The global LED phosphor market to grow at a CAGR of 19.73% during the period 2017-2021.
The report, Global LED Phosphor Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is growing usage of smart lighting systems. Smart lighting systems are increasingly used for the well-being of the environment. The shift from using conventional lighting to smart lighting increases the focus on energy consumption. The lighting industry is fueled by the rapid improvisation and development in the semiconductor technology and LED lighting systems, as the demand for energy-efficient and sustainable solutions is ever-increasing.
According to the report, one driver in market is strong government initiatives to promote use of LEDs. The LED market is one of the fastest growing markets across the world. Governments across the globe are promoting the use of LEDs by taking strong initiatives and providing subsidies for the manufacturers of LEDs. Use of various lighting systems in applications such as street lighting, industrial, and commercial applications are promoting the use of LED lights. Lighting companies are offering professional lighting solutions to the developed markets such as the US and Europe. China is one of the largest LED industries in the world, as the Chinese government provides tax benefits and subsidies to the manufacturers. It also provides low cost lands for the establishment of LED manufacturing facilities.