LED Phosphors Market Size & Share, by Application (Automotive, Portable PCs, Smartphones, Flat Panels TVs, Signage, Lighting); Type (Phosphate, Garnet, Silicate, Nitride) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5954
  • Published Date: Apr 02, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

LED Phosphors Market size is projected to surpass over USD 3 Billion by the end of 2036, growing at a CAGR of 21% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of LED phosphors was USD 1 Billion. The main factor to dominate this market revenue is the growing demand for LED lighting in contrast to conventional lighting. Conventional lighting has low energy efficiency further increases environmental problems. Only over 3% to approximately 5% of the power utilized to light the bulb produces visible light. Furthermore, conventional bulbs generate excessive heat that can ignite a fire and also increase the temperature of the room, and raises expenditure on cooling during the summer. Hence, the demand for LED lighting is predicted to rise over the coming years.

Additionally, the governments of different nations are significantly encouraging the population to adopt LED lighting and launching various strict regulations to mandate its adoption. Hence, this factor is also projected to have an influence on the LED phosphors market.


LED Phosphor Materials Market
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LED Phosphors Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Integration of IoT - The demand for improved LED phosphors that may encourage robust color-tuning and smart functions of lighting is being dominated by the adoption of IoT (Internet of Things) connectivity in LED lighting. Furthermore, the growth of LED phosphors for smart lighting applications is also being influenced by investments in LED lighting solutions, smart city initiatives, and building automation systems. As a result, the LED phosphors market is predicted to grow over the coming years.
  • Surge in Adoption of Automotive - The demand for automotive has been constantly growing in recent years, with technology advancements causing notable improvements in safety and also efficiency. For instance, in the world, automotive sales increased to over 74 million automobiles in 2023, in contrast to about 66 million units sold in the year 2022.  One such technological innovation in automotive is LED lighting which has gained great importance in recent years.  In vehicles, the utilization of LED lighting has grown in several applications including headlights, taillights, and interior lighting. One of the main advantages of LED lighting is that it offers enhanced clarity on the road, especially while driving at nighttime. This is because the light produced by LED headlights is brighter and more natural as compared to traditional halogen headlights. Hence, this might assist drivers take action quickly to potential hazards. Moreover, LED light may also offer a broader vision field, limiting the possibility of accidents due to blind spots. Furthermore, to provide increased targeted lighting LED lighting may be designed, which could guide to decrease glare and develop visibility in unfavorable weather conditions.
  • Rising Trend of Human Centric Lighting - The popularity of human-centric lighting is growing notably in a number of settings, which include schools, healthcare facilities, offices, and residential houses. The main focus of human-centric lighting is to enhance the health, well-being, and productiveness of the residents by decreasing natural illumination patterns. Further, such human-centric lighting solutions that are tailored to fit particular conditions and preferences of user are made possible owing to LED phosphors with varying spectral attributes. Therefore, the LED phosphors market is set to experience growth.

Challenges

  • High Cost of Manufacturing & Require High Initial Investment - LED phosphors require a high initial investment for manufacturing LED due to the need for advanced equipment and complex manufacturing functions. Moreover, the cost required for research and development to generate new phosphor formulations and technologies is also. Hence, this may hurt profit and might further restrain the growth of the LED phosphors market.
  • Competition from Alternative Lighting Players - Substitute lighting technologies such as organic light-emitting diodes (OLEDs), quantum dots, and micro-LEDs are now offering obvious advantages which include versatility, color spectrum, and efficiency. Hence, the adoption of LED phosphors in various applications may suffer owing to significant advancements made in alternative lighting options.
  • Lack of Color Consistency & Color Rendering Index

LED Phosphors Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~21%

Base Year Market Size (2023)

~ USD 1 Billion

Forecast Year Market Size (2036)

~ USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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LED Phosphors Segmentation

Application (Automotive, Portable PCs, Smartphones, Flat Panels TVs, Signage, Lightin)

The smartphones segment in LED phosphors market is predicted to gather the highest revenue share of about 30% over the forecast period. This growth of the segment is poised to be encouraged by rising demand for smartphones. In the globe, there are currently close to 5 billion smartphones in use. Hence, with this, the demand for LED is also set to surge. LEDs are utilized for making displays, display backlighting, and more. Further, bright white LEDs may also be utilized as flashes for mobile phones.  Furthermore, the current population is looking for smartphones with excellent battery life. Therefore, this need is satisfied by utilizing LED phosphate materials. Moreover, LEDs are free from any ionizing gas, and therefore they are considered to be the safest solution to handle. Also, the glass utilized in the production of these displays does not include any harmful substances. Therefore, this solution is expected to be environment-friendly and is a novel addition to the list of green technologies. 

