According to the new market research report, “LED Market by Technology (Basic Light Emitting Diode, High Brightness LED, Organic LED, Ultraviolet LED, Polymer LED), Applications (Automotive, General Lighting, Backlighting, Mobile Device, Signals and Signage) – Global Revenue, Trends, Growth, Share, Size and Forecast to 2021”, published by Scalar Market Research, the LED market is expecting an impressive growth at a CAGR of 19.8%. At the estimated growth rate, the LED market is expected to grow from USD 28.89 billion in 2016 and reach USD 71.35 billion in 2021.
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The global LED market report offers in-depth analysis about the market size (revenue), market share, major market segments, global geographies, forecast, key players, and premium trends. It also focuses on the key drivers and opportunities in this market.
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Few key findings of the report:
• The key players in the LED market are set to witness impressive growth over the next three to four years. The market is expected to gain major traction across the emerging geographic regions, thanks to the steady rise in demand.
• Rapidly decreasing costs of the LED products, longevity, and trending energy efficient lifestyle are expected to be the major drivers for the LED market.
• Growth in the large screen backlighting and display market is also expected to play a significant role in the overall growth of the LED market. Eco-friendly usage and growth in the demand for energy conserving products are also expected to create business opportunities for this market.
The report segments the global market by the types of technologies and their applications. It also offers in-depth analysis of the major geographic regions of the market, which emphasizes on the global LED market share distribution.
According to the report, Europe is expected to dominate the global market with the largest market share. The strong production and distribution model is expected to be the primary reason for the dominance of Europe over the market, during the forecast period.
Asia-Pacific is expected to become the fastest-growing region with increasing demand for this technology. Government initiatives about energy conservation are also expected to create major growth opportunities for the LED market across the emerging economies.
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The global LED market report also analyzes the prominent players in this market, which include:
• American Bright Optoelectronics Corporation
• Cree Corporation
• GE Lighting Solutions
• International Light Technologies
• OSRAM Licht AG
• Philips Lumeleds Lighting Company
• Samsung Electronics Co. Ltd.
• Toyoda Gosei Co. Ltd.
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