According to the research newly reported by ReportLinker, high-power LED market projected to grow at a compound annual rate of 4.5% from 2019 to 2024.
The high-power LED market is expected to grow from $4.5 billion in 2019 to $5.6 billion, at a CAGR of 4.5% in the forecast period. The key factors that drive the market growth are long life and continuous use, small size, low power consumption and low voltage, and increased high brightness applications. However, higher initial costs may dampen market growth.
High power LED with flip chip packaging to grow at the highest CAGR during the forecast period
The high power LED market for flip chip packages will grow at the highest CAGR during the forecast period owing to its advantages over the traditional horizontal mesa packaging and vertical packaging. The flip chip packages can be driven at higher current, are free of wire-bonding, and are offered in smaller packages.
This is the major factor leading to the higher adoption of these LEDs than the traditional horizontal and vertical LEDs.
APAC to hold a significant share of the high power LED market by 2024
APAC currently leads the high power LED industry in terms of market size and is likely to continue being the leading region in 2024 as well. China, South Korea, and Japan are the top three contributors to the high power LED market in APAC.
General lighting will be the leading application segment due to the early adoption of the high power LED. Also, the demand for high power LEDs, backlighting, and flash lighting in this region are the major factors fueling the growth of the high power LED market in this region.
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Source: ReportLinker, July 2019