The Global High-Power LED Market is estimated to be USD 6.1 Bn in 2021 and is expected to reach USD 7.88 Bn by 2026, growing at a CAGR of 5.25%, reports ResearchAndMarkets.com.
The Global High Power LED Market is driving due to growing high brightness LED applications, including mobile phones, restaurants, signal lighting, and nightclubs. The benefits offered by high power LED, such as continuous usage with a long life of the device, are driving the market’s growth.
Additionally, increasing environmental concerns, government initiatives for green construction, and high-power LEDs require less power consumption and low voltage. They are available in small size are fuelling the market’s growth. On the other hand, high costs are associated with initial investments, and high-power LED devices are temperature sensitive. These are the major factors restricting the market and hampering growth.
The rising awareness of energy-efficient systems will create potential opportunities for the market to grow in the forecasted period. Furthermore, the growing demand and adoption of smart lighting systems, technological advancements such as IoT, real-time monitoring of illuminations, developing research and development activities. Moreover, the risk of overcoming thermal problems is a challenge that may negatively affect the market growth.
