The global LED phosphor market is poised for high growth on account of increasing use of LEDs across the world. Light emitting diodes offer high performance and operational efficiency in terms of energy and cost. Escalated rate of adoption of these diodes in several application segments such as fluorescent lighting has impelled market growth. Subsequently, this has led to development and progression of innovative phosphor solutions. Technological proliferation coupled with breakthrough innovations has fueled the market expansion.
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Contemporary techniques of implementing color schemes in LEDs are currently dominating the market. Manufacturers foresee several opportunities in the market owing to the formation of new compositions from spectrum of colors. Furthermore, manufacturers have laid high emphasis on improving the quality of LED phosphor. Large number of domestic and international vendors has made the market highly competitive. Major vendors have focused on development of new products that possess better color stability, longer life, and wavelength to provide them with a competitive edge over existing products in the market.
The market can be classified on the basis of technology and end-user applications. The technology segment comprises package-free, direct contact, remote phosphor, Embedded LED Chip (ELC), modular light engine, and thin film technologies. LED phosphor finds applications in several industrial verticals such as televisions, automotives, smartphones, portable PCs, and residential & commercial lighting.
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Several patents and Intellectual Property (IP) rights have sparked conflicts among several market players and have largely limited the entry of new market vendors. Adoption of alternative technologies such as quantum dots is poised to hamper the market expansion. Furthermore, the LED phosphor market faces several challenges such as change in color, temperature, and sub-standard color rendering. Variability in temperature induces instability in functioning of LED phosphor.
Several policies are being implemented in the European region to minimize the energy consumption with an aim to create a sustainable environment. On account of this, the market is estimated to gain traction in this region. Furthermore, the energy efficiency provided by LED phosphor coupled with increased market potential has fueled the market growth in European region. In North American countries such as the U.S. and Canada, initiatives are being undertaken to motivate consumers to adopt energy-efficient lighting products. In the Asia Pacific region, countries such as China, Japan, and South Korea are extensively involved in manufacturing process of as lighting equipment, portable PCs such as netbooks & laptops, LED and LCD TV displays, automotive parts, and smartphones. These make use of LED phosphor and surge in demand for these consumer electronics has consequently fueled market augmentation.
Major players dominating the global LED phosphor market are Citizen Electronics Co. Ltd., Avago Technologies, Kingbright Elec. Co., General Electricity Company, Stanley Electric Co. Ltd., Philips Lumileds Lighting Company, and Universal Display Corporation.
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