According to the latest study, the LED Phosphor materials market is projected to witness a growth of over 8% CAGR during the assessment period of 2021 to 2031. LED has become the first choice for consumers in lighting technology owing to greater efficiency and brighter light.
LED sales have increased notably over the past years, while costs have declined noticeably. Growth in global sales of LED is creating potential demand and this growth trend is expected to carry the market during the forecast period.
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What is the Driving demand for LED Phosphor Materials?
Light Emitting Diodes (LED) is widely used for producing luminescent light. It became the most preferred product for lighting over recent years. To increase standards of energy discharge and provision focus on using LEDs has been increased. Owing to this factor global LED sales have increased significantly and this increase is likely to create robust opportunities to drive the demand for LED phosphor Materials.
Moreover, owing to the continuous limitations in energy generation due limited availability of raw materials & harmful impact of fossil fuels, the use of high-energy efficient products has been promoted to mitigate the demand-supply gap for the future. LEDs being more energy efficient than any other alternative available in the market witnessed remarkable growth in demand.
Various key sectors such as hospitals, health care institutions, manufacturing facilities, commercial and residential buildings, and automotive vehicles are adopting LEDs for lighting purposes. This has created a huge demand for LED and which in turn will boost the demand for LED phosphor Materials to a very limit.
However, there various challenges faced by LED manufacturers as unpleasant warmth and coolness emitted by LED, variation in colour temperature by varying viewing angles, and poor colour rendering. Many research and development activities are going on to overcome these challenges.
Growth in LED Sales is Expected to Create Demand for LED Phosphor Materials
Due to various efficiency-related factors, LED sales have increased remarkably across the globe over some recent years and this trend is also expected to be followed shortly. LED phosphor is a key material used in the manufacturing of LED. The product is responsible for the illumination of light in LED, and hence, the product is a key ingredient. Owing to growth in LED sales is expected to create a significant rise in demand.
LEDs can find their applications in various types of buildings and infrastructure like hospitals, street lighting, decorative lighting, and various commercial and residential buildings. Also, the residential construction Industry is one of the fastest-growing industries across the globe.
Since the LED market is connected to the construction industry, with the growth in the construction industry global LED sales are also expected to rise at a healthy CAGR during the forecast period.
US & India LED Phosphor Materials Market Outlook
The US market requires energy-efficient lighting solutions due to high energy prices in the country. LEDs are better alternatives in terms of energy efficiency, which creates a great consumer base in the country. Moreover, various government regulations can also be found in the country about the use of energy-efficient products.
Owing to such factors, the US is one of the largest markets for LEDs which in turn makes the US a big market for the LED Phosphor materials market too as significant production facilities are located in the country.
India is one of the fastest-growing markets in the world. Owing to the high population across the country. India has great demand for lighting solutions. The rise in infrastructure and the growing construction industry is promoting the demand across the country. These factors are making India a lucrative market for LED manufacturing and for also the phosphor product.
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East Asia Demand Outlook of LED Phosphor Materials
East Asia is one of the most promising region across the globe. A vast demand has been created from the region especially from the countries like China and Japan. Owing to vast population in the region and manufacture friendly governmental regulations towards production attracts manufacturers to invest in the region.
Moreover, various governmental initiatives like banning various conventional light source especially in china is promoting the growth of LED and which in turn boosting the sales of LED phosphor materials across the region.
Who are the Manufacturers and Suppliers of LED Phosphor Materials?
Some of the leading manufacturers and suppliers includes
- Avago technologies
- Citizen Electronics co. ltd.
- Epistar Corporation
- Everlight Electronics Co. ltd.
- General Electric Company
- Edison Opto Corporation
- Universal Display Corporation
- Osram Sylvania Inc.
- Philips Lumileds Lighting.
Key Segments
By Technology:
- ELC
- Modular Light Engine
- Thin Film
- Remote phosphor
- Direct Contact
By Application:
- Mobiles
- Portable PCs
- Automotive headlamps
- Televisions
- Lighting Devices
By End Use:
- Mobile and Telecommunication
- Consumer Electronics
- Automotive Lighting
- Building & Construction
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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