Chip On Board LED Market Is Projected To Expand At A Healthy Growth Rate By 2023

Posted by Minakshi on February 5th, 2021

Market Synopsis

According to MRFR, the global Chip-on-board LED market was valued at USD 2.01 billion in 2017 and is exected to reach USD 5.26 Billion by the end of forecast period with a CAGR of 17.88%.

Market Highlights

Government's growing focus around the world on promoting energy-efficient lighting has led to increased demand for LED lighting. Governments in different countries such as the United States , the United Kingdom and India, among others, offer rebates on energy efficient lamps, thereby enabling customers to buy them. In addition to government initiatives, chip-on-board LEDs have several advantages such as lower power requirements , high light efficiency , better thermal management, and a smaller number of solder joints that reduce the risk of performance losses. These advantages offer this business fast growth.   Increasing investment in infrastructure development is also expected to further stimulate growth in the LED chip-on-board market. However, the complex chip-on-board Driven manufacturing process that includes the collection, installing, and interconnection of discrete devices hinders market development.   

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By material, the market is bifurcated into MCPCB and ceramic. Ceramic is the most commonly used material for substrate owing to its better thermal performance.

By application, the market is segmented into backlighting, general lighting, automotive lighting and others. General lighting is further segmented into commercial residential, and industrial while backlighting is segmented into smartphones, tablets, monitors, televisions and others. Under automotive lighting, chip-on-board LED market is bifurcated into interior lighting and exterior lighting.

Regional Assessment

It is expected that the global demand for Chip-on-board LED will expand at a substantