Growing LED Applications in the Automobile Industry and Other Industry Verticals Along With Growing Demand for Consumer Electronics Have Boosted the Growth of the Sapphire Substrates Market During the Forecast Period 2022-2027

The Sapphire Substrates Market size is forecasted to reach US$884.26 billion by 2027, growing at a CAGR of 5.6% from 2022 to 2027. Sapphire substrates are an essential component of the electronics industry, serving as the foundation for electronic products such as field effect transistors, LEDs, integrated circuits (ICs) and similar devices. Sapphire Substrates ICs made out of chemical vapor deposition have many benefits such as wide band gap energy, high speed, low power consumption, lower cost and resistance to cryogenic temperature and radiation in comparison to other substrates materials such as silicon and others. These factors are positively influencing the Sapphire Substrates Industry Outlook over the forecast period. However, the market's growth is hampered by a highly competitive market and the easy availability of advanced technologies among manufacturers.

Moreover, the LED industry, which primarily uses Sapphire Substrates, is mainly responsible for boosting the Sapphire Substrates Market size. LEDs are now being used in many industry verticals such as general lighting, automotive lighting, healthcare and so many others. LED lights offer high-lumen power by consuming less power, better service life and no flickering. As a result of these factors, the demand for sapphire substrates is constantly increasing. For instance, Luminii announced the acquisition of Precision Lighting and Remote-Controlled Lighting in October 2021. This acquisition is expected to benefit the company's business presence and customer base. These factors increase the demand for Sapphire Substrates, while positively influencing the Sapphire Substrates Industry Outlook.

North America generated approximately 23% of the global revenues in the Sapphire Substrates industry in 2021, due to factors such as rising applications of LEDs, growing consumer electronics demand and continuous R&D investments by major manufacturers. In October 2020, Meller Optics Inc., a high-quality optics provider, announced the release of new sapphire waveplates for visible lasers and high-power IR. Shock, scratches, chemicals and temperature variations have no effect on these custom-designed sapphire waveplates. These factors would further increase the Sapphire Substrates market size in the North American region.

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Sapphire Substrates Market Growth Drivers:

Rapidly growing Automotive industry and the wide applicability of LEDs in automobiles:

Rising automotive sales, increased demand for improved driving safety and control, increased investments by automobile manufacturers in the development of vehicles with smart control features, advanced driver assistance systems, indoor and outdoor lighting and a variety of other factors have all contributed to the growth of the Automotive LED market. The LED industry is one of the major end-users of Sapphire Substrates and due to the rise of LEDs in the automotive sector, the demand for Sapphire Substrates is also rising. In 2020, according to the data published by OICA, the number of passenger cars sold across the world stood at 53.9 million units. In January 2022, HELLA launched the new Black Magic LED series on the European market which can provide excellent off-road illumination of up to 15000 lumens. This growth of the automobile industry and LED applications in them increase the demand for Sapphire Substrates and enhances the Sapphire Substrates Industry Outlook over the forecast period.

The Major Players in this Market Include

Major players in the Sapphire Substrates Market include Rubicon Technology Inc., Meller Optics Inc., Kyocera Corporation, Crystalwise Technology Inc., Compagnie de Saint-Gobain S., Monocrystal PLC and San’an Optoelectronics. In April 2022, Saudi Arabian researchers developed single-crystal graphene by insulating sapphire substrates on a wafer scale. The researchers consider this advancement significant because the field-effect transistors made from a sapphire-grown single-crystal graphene monolayer performed excellently.