The global high power light-emitting diode market generated $12,647.2 million revenue in 2018 and this market is further expected to grow at a CAGR of 5.3% during the forecast period (2019–2024).
From 3.099 metric tons in 1960, the per capita carbon emissions rose to 4.981 metric tons in 2014, the World Bank reports. These emissions are behind the increasing levels of air pollution, global warming, climate change, and rising prevalence of respiratory diseases.
The power sector, via the burning of fossil fuels for electricity production, contributed almost 25% of these emissions in 2010, as per the Environmental Protection Agency of the U.S. Therefore, the need to adopt energy-efficient products is rising, so that the burden on power plants can be substantially reduced.
This is why the high power LED market is predicted to witness a considerable growth in its size, from $12,647.2 million in 2018 to $17,581.5 million in 2024, at a CAGR of 5.3% during 2019–2024 (forecast period).
Such lights are more energy efficient and longer lasting than traditional variants, such as fluorescent and incandescent lights, which leads to their rising popularity. In LEDs, almost 95% of the power being supplied is changed to light, and only 5% goes into waste.
Further, their lower replacement rate also results in considerable cost savings for consumers.
High-power LEDs are majorly used for automotive, general lighting, signs & signals, and backlighting purposes. Among these, their widest deployment during 2014–2018 was for general lighting, with the high sale of downlights, spotlights, area lights, tunnel lights, and industrial lights.
The other prominent application of such products has been in the automotive sector, as they provide better throw and range of headlamps, while consuming a lot less power than halogen and fluorescent bulbs. This results in considerable fuel savings, which make the vehicles a lot more environment-friendly.
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These lights are available in 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W ratings. Among these, the highest demand has been for the 3–4.9 W variants, as they are widely used for general and automobile lighting.
Even during the forecast period, these variants will witness the largest requirement, as in several countries, conventional street lights are being replaced with LEDs.
For instance, Los Angeles deployed more than 215,000 high-power LED streetlights in 2016. Similarly, nations including India, the U.S., Australia, and China are also taking down traditional street lights and installing LEDs in their stead.
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