LED Phosphor Materials Market Size to Grow with a High CAGR and Forecast Report to 2031

According to latest study, the LED Phosphor materials market is projected to witness growth of over 8% CAGR by the end of 2031. LED has become the first choice for consumers in lighting technology owing to greater efficiency and brighter light.

LED sales has been increased notably over the past years, while costs have declined noticeably. Growth in global sales of LED is creating potential demand and this growth trend is expected to carry the market during the forecast period.

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What is Driving demand for LED Phosphor Materials?

Light Emitting Diodes (LED) are widely used for producing luminescent light. It became most preferred product for lighting over some recent years. To increase in standards of energy discharge and provision focus on using LEDs have been increased. Owing to this factor global LED sales have been increased significantly and this increases is likely to create robust opportunities to drive the demand for LED phosphor Materials.

Moreover, owing to the continuous limitations in energy generation due limited availability of raw materials & harmful impact of fossil fuels, use of high energy efficient products has been promoted to mitigate demand-supply gap for future. LEDs being more energy efficient than any other alternative available in the market witnessed remarkable growth in demand.

Various key sectors such as hospitals, health care institutions, and manufacturing facilities, commercial and residential buildings, and automotive vehicles are adopting LEDs for lighting purpose. This has created huge demand for LED and which in turn will boost the demand for LED phosphor Materials to a very limit.

However, there various challenges faced by LED manufacturers as unpleasant warmth and coolness emitted by LED, variation in colour temperature by varying viewing angle, and poor colour rendering. Many research and development activities are going on to overcome these challenges.

Growth in LED Sales is Expected to Create Demand for LED Phosphor Materials

Due to the various efficiency related factors LED sales have been increased remarkably across the globe over some recent years and this trend is also expected to be followed in near future. LED phosphor is key material used in manufacturing of LED. The product is responsible for illumination of light in LED, and hence, the product is a key ingredient. Owing to growth in LED sales is expected to create significant rise in demand.

LEDs can find its applications in various types of buildings and infrastructure like hospitals, street lightings, decorative lightings, and various commercial and residential buildings. Also, residential construction Industry is one of fastest growing industries across the globe. Since LED market is connected to construction industry, with the growth in construction industry the global LED sales are also expected to rise at healthy CAGR during the forecast period.

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US & India LED Phosphor Materials Market Outlook

US market requires energy efficient lighting solutions due to high energy prices in the country. LEDs are better alternatives in terms of energy efficiency, which creates a great consumer base in the country. Moreover, various government regulations can also be found in the country about the use of energy efficient products. Owing to such factors, the US is one of the largest markets for LEDs which in turn makes US a big market for LED Phosphor materials market too as significant production facilities are located in the country.

India is one of fastest growing market across the world. Owing to high population across the country. India has great demand for lighting solutions. Rise in infrastructure and growing construction industry is promoting the demand across the country. This factors are making India a lucrative market for LED manufacturing and for also the phosphor product.

East Asia Demand Outlook of LED Phosphor Materials

East Asia is one of the most promising region across the globe. A vast demand has been created from the region especially from the countries like China and Japan. Owing to vast population in the region and manufacture friendly governmental regulations towards production attracts manufacturers to invest in the region.

Moreover, various governmental initiatives like banning various conventional light source especially in china is promoting the growth of LED and which in turn boosting the sales of LED phosphor materials across the region.

Who are the Manufacturers and Suppliers of LED Phosphor Materials?

Some of the leading manufacturers and suppliers includes

• Avago technologies
• Citizen Electronics co. ltd.
• Epistar Corporation
• Everlight Electronics Co. ltd.
• General Electric Company
• Edison Opto Corporation
• Universal Display Corporation
• Osram Sylvania Inc.
• Philips Lumileds Lighting.

Manufacturer are engaged in research and development activities in order to overcome various longstanding challenges in the market. This can be very beneficial in overall growth of the companies. Moreover, Various expansion strategies like mergers, collaborations, and acquisitions are adopted to increase geographical footprints of the company.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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