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LED Phosphors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The LED Phosphor market is expected to register a CAGR of 20% over the forecast period (2021 - 2026). Phosphors are important in LED technology as phosphor composition largely determines an LED’s efficiency, light quality, and stability.
New York, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LED Phosphors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06379257/?utm_source=GNW
Due to the increasing usage of LEDs, the market is expected to propel in the future. This growth can be attributed to operational efficiency in terms of cost and energy.
Key Highlights
The demand for LED phosphors has increased owing to its applications in fluorescent lighting, as well as the progression and development of innovative phosphor solutions.
Various innovative methods of utilizing phosphor are under development, with a significant focus on altering blue light into a variety of colors. The use of LEDs is on the rise, mainly due to a wide range of lighting applications.
The increasing penetration of LEDs, due to their energy-efficient and cost-saving nature, is impacting the growth of the market, as the LEDs are highly controllable when integrated with a driver, and their intensity can be varied based on the requirement.
Moreover, LEDs consume less power, are efficient, and have a longer life. These factors have subsequently led to remarkable growth in the LED phosphor market over the forecast period. Continuous innovations and technological penetration in the LED phosphor market have further accelerated the market growth and redefined the operating functions in the market.
Lack of awareness about the benefits of the technology and the high replacement cost in case of failure is restraining the growth of the market.
LED Phosphors Market Trends
Automotive Expected to Witness Significant Growth
In the automotive industry, LED technology has been limited to high-end vehicles and has to compete with traditional light sources, namely, halogen and high-intensity discharge lamps. The drop in the prices has helped the LED Phosphor spread to various categories of vehicles. The exterior lighting of vehicles drives more than two-third of automotive lighting.
Laser diodes were first adopted in lighting as spotlighting range extenders in automotive applications. Various applications driving increasing luminance are automotive high-beam range extension and headlight foreground projection. For high-beam range extension (HBRE), >500 MNits is required, while Foreground Projection (FGP) overlay requires 100–200 MNits. Even though pcLEDs can achieve these luminance requirements, there is a need for high-volume products that offer lower cost, higher efficiency, and longer lifetime at automotive operational temperature.
LED Phosphors enable the digitization of automotive headlights, resulting in entirely new functionalities such as advanced driving beam (ADB). The automotive lighting segment of Intematix must meet the most demanding performance expectations. Intematix phosphors lead the industry in their applicability to the intense heat and light characteristic, particularly of the newest designs for headlights in vehicles.
Asia-Pacific Expected to Witness Significant Growth
Asia-Pacific is expected to witness significant growth for the LED Phosphor market. Countries such as China, India, and Japan have started multiple promotional campaigns to make LEDs available at subsidized rates to the domestic markets. The governments of these countries are also providing lands at a lower price to foreign investors to set up LED factories.
These countries are extensively involved in the manufacturing process of consumer electronics such as LED and LCD TV & displays, lighting equipment, portable PCs such as laptops & netbooks, smartphones, and automotive parts. LED phosphor finds applications in such consumer electronics and it subsequently has propelled market growth in this region.
The energy-efficient LED phosphor market is expected to witness high growth in this region. Furthermore, increased market potential and high involvement of local players in production activities have fueled the market growth in the Asia-Pacific region. Various policies are being put into operation to motivate consumers to adopt energy-efficient lighting products. The LED lighting is a better and cost-efficient alternative than most existing lighting solutions is drawing many consumers, thereby accelerating the market growth in this region.
LED Phosphors Market Competitive Analysis
The LED Phosphor market is neither consolidated nor fragmented. Ongoing research and technological advancements are expected to be the key trends in the market. The companies are adopting various strategies to expand their customer base and mark their presence in the market.
Sep 2019 - YUJILEDS lab announced the R&D results in the high CRI monochromatic tunable spectrum field. It is based on the superposition of spectrum, the new product of 7070 LED, integrated five channels - red, green, blue, cold white, and warm white with one packaged LED. The technology is mainly required in photography and film lighting, but also has the potential for any areas that demand various colors or CCTs, like entertainment venue or horticulture lighting.
April 2019 - Nichia Corporation successfully launched UVA LEDs, specifically in convention resin curing applications. Nichia’s new 280nm UVC NCSU334A will be able to address mass market goals for water purification and air sterilization using Solid-State Lighting.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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