LED Lighting Trends
Top 5 Market Trends in LED Lighting for 2021
As the Midwest’s leading supplier of LED products, Team Electrical Supply is pleased to observe that there is a new peak of expansion for the LED chip industry in 2018, and beyond.
While the current prices of LED chips are low – primarily because of competing Chinese LED manufacturing – it appears that China may have reached full capacity. This means that the US LED market prices are staying stable, while opportunities for growth in the mobile phone, TV and architectural lighting markets are expanding quickly.
According to the latest report from LEDinside (a division of market research firm TrendForce), LED market value in 2017 is projected to increase by 7.4 % year over year, to $17.16 billion US. In this article, as 2017 draws to a close, we examine 5 of the top trends driving this increase in LED demand.
LED Trend 1
Mini LED Backlight Products for the Mobile Phone Market
Because of the current limited supply of AMOLED panels, Android manufacturers may be facing a hardship. Therefore many manufacturers are anticipated to begin combining mini-LED with a flexible substrate to achieve a high curved backlight in 2019.
LED Trend 2
WCG and QD (Quantum Dot) Products for the TV Market
While TV manufacturers still emphasize HDR, the demand for wide color gamut (WCG) is growing, and will increase even further in 2021. Because of WCG’s increased range of “lifelike” colors, it provides more on-screen impact than simply increasing resolution – promising increasing demand. Korean manufacturers have also developed “QD” which only requires a blue light LED chip, and no longer needs traditional phosphor powders.
LED Trend 3
General Lighting LED Market Growth
Because of global initiatives to reduce energy consumption and greenhouse gas emissions, roughly 12 billion LED lights were installed from 2012 – 2016. However, world potential for LED lighting is estimated to be about 60-70 billion. This translates to continued market increases in the general LED market until at least 2021, when market saturation is expected.
LED Trend 4
Architectural and Landscape Lighting Market Growth
Cities across the globe continue to pour billions of dollars into tourist-enticing travel attractions. Dynamic image control technology with LED screens are increasingly popular for creating these entertainment experiences. The demand for this type of architectural and landscape lighting is anticipated to add billions of dollars to the US LED lighting market in the coming years.
LED Trend 5
Infrared LED Market Growth
With the release of various new applications that rely on infrared LED chips, including industrial surveillance security, virtual reality, facial recognition, and iris recognition, the infrared LED market continues to grow. In 2017 the infrared LED market is estimated to be approximately $441 million US – and is anticipated to grow to $699 million US by 2022.
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Because of these emerging and expanding applications for LED chip technology, the total global LED market value is projected to increase sharply into 2021 and beyond.
Be sure to visit our blog often, where we will keep you posted on the latest trends in electrical and lighting supplies in Michigan and the Midwest, across the US, and around the globe.