As per the market research reports by P&S Intelligence, global high power LED market share is poised to touch $17,581.5 million by 2024, registering a CAGR of 5.3% during the forecast period (2019–2024).
There are various factors propelling the market growth such as increase in adoption of energy-efficient lighting solutions as well as the rise in the government support for the adoption of LED lights worldwide.
Based on wattage, the high power LED market is classified into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W. Among these, 5–10 W category is expected to register the fastest growth during the forecast period. This can be attributed to the rising deployment of 5–10 W high power LED lights in general lighting applications, such as outdoor lighting and entertainment lighting.
Moreover, there are certain regions such as Asia Pacific, which is expected to account for a good share in the LED market in the forecast period. This is due to a significant rise in the use of LED in general lighting applications in countries like China and India.
Furthermore, various smart city projects are underway in these two countries, which will further generate huge demand for high power LED lighting solutions. For example, China introduced a national smart city development project in 2012 to build smart cities with modern technology. Also, the Chinese government aimed to nurture 100 new smart cities to lead their urban planning and development by 2020.