the negative environmental impact. This new technology reduces heat radiation and offers instant on-and-off switching. LED curing also does not require the use of moving parts which further reduces the amount of energy required. All these advantages tend to boost its demand in Healthcare and Purification industries which uplift its market growth.

LED Market Segment Analysis - By Geography

Asia-Pacific accounts for being the highest market at 39.6% in 2020. The market growth in this region is predominantly rising due to leading economies such as China, India, Japan and Others. As Asia-Pacific region holds the largest population and is covered by largest ocean, the demand for freshwater has been high at different industrial as well as residential sectors. Thus, the demand for water sterilization and purification processes is of great extent. This demand enhances the market growth of LED in this region. According to World Bank Reports, investments done in water and sanitation in Asia-Pacific region is highest and has been increasing rapidly from $50M to $910M in recent years. These tend to propel the market growth of LEDs using Silicon Carbide and Gallium Nitride materials in forecast period as freshwater demand will always be high. Asia-Pacific is closely followed by North America in the LED Market growth due to presence of major market players in this region which provides technology upgrades in LEDs.

LED Market Drivers

Rise in Environmental concerns drives market growth

With the rising Environmental concerns at global level, the adoption of LEDS for various applications in different industries tend to drive its market growth. LED's have been increasingly used in applications where UV lamps (mercury, xenon, amalgam, excimer) have operated for decades. Improvements in UV-LED flux density, stability and life hours have made LEDs a viable solution for replacing traditional UV light sources such as mercury arc lamps, arch lamps, hot and cold cathode lamps and grid lamps. With the rising Environmental concerns, the adoption of LEDs came into play. LEDs are more environment friendly as they do not contain harmful mercury, they do not produce ozone and consume less energy as well. These major advantages uplift the demand of LEDs which is expected to propel its market growth in forecast period. UV-C LEDs is rapidly growing in applications such as germicidal (UVGI) for air, surface and water purification. LED curing provides solutions to the negative environmental impact as it offers improved flux density, stability and long-life hours which makes LEDs a viable solution for replacing traditional UV light sources such as mercury arc lamps, arch lamps, hot and cold cathode lamps and grid lamps which drives its market growth in the forecast period.

LEDs offers compactness and long durability

LEDs do not contain toxic mercury and are often found in CCFL technology. They are much smaller and more durable than CCFLs and are more resistant to vibration and impact, resulting in less product breakage and reduced waste and maintenance expense as well. These advantages tend to drive its market growth in forecast period. The overall heat generated by the LEDs is considerably low. The LED lamps based on Silicon Carbide and Gallium Nitride materials reaches a maximum of 40 degree Celsius, whereas mercury lamps heat up to more than 60 degree Celsius. Low-pressure germicidal lamps which are traditionally used in these applications are typically associated with lifetime claims of 8000 to 10,000 hours. As a solid-state device, UV-C LEDs can be cycled on/off tens of thousands of times with little or no observable difference or degradation in performance. UV-C LEDs also offer a near-instant capability to provide full rated output, requiring no warmup time which makes it available for 25,000 to 100,000 hours. These advantages tend to drive its market growth in global market.

LED Market Challenges

High Installation Cost

One of the major challenges faced by LED Market globally is the high installation cost. LEDs are comparatively costlier than other alternatives. This tend to restrain its demand of LEDs thus bring major challenge in its market growth. Several other challenges have been expected to hinder the market growth by hampering the adoption of LEDs using Silicon Carbide and Gallium Nitride materials, specifically for those in the UV-B (280nm – 315nm) and UV-C (100nm-280nm) spectral regions. LED manufacturers are struggling to improve the light output and efficiency while at the same time increase the reliability and useable life of the LED. Improvements are being made, but this has brought an exponential rise in the overall cost of these LEDs. This brings a major challenge in the market growth of LEDs in forecast period.

LED Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the LED Market. The LED Market is dominated by major companies such as Lumileds Holding BV, Nordson Corporation, Seoul Viosys Co.Ltd., Honle UV America Inc., LG Innotek Co. Ltd, Halma Plc, Heraeus Holding Gmbh, Hnle Group, OSRAM, Koninklijke Philips N.V., Crystal IS, Sensor Electronic Technology, Phoseon Technology.

Acquisitions/Technology Launches/Partnerships

  • In January 2021, Sensor Electronic Technology (SETi) and Seoul Viosys, the leading global providers of LED technology and subsidiaries of Seoul Semiconductor, partnered together to launch their new Violeds technology that can quickly and effectively kill 99.437% of SARS-CoV-2 in less than one second. The testing was conducted in December 2020 through KR Biotech, a South Korea-based research institute specializing in sterilization testing of the new coronavirus.
  • In January 2021, OSRAM launched their new portable UV-C air purifier that fight against viruses and bacteria in this pandemic situation of Covid-19. The invisible, ultraviolet light destroys viruses and bacteria with a reliability of 99.9 percent.

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1. LED Market Overview
    1.1 Definitions and Scope
2. LED Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Application
    2.3 Key trends segmented by Geography
3. LED Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. LED Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. LED Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. LED Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. LED Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. LED Market – By End Use Industry (Market Size -$Million/Billion)
    8.1 Healthcare
    8.2 Residential
    8.3 BFSI
    8.4 Consumer Electronics
    8.5 Research
    8.6 Industrial
    8.7 Security
    8.8 Automotive
    8.9 Others
9. LED Market – By Application (Market Size -$Million/Billion)
    9.1 UV Curing
    9.2 Adhesive Coating
    9.3 Lacquer Coating
    9.4 Sterilization
    9.5 Forensic Application
    9.6 In Line Coating
    9.7 Counterfeit Detection
    9.8 Sensing
    9.9 Lighting
    9.10 Display
    9.11 Others
10. LED Market – By Type (Market Size -$Million/Billion)
    10.1 UV LED
        10.1.1 UV-A
        10.1.2 UV-B
        10.1.3 UV-C
    10.2 IR LED
    10.3 Visible Light LED
11. LED Market – By Material (Market Size -$Million/Billion)
    11.1 InGaN
    11.2 AlGaInP
    11.3 AlGaAs
    11.4 GaP
    11.5 Others
12. LED Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 Germany
        12.2.2 France
        12.2.3 UK
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Netherlands
        12.2.8 Others
    12.3 APAC
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia
        12.3.6 Indonesia
        12.3.7 Malaysia
        12.3.8 Others
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Chile
        12.4.4 Colombia
        12.4.5 Others
    12.5 RoW
        12.5.1 Middle East
        12.5.2 Africa
13. LED Market - Market Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. LED Market – Industry Competitive Landscape (Premium)
    14.1 Market Share – Global
    14.2 Market Share by Region
    14.3 Market Share By Installation Type
15. LED Market – Key Company List by Country Premium (Premium)
16. LED Market - Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10