Electroluminescent Light Sources Market is Expected to Witness Remarkable Rate of 6.3% from 2021 to 2028
The Global Electroluminescent Light Sources Market was valued at USD 556.20 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% between 2021 to 2028. Electroluminescence is the process by which an object emits luminescence i.e., light, after an electric current pass through it. Electroluminescent light sources are made with the same principle, so they are devices that glow up when electricity surges through them. They are utilized in night lights, in displays and signs, have applications in automotive and electronic gadgets among others.
The increasing transition from traditional equipment and machinery to digitally operated devices and appliances is the key factor that is augmenting the growth of the electroluminescent light sources market, worldwide. These light sources are employed for the purpose of outdoor marketing, in public transportation systems, in healthcare and defense industries as well.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns. Due to which, the electronics and automotive industries saw a steep decline in their demand and revenue, owing to the disruption in their manufacturing and supply chains. This, in turn, hampered the growth of the electroluminescent light sources market.
Although, the colossal benefits offered by electroluminescent light sources such as enhanced efficiency, reduced power consumption and increased sustainability, along with others, provide an enthralling opportunity for the growth of electroluminescent light sources market.
Globally, North America is dominating the electroluminescent light sources market and this dominance can be attributed to the rising electronic appliances and automotive industries, in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the presence of large number of developing economies, surging healthcare sector, and rising technological advancements in the region.
Some of the major players operating in the global electroluminescent light sources market are Ellumiglow, Earlsmann, KGS Electronics, GSI Technology Inc., IGraphics Precision Printing, Memtronik Innovations, Nejilock Technology, Yi Yi Enterprise Co. Ltd., Technolight, SparkFun Electronics, and among others.