May 28, 2021 – ElectroniCast, a leading market/technology consultancy, today announced the release of an update and application expansion to their annual market study and forecast of the use of packaged light-emitting diodes (LEDs) used in test/measurement, medical, and other scientific devices.
According to the research study, the global consumption value of packaged LEDs in selected test/measurement, medical, and other science devices in 2020 was estimated at $514.4 million. Due to the impact on production, sales, shipment, and implementation caused by the negative effects of the coronavirus (COVID-19), the consultants estimated a slowdown in 2020, and they are forecasting a continuation of consumption concerns in 2021.
Due to the lower base consumption value in 2020, due to the impact of COVID-19, the consultancy is forecasting an average annual growth rate of 12.2 percent during the 1st-half of the forecast period (2020 to 2025); reaching over $914 million in 2025. During the 2nd-half of the forecast (2025-2020), the value is forecast to increase at a slower rate, but advance in value to well over $1 billion in 2030 with quantity growth partially offset, by a decline of average selling prices (ASPs).
All values and prices in this report are at end-user levels and are in current dollars, which include the effect of a forecasted 5 percent annual inflation rate over the forecast period. Market forecast data in this study report refers to consumption (use) for a particular calendar year; therefore, this data is not cumulative data.
The market data of the consumption (use) of LEDs are also segmented by an extensive range of colors. According to the study, UV lamps are rapidly replacing mercury-based lamps in many applications. Red LEDs (including visible red, infrared/IR, and near-IR), in 2020, represented over 20 percent share of the worldwide marketplace.
The forecast by Sensing/Detection and Analytical/Monitoring applications, in 2020, representing over 30% of the worldwide consumption value of packaged LEDs in the selected test/measurement and medical/science devices; and the relative market share is forecast to increase further in value to over $400 million in 2030.
The consumption of LEDs in Phototherapy/Sanitation/Cell Regeneration/Curing application category, which includes horticulture, sterilization of surface areas, air, and water, medical, health & beauty Photodynamic Therapy (PDT), as well as selected medical device curing, and other uses, is forecast to increase to $670.8 million in 2030. Overall LEDs used in Instrumentation Light Sources and Imaging devices was reportedly down in 2020, due to the economic impact of the coronavirus.
This market forecast report is available immediately from ElectroniCast or authorized agents worldwide.
Founded in 1981, ElectroniCast – www.electronicast.com specializes in forecasting trends in technology forecasting, markets and applications forecasting, strategic planning, and consulting. ElectroniCast Consultants, as a technology-based independent forecasting firm, serves industrial companies, trade associations, government agencies, communication and data network companies, and the financial community. Reduction of the risk of major investment decisions is the main benefit provided. ElectroniCast Consultants’ goal is to understand the challenges and opportunities facing clients and to provide timely, accurate information for strategic planning.
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