LED Phosphors Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

LED Phosphors Market Analysis

The LED Phosphors Market size is estimated at USD 0.56 billion in 2024, and is expected to reach USD 1.40 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029).

The growing preference for LED lighting technologies over conventional lighting systems is one of the primary factors driving the market's growth. Additionally, the increasing popularity of white LEDs has further propelled the market growth.

• LED phosphors are crucial materials in the manufacture of white LEDs. Phosphor composition largely determines an LED's efficiency, light quality, and stability. White LEDs are generally a combination of a blue light-emitting indium gallium nitride die and phosphor, which takes blue light and then converts it into a broad-spectrum peaking at yellow or amber.​
• Government regulations mandating the use of LEDs are accelerating the demand in the market studied in several regions. For instance, in the United States, as the law requires energy savings to be 45 lumens per watt for the common types of light bulbs, a 60-watt incandescent light bulb can put out around 15 lumens per watt; a halogen incandescent bulb offers around 20 lumens per watt; CFL bulb provides 65 lumens per watt; LEDs put out 80 to 100 lumens per watt with a fraction of energy.
• Materials scientists at FEFU (Far Eastern Federal University), in partnership with an international research team, advanced the invention of composite ceramic materials (Ce3+:YAG-Al2O3), i.e., solid-state light converters (phosphors) that can be used in ground and aerospace technologies. LED systems based on molded materials can preserve 20-30% more energy than commercial analogs. According to the photonics development roadmap run in Russia, the development of LED technology with an efficiency of more than 150 lm/W would allow for savings of up to 30% in electricity by 2025.
• While developing phosphors LED smart lighting hardware components, there is an additional cost associated with this part of the project. Even though the price for hardware components has been dropping over the last few years, this element remains one of the essential factors in estimating the final price of the smart lighting project. In a smart lighting ecosystem, hardware contains several important elements, sometimes enhanced by additional components, such as light sources and sensors. The backend part of the smart lighting solution consumes at least 2,000 hours of development teamwork, and its price starts at USD 60,000.

LED Phosphors Market Trends

Smartphone to be the Fastest Growing Application

LED Phosphors Industry Segmentation

A phosphor is a material that produces bright light when it comes into contact with infrared, ultraviolet radiation, or an electron beam source. In order to satisfy some of the performance criteria, a phosphor structure and composition may be carefully tuned so as to obtain an appropriate spectral content. Therefore, phosphors are frequently used in the electronics and lighting industry so that applications like e.g., displays, fluorescent lights, or blue LEDs can be achieved. Most white LEDs consist of a chip that emits Blue light with a narrow spectrum from 440 to 470 nm and is covered by either yellow, green, or red phosphors. Some of the blue light from that LED die is to be absorbed by phosphors. The phosphor light creates a white light, which is perceived by the human eye as blue, in addition to the remaining blue light that leaks out of the phosphor layer.

The LED phosphors market is segmented by applications (smartphones, LCD TVs, laptops, and tablets), automotive, lighting (residential and industrial), and geography (North America, Europe, Asia Pacific, and the Rest of the World).

The market sizes and forecasts are provided in terms of value in USD for all the above segments.