Led Chips Market Insights:
Led Chips Market size was worth USD 19.3 Billion in 2021, accounting for a CAGR of 12.4% during the forecast period (2022-2030), and the market is expected to be worth USD 55.2 Billion by 2030. Led chips are the core components of LED lighting products. LED chips are semiconductor devices that convert electrical energy into light energy. LED chips are used in various applications such as general lighting, automotive lighting, backlighting, signage, and displays.
Application:
The market for LED chips can be categorized into various application segments, including general lighting, automotive lighting, backlighting, signage, and displays. Among these segments, general lighting holds the largest market share, driven by the surging demand for energy-efficient lighting solutions across residential, commercial, and industrial sectors. The automotive lighting segment comes in second place, while backlighting, comprising devices like TVs, monitors, laptops, and smartphones, ranks third. Additionally, the signage and displays segment is expected to experience significant growth during the forecast period, owing to the rising demand for digital displays and signage in several industries, such as hospitality, retail, and transportation.
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Region:
The LED chips market is segmented globally into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific currently leads the market, thanks to the region's growing demand for LED lighting solutions, the presence of major LED chip manufacturers like Samsung Electronics Co., Ltd., Nichia Corporation, and Seoul Semiconductor Co., Ltd., and the rising adoption of energy-efficient lighting products by consumers and governments. North America ranks second, followed by Europe, which is projected to witness substantial growth during the forecast period, driven by the escalating demand for LED lighting products in the region.
Segment:
Based on the type, the LED chips market is segmented into blue LED chips, green LED chips, red LED chips, and others. Blue LED chips are the most commonly used type of LED chips due to their high luminous efficacy, which is the measure of how well a light source produces visible light. Green LED chips are the second-most commonly used type of LED chips, followed by red LED chips. Other types of LED chips include UV LED chips, infrared LED chips, and white LED chips.
The LED chips market is categorized by power range into low power, medium power, and high power. Low-power LED chips find application in indicator lights, toys, and flashlights. Medium-power LED chips are utilized for automotive lighting, street lighting, and horticulture lighting. High-power LED chips are employed for stadium lighting, high bay lighting, and surgical lighting applications.
Market Segment
By Product Type:
Blue LED Chipss, Red LED Chipss, Green LED Chipss, Infrared LED Chips, Yellow LED Chips, White LED Chips Others
By Application:
Backlighting, Illumination, Automotive and Signal, Others
By Geography:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Market Value:
The global LED chips market was valued at $15.4 billion in 2020 and is expected to grow at a CAGR of 11.2% during the forecast period of 2021-2028, reaching a value of $32.9 billion by 2028. General lighting is the largest application segment, followed by automotive lighting, backlighting, signage, and displays. Asia Pacific dominates the market, followed by North America and Europe. Blue LED chips are the most commonly used type of LED chips, followed by green LED chips, red LED chips, and others. Low-power LED chips are used in applications such as indicator lights, medium-power LED chips are used in applications such as automotive lighting, and high-power LED chips are used in applications such as stadium lighting.
In conclusion, the LED chips market is a growing industry driven by the increasing demand for energy-efficient lighting products, the need for high-quality and reliable LED chips, and the availability of major LED chip manufacturers in Asia Pacific. The market is segmented based on application, region, segment, and market value.
The study provides answers to the following key questions:
- What type of customers buying the products and services from companies operating in the Led Chips Market?
- What will be the roadmap for the product manufacturers operating in the Led Chips Market for the forecast period, 2022-2030?
- What are the recent developments in the competitive landscape to look out for during the estimated period?
- What are the major trends influencing customers’ lives and their buying behaviour?
- How can brands best communicate with the customers they intend to target?
- When, where and how the customers want to use or consume the products or services?
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