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.
The LED phosphors market is fragmented with key players like Beijing Yuji International Co. Ltd, Intematix Corporation, Phosphor Tech Corporation, Denka Co. Ltd, and Nichia Corporation, among others. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In November 2022, Cree LED, an SGH company, announced the release of PhotophyllTMSelect LEDs, an advanced horticulture spectrum available on the XLamp XP-G3 LEDs and the J Series 2835 3V G Class LEDs. LEDs made with PhotophyllSelect have been thoroughly characterized in horticulture metrics, allowing luminaire manufacturers to easily adjust blue/green/red spectral ratios to meet specific plant needs.
In April 2022, Denka Company Ltd. established a new business development. It restructured its companywide research and new business development framework to promote activities further to create new businesses and ensure the sustainable growth of its existing businesses.
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