Research Report by Wattage (1-2. 9 W, 3-4. 9 W, 5-10 W, >10 W), Application (General Lighting, Automotive, Signs & Signals, Backlighting), Geographical Outlook (U. S. , Canada, U. K. , Germany, France, Italy, Russia, Spain, The Netherlands, China, India, Japan, South Korea, Australia, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Colombia, Saudi Arabia, South Africa, U.

New York, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Power LED Market" - https://www.reportlinker.com/p05842919/?utm_source=GNW
A.E., Nigeria, Turkey, Qatar) - Global Industry Trends and Forecast to 2024

The high-power light-emitting diode market is projected to generate $17,581.5 million in 2024, witnessing a 5.3% CAGR during the forecast period (2019–2024). The key factors driving the market are the growing government support for the adoption of LED lights and increasing adoption of energy-efficient lighting solutions.
On the basis of wattage, the market is divided into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. During the forecast period, 5–10 W division is projected to advance at the fastest pace because of the increasing deployment of these LED lights in general lighting applications.
In terms of application, the high-power LED market is classified into general lighting, signs & signals, automotive, backlighting, and others (which include infrared emitter, camera flash lighting, and ultraviolet (UV) LEDs).
Among these, the automotive application is expected to grow at a CAGR of 5.4% during the forecast period. This is ascribed to the growing requirement for high-power LED lights in automotive interior and exterior applications, including position lights, ambient lighting, fog lights, headlights, and dashboard lights.
Geographically, Asia-Pacific (APAC) is projected to hold a considerable share of the high-power LED market during the forecast period. The primary reason for this is the rising adoption of these LED lights in general lighting applications, majorly in India and China.
Furthermore, various smart city projects are in their developmental phase in these countries, which are predicted to create a huge demand for high-power LED lights. For example, in 2012, China introduced a national smart city development project, which will utilize modern technology for building smart cities.
The governments have started focusing on saving energy, which is why the requirement for energy-efficient lighting solutions is increasing. This is further leading to the growth of the high-power LED market, since high-power LEDs are able to work efficiently for long periods of time and at low maintenance cost. Because of these advantages, the local authorities of several countries, including Australia, the U.S., China, and India, have introduced projects in order to replace their traditional lighting lamps, which are utilized in outdoor lighting, with LEDs.
Read the full report: https://www.reportlinker.com/p05842919/?utm_source=GNW

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