High Brightness LED Market size revenue to exceed $22bn by next seven High life span of the LED bulbs is predicted

High Brightness (HB) LED Market size forecast to exceed USD 22 Billion by next seven years: Global Market Insights Inc. Overview Global High Brightness (HB) LED Market size was evaluated at more than $ 15 billion for 2015 and is predicted to surpass revenue of $22 billion by end of 2023 at CAGR of 4.9%. Growing government focus on power conservation is predicted to drive expansion of the industry in future. Increasing use of high brightness LED bulbs in heat responsive applications like food illumination and textile due to infrared radiation absence is predicted to promote the industry growth during forecast timeframe. These high brightness LED (light emitting diode) bulbs offer enhanced efficacy in comparison to other kinds of bulbs. These equipments are strong and are predicted to have greater lifespan as compared to traditional incandescent bulbs with life time range of 50,000 hours to 100,000 hours. LED technology is one of the effective light sources and helps in 50 to 70 percent of power savings as compared to conventional technologies. It also helps in reducing carbon emissions and thus propels the demand & growth of the industry during forecast timeframe. High life span of the LED bulbs is predicted to minimize maintenance and replacement costs. This factor drives installation of these equipments at comparatively inaccessible locations. Producers are now concentrating on low global high brightness (HB) LED market cost strategy to fuel the demand for bulbs in future. But high cost per lumen and highinitial price is predicted to hinder the acceptance across the sector. High price is owing to comparative low lumen power production supply. Cool white LED (light emitting diode) bulbs emit extra blue light as compared to traditional sources of light like sodium bulbs. This light causes pollution which can be a serious threat to environment in future. All these factors can inhibit the growth of industry. Application Overview The industry is segmented into lightning application and mobile application. Lightning application is predicted to surpass $7.4 billion by registering CAGR of about 6% during 1|Page