LED market growth to rebound
Despite the global market for light emitting diodes (LED) dropping 8% in 2016, a new article from Electronics Sourcing has revealed that robust demand will drive the industry, where revenue will total $17.8 billion by 2021. The research, conducted by IC Insights, has found that price erosion was the biggest contributor to the market falling for the first time in 15 years.
It is expected that conditions will continue to improve in the coming months in the face of average price falls, as purchasers begin to transition to LEDs from the many lighting applications that are still fluorescent or incandescent-based. This, along with new applications being attracted thanks to technical improvements in LEDs, will be a major driver for manufacturers as 2017 comes to a close.
One of the biggest industries expected to increase adoption of LED lighting is the automotive market. While they are already applied to illuminate dashboard displays and interiors, it is now expected that adoption will move into headlamps, which will help to increase the LED sales segment from 6% to 20% by 2021.
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