PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419039
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419039
LED phosphor Market size was valued at USD 1,732.9 Million in 2022, expanding at a CAGR of 8.7% from 2023 to 2030.
LED phosphor refers to a photoluminescent substance that captures the energy from violet and blue light emitted by gallium nitride and various other LED chips, transforming it into visible light. These phosphors play a critical role in determining the stability, efficiency, and quality of light emitted by LEDs.
The increasing preference for LED lighting technologies over traditional lighting systems stands as a pivotal growth driver for the LED phosphors market. Moreover, the surge in the adoption of white LEDs has further propelled the market for LED phosphors. Additionally, the automotive sector is anticipated to expand due to heightened emphasis on automotive lighting for various auto components. There has been a significant increase in performance expectations over the years, particularly in terms of intense heat and light characteristics in the latest headlight designs for vehicles.LED phosphor technology facilitates the digitalization of automotive headlights, introducing entirely new functionalities like advanced driving beam (ADB). The rising demand for diverse color requirements in headlights and the booming automotive production are poised to augment the demand for LED phosphors within the automotive industry during the forecast period.
The Global LED phosphor Market is segmented on the basis of Product, Application, and Region.
The market is divided into five categories based on Product: Phosphate, Garnet, Silicate, Nitride and Others. In terms of type, the nitride segment emerged as the revenue leader in the global LED phosphors market in 2022. Nitride LED phosphors, commonly used in wafer form, exhibit remarkable blue emissions and resilience against high voltages without degradation. These materials hold substantial potential for lighting applications such as residential, workplace, and street lights, where the necessity for white light enhances visibility. The projected demand for nitride LED phosphors is expected to propel the LED phosphors market in the forthcoming years.
The market is divided into seven categories based on Application: Automotive, Portable PCs, Smartphones, Flat Panel TVs, Signage, Lighting and Others. Based on application, the lighting segment dominated the global LED phosphors market in 2022. LEDs, renowned for their significantly lower electricity consumption compared to incandescent bulbs and decorative LED lights, offer a cooler operational temperature, reducing the risk of combustion or burns. Recessed LED downlights, widely utilized in residential kitchens, hallways, bathrooms, and various office and commercial settings, are witnessing increased demand. Consequently, the anticipated growth in demand for decorative lights is projected to uplift the LED phosphors market during the forecast period.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
LED phosphor companies strategize by directing their focus towards research and development to innovate phosphor materials, aiming for enhanced efficiency, superior color quality, and heightened stability. They invest resources in developing phosphor technologies that cater to various LED applications, spanning general lighting, automotive lighting, displays, and more. Moreover, strategies encompass optimizing manufacturing processes for cost-effectiveness, exploring eco-friendly and rare-earth-element-free phosphors, and fostering partnerships to expand market penetration while driving technological advancements in LED lighting solutions. The LED phosphors market exhibits fragmentation, with key players like Phosphor Tech Corporation, Beijing Yuji International Co. Ltd, Intematix Corporation, Denka Co. Ltd, and Nichia Corporation holding prominent positions. These market participants adopt strategies such as partnerships and acquisitions to bolster their product portfolios and establish sustainable competitive advantages.
In November 2022, Cree LED, a subsidiary of SGH, unveiled PhotophyllTMSelect LEDs, featuring an progressive horticulture spectrum available in the XLamp XP-G3 LEDs as well as the J Series 2835 3V G Class LEDs. LEDs utilizing PhotophyllSelect technology have undergone extensive characterization in horticulture metrics, enabling luminaire manufacturers to easily adjust blue/green/red spectral ratios to meet specific plant requirements.
The scope of this report covers the market by its major segments, which include as follows: