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 LED chips market is segmented into general lighting, automotive lighting, backlighting, signage, and displays. General lighting is the largest application segment due to the high demand for energy-efficient lighting products for residential, commercial, and industrial purposes. Automotive lighting is the second-largest application segment, followed by backlighting, which includes applications such as TVs, monitors, laptops, and smartphones. Signage and displays are expected to witness significant growth during the forecast period due to the increasing demand for digital signage and displays in various industries such as retail, hospitality, and transportation.
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Region:
The global LED chips market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominates the market due to the high demand for LED lighting products in the region, the presence of major LED chip manufacturers such as Nichia Corporation, Seoul Semiconductor Co., Ltd., and Samsung Electronics Co., Ltd., and the increasing adoption of energy-efficient lighting products by governments and consumers. North America is the second-largest market, followed by Europe, which is expected to witness significant growth during the forecast period due to the increasing 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.
Based on the power range, the LED chips market is segmented into low power, medium power, and high power. Low-power LED chips are used in applications such as indicator lights, flashlights, and toys. Medium-power LED chips are used in applications such as automotive lighting, street lighting, and horticulture lighting. High-power LED chips are used in applications such as stadium lighting, high bay lighting, and surgical lighting.
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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