LED Phosphors Market Size

LED Phosphors Market size was valued at USD 546.25 million in 2024 and is set to exceed USD 5.41 billion by 2037, registering over 19.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of LED phosphors is evaluated at USD 630.59 million.. The main factor to dominate this market revenue is the growing demand for LED lighting in contrast to conventional lighting. Conventional lighting has low energy efficiency further increases environmental problems. Only over 3% to approximately 5% of the power utilized to light the bulb produces visible light. Furthermore, conventional bulbs generate excessive heat that can ignite a fire and also increase the temperature of the room, and raises expenditure on cooling during the summer. Hence, the demand for LED lighting is predicted to rise over the coming years.

Additionally, the governments of different nations are significantly encouraging the population to adopt LED lighting and launching various strict regulations to mandate its adoption. Hence, this factor is also projected to have an influence on the LED phosphors market.