The global LED chip market was worth US$ 16.4 Billion in 2018. LED stands for Light Emitting Diode and is a two-lead semiconductor light source. LEDs are found in different variables all around us and in different colors such as red, blue, yellow, green, white, infrared and ultraviolet wavelengths with very high brightness. They are used in a wide range of applications that vary from backlighting in electronic products such as LCD TVs, laptops, and phones, in lighting like street lighting, automotive lighting, and general illumination, etc. LEDs offer better picture quality due to higher degree of power efficiency and brightness. The LED chip (also known as the die) represents the most important and cost intensive component of the LED. LED chips represent an important factor in determining the light quality. The chips have different ratings for brightness, emitting wavelength, and voltage. After installing the LED chip and passing current through an electrical source, a certain color of light is emitted determined by the dominant wavelength.
The LED chip market is currently exhibiting double digit growth rates. LED lights are more energy-efficient in terms of power consumption and provide high luminous intensity. They use electroluminescence to produce light without generating heat and convert electricity into energy with minimum wastage. Moreover, LED products have larger lifespan in comparison to incandescent bulbs which further drives their demand. With technological innovations and advanced research and development, the cost of manufacturing LED per kilolumen has also decreased. This has significantly reduced the average selling price (ASP) of LEDs making them a preferable choice among consumers. Furthermore, incentives provided by governments across the globe to promote the usage of energy efficient lighting is also elevating the demand of LED products. Looking forward, the market value is projected to exceed US$ 37.0 Billion by 2024, exhibiting a CAGR of around 14% during 2019-2024.
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