According to a recent report titled ‘Global LED Market 2016-2020’ released by Technavio, it is observed that the global LED market is expected to grow as a compound annual growth rate (CAGR) of nearly 17 per cent till the year 2020. The report covers four application segments viz general lighting, backlighting, automotive lighting, and others which in 2015 comprised 40.25 per cent, 29.01 per cent, 12.99 per cent, and 17.75 per cent of total revenue, respectively.
According to Asif Gani, one of Technavio’s lead analyst for semiconductor equipment research, “China supports the largest LED industry in the world and accounts for close to 30 per cent of the world production, thanks to tax benefits and subsidies provided by the government to its manufacturers. The government of India has launched similar projects for promoting energy conservation, and it is likely to draw massive investments into the sector during the forecast period.”
Both these countries are expected to play a huge role in the growth of LEDs across the globe. India has been running numerous schemes to promote the use of LEDs among consumers and it is also giving LED bulbs at subsidised rates so that people are encouraged to buy ad use them. India has been very vocal about reducing its dependency on energy usage and LEDs will help a lot of reducing energy costs. Moreover, the country is also deploying solar energy in a big manner to encourage the usage of green energy.
By Atanu Kumar Das
