Aptos, CA, March 11, 2018 --(PR.com
)-- ElectroniCast Consultants, 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 light emitting diodes (LEDs) used in test/measurement, medical and other science devices.
Last year (2017), the global consumption value of packaged LED chips in the selected devices reached $426 million, up from $345 million versus the previous year (a 23.5% increase). The value will continue to increase in most product categories, with strong quantity growth, partially offset by a decline of average prices (especially during the 2017-2022 timeframe). Market forecast data refers to LED consumption for a particular calendar year; therefore, this data is not cumulative data.
The market data for are also segmented by the following colors (type): Red, Green, Blue, White, Multiple Color/Multiple Chip, and UV and others.
According to the study, the worldwide value of UV-LED packaged chips used specifically for test/measurement, medical and other science applications is forecast to reach over $300 million in 2027. “Many devices, which have traditionally used mercury (Hg)-vapor Ultraviolet (UV) lamps are now utilizing LEDs, capable of producing UV radiation,” said Stephen Montgomery, president of the California-based consultancy.
This LED market study is also segmented into the following major application categories:
Sensing/Detection and Analytical/Monitoring
Instrumentation Light Source and Imaging
Sensing/Detection and Analytical/Monitoring applications, in 2017, represented 32.2 percent of the worldwide consumption value of packaged LED chips in the selected test/measurement and medical/science devices. In 2022, the relative market share of LEDs used in the Sensing/Detection and Analytical/ Monitoring applications is forecast to increase to 37.1 percent in value in 2027.
Also, covered in the study are the use of LEDs in horticulture, sterilization of surface areas, air and water, medical, health & beauty Photodynamic Therapy (PDT), as well as medical/science curing, and several other uses. LEDs used in Instrumentation Light Sources and Imaging devices are forecast to increase in value by a multiple factor of over 4x over the next 10-years.
This year (2018), the America region is projected to hold a 35% share of worldwide quantity of LEDs in selected test/measurement and medical/science devices. The Europe, Middle East and Africa (EMEA) region is forecast for aggressive growth. “This year, the Asia Pacific region (APAC) is forecast to take a slight lead in relative market share,” Montgomery added.
This market forecast report, which is available immediately, is part of a consultant service from ElectroniCast Consultants to our clients. For detailed information on this or other services provided by ElectroniCast, please contact Theresa Hosking, Marketing/Sales, Telephone/USA: 831-708-2381.
ElectroniCast Consultants specializes in forecasting trends in technology, 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.