According to a new technical market research report, Light-Emitting Diodes (LEDs) for Lighting Applications (SMC018D) from BCC Research, the market is projected to reach $19.5 billion in 2012 and $31.4 billion in 2017, a compound annual growth rate (CAGR) of 9.9% between 2012 and 2017.
The global market for LEDs can be broken down into five categories: general illumination, mobile devices, signaling and signage, display backlighting, and automotive. LEDs for general illumination applications in 2011 accounted for the largest share (35.0%) of total shipments, followed by cell phones and other mobile devices (29.9%), and signaling and signage applications (18.6%).
General illumination is the largest market for LEDs, with shipments of nearly $5.9 billion in 2011. Shipments to this market will increase to an estimated $7.6 billion in 2012 and $15.6 billion by 2017, a five-year CAGR of 15.4%.
LED display backlights are expected to have the highest growth rate of any major segment, an anticipated CAGR of 16.9% between 2012 and 2017. By 2017, shipments of LED backlights should reach $5.9 billion, making them the second-largest segment of the LED market.
Mobile devices were the second-largest LED market segment in 2011, with shipments worth more than $5 billion, but the segment should fall behind display backlights by 2017. Meanwhile, signals and signage are expected to fall from third place in 2011 to fourth place in 2017 at $3.6 billion. The automotive segment should remain the smallest of the five analyzed, with shipments of nearly $858 million by 2017.
High-brightness, light-emitting diodes operate much more efficiently than traditional light bulb products. They use a fraction of the power needed for bulb technology, have much longer operating lifetimes, and contain substances that will not harm the environment. Different material structures are used to fabricate these high-brightness devices, and their fabrication methods are unique.