According to the latest report by IMARC Group, titled “LED Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 16.4 Billion in 2018. A light-emitting diode (LED) chip, also known as the die, refers to the core component in the LED lighting system. It has different ratings based on the voltage, brightness and wavelength, and primarily assists in determining the quality and color of light, such as red, blue, green, white and yellow. Over the years, the LED chip technology has evolved from the low-efficiency Dual In-Line Package (DIP) to high-powered Chip on Board (COB) circuits, which in turn, has helped in improving the efficiency of lighting systems.
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Global LED Chip Market Trends:
The LED chip market is presently witnessing double-digit growth owing to the strong demand for LED lighting products. These lights are more energy-efficient in terms of power consumption and offer a high luminous intensity. Moreover, LED lights utilize electroluminescence to produce light by converting electricity into visible light with minimum wastage and heat generation. Apart from this, LED products have a longer lifespan in comparison to incandescent bulbs which, in turn, is strengthening the growth of the LED chip market. Further, owing to technological innovations and continuous research and development (R&D), the cost of manufacturing LED per kilolumen has also decreased, thereby reducing the average selling price (ASP) of LEDs. Furthermore, incentives offered by governments around the world to promote the utilization of energy-efficient lighting is also boosting the sales of LED chips. Looking forward, the market is projected to exceed US$ 37.0 Billion by 2024, expanding at a CAGR of around 14% during 2019-2024.
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Market Summary:
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