LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global light emitting diode (LED) phosphor market to grow at a CAGR of close to 20% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global LED phosphor market for 2017-2021. The report also lists automotive, residential, commercial, consumer electronics, industrial, architectural, and outdoor segments. In 2016, the residential was the largest application segment of the market, accounting for a share of more than 53% in the global LED phosphor market.
According to Navin Rajendra, an industry expert for lighting research at Technavio, “The use of LEDs is expanding because of the cost efficiency and environmental advantages achieved by them when compared to traditional incandescent bulbs. The longer life span along with the reduced power consumption leads to energy savings and lower emissions of carbon dioxide, and sulfur dioxide.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global LED phosphor market:
- Strong government initiatives to promote use of LEDs
- Emergence of smart cities
- Rise in demand for LED lights in automotive segment
Strong government initiatives to promote use of LEDs
The LED market is one of the fastest growing markets across the world. Governments across the globe are promoting the use of LEDs by taking strong initiatives and providing subsidies for the manufacturers of LEDs. Use of various lighting systems in applications such as street lighting, industrial, and commercial applications are promoting the use of LED lights. Lighting companies are offering professional lighting solutions to the developed markets such as the US and Europe.
China is one of the largest LED industries in the world, as the Chinese government provides tax benefits and subsidies to the manufacturers. It also provides low cost lands for the establishment of LED manufacturing facilities. In 2012, the Chinese government launched a subsidy program for increasing the domestic consumption of energy-saving lighting devices and LED light bulbs worth more than USD 300 million. This helps to cut down on carbon emissions.
Emergence of smart cities
Many countries and their governments are developing urban infrastructure using multiple information and technology solutions to improve the quality of life and services to make the living simpler and easier. Smart cities make efficient use of public physical infrastructure to support strong and healthy economic, social, and cultural development. It also integrates multiple information and communication technologies to support economic growth, thereby improving the quality of life. Global companies such as IBM, Microsoft, Cisco, and Schneider Electric are encouraging the development of smart cities by taking several initiatives.
Rise in demand for LED lights in automotive segment
The automotive industry is one of the fastest growing industries. LED technology is used for various illumination applications. The increase in the automotive production and technological advances is driving the automotive lighting market. LED lighting system is among the fastest growing technology in the automotive sector.
LED lights are used for both interior and exterior applications in the automotive market. It increases driver's safety and offers cabin lighting advantages. On switching on the power, LED lights have full intensity, which is greater than incandescent bulbs. LED lights have longer life span and consume less energy. The light temperature of LEDs is half the temperature of halogen.
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