Type (Phosphate, Garnet, Silicate, Nitride)

The nitride segment in LED phosphors market is poised to hold the highest revenue share of 49% over the forecast period. Nitride materials are the most preferred choice for a number of applications and scientific explorations, hence covering fields such as power electronics, optoelectronics, photonics, high-temperature electronics, and more. The direct band gap condition of nitrides-based materials, combined with their tunable emission attributes, expanding from near-infrared (NIR) to deep ultraviolet (DUV) region of the electromagnetic (EM) spectrum, build this material system acceptable for a number of photonic solutions such as LED. Furthermore, the fascinating electronic properties of nitrides, including high exciton-binding energy, high-temperature stability, and others, brand these materials more preferred option for room temperature operation, hence, providing the possibility of handling absorption characteristics through electronic means, hinged on optoelectronics devices, including light-emitting diodes (LEDs). As a result, with the growth in this segment the LED phosphors market is also set to rise.

Our in-depth analysis of the global market includes the following segments:

         Application

  • Automotive
  • Portable PCs
  • Smartphones
  • Flat Panels TVs
  • Signage
  • Lighting

         Type

  • Phosphate
  • Garnet
  • Silicate
  • Nitride

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LED Phosphate Materials Industry- Regional Synopsis

APAC Market Forecast

The Asia Pacific LED phosphors market is predicted to gather the highest revenue share of 35% over the forecast period. The major factor to dominate the market expansion in this region is growing disposable income along with the growing middle-class population. The middle-class population by 2030 in Asia-Pacific is set to rise from approximately 1 billion individuals in 2015 to over 3 billion people. Hence, the spending on various electronics products such as LED lights, LCD TVs and displays, and portable PCs is set to rise further boosting the market share in this region. Moreover, the LED phosphors market is also expected to be encouraged by the rising support by the government to foreign companies for offering cheaper land to boost LED manufacturers in the region.

North American Market Analysis

The North America LED phosphors market is also estimated to have notable growth in the revenue over the coming years. This growth of the market in this region is set to be influenced by the growing construction of residential spaces. Moreover, this region is considered to be the dominating region in the field of technology. As a result, the integration of machine learning and artificial intelligence is set to rise in LED. Therefore, the LED phosphors market in this region for LED phosphate is predicted to experience growth.

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LED Phosphor Materials Market Size
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Companies Dominating the LED Phosphors Landscape

top-features-companies
    • Signify Holding
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Future Lighting Solutions Pvt, Ltd.
    • Broadcom Inc.
    • Citizen Electronics Co. Ltd.
    • Cree LED
    • LG Innotek
    • Lumenari Technologies, Inc.
    • Lumileds Holding BV
    • Merck KGaA
    • Monocrystal

In-the-news

In The News

  • The leader in lighting globally, Signify announced the opening of LED lighting manufacturing site which is also expected to be one of the biggest site in world, in Jiujiang, Jiangxi Province, China. The new factory of Signify's joint venture company Zhejiang Klite Lighting Holdings Co., Ltd is expected to produce high-quality branded LED lighting products, such as for the Philips brand, for China and the worldwide market. 
  • A division of Future Electronics, Future Lighting Solutions is presenting their narrow-band phosphor technology portfolio which consists LEDs achieving over 200 lm/W at 90 CRI.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5954
  • Published Date: Apr 02, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing integration of IoT, surge in adoption of automotive, and rising trend of human centric lighting.

The market size of LED phosphors is anticipated to attain a CAGR of 21% over the forecast period, i.e., 2024-2036.

The major players in the market are Signify Holding, Future Lighting Solutions Pvt, Ltd., Broadcom Inc., Citizen Electronics Co. Ltd., and others.

The nitride segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
LED Phosphors Market Report Scope
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