Portland, OR -- (SBWIRE) -- 06/01/2018 -- LED Market (Light Emitting Diode Market) Report, published by Allied Market Research, forecasts that the global market is expected to garner $42.8 billion by 2020, registering a CAGR of 13.5% during the period 2014-2020. Asia Pacific commands dominance of the LED technology market. The region houses approximately 3/4th of the global electronics manufacturing industries. North America, due to its high-tech forensic and medical applications leads the market for UV LEDs.

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After the grand success of the CFL lights, light emitting diode is the next buzzing technology in the general lighting industry. Absence of hazardous liquid mercury and power efficiency has allowed LED to successfully penetrate the market and has outdone CFL lighting in the commercial market. It is anticipated that LED lights would command about 20% share of the global lighting market by 2020. This will be equivalent to 2/3rd of the revenue for LED. However, the demand for basic LED in backlighting applications would decline as OLED broadens its horizon of applications and would eventually supersede basic LED based mobile displays.

In the current business scenario indicates a huge rise in the usage of the light emitting diode technology, (LED) technology, across various applications such as backlighting, street lighting, automotive, mobiles, signs and signals. With the increase in use of LEDs for lighting and other applications its demand is expected to rise in Europe and US. Moreover, the market, also gaining ground in South Korea and Japan. The sales of the shipments in LED's are expected to increase by the end of the 2014, as the demand of LED technology is increasing day by day. As per the definition of LED market in the report, the market comprises of chips and components as a packaged LED.

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Rising application of LED in general lighting has compelled the manufactures to concentrate on the launch of new LED lighting products and expand their production. OSRAM opened its LED assembly plant in Wuxi, China, to expand its fully loaded LED capacities and also to strengthen its market position in theLED market. The company has chosen the plant location in China to capture the highly potential Asian market. The notable players in this space include and profiled in the are American Bright Optoelectronics Corps, Cree Incorporation, International Light Technologies, Ledtronics, Philips Lumileds Lighting Company, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., OSRAM Licht AG, Nichia, LG Innotek Co Ltd., GE Lighting Solutions and Toyoda Gosei Co., Ltd. Nichia, Samsung, and Osram held nearly 35% share in the global LED market revenue in 2013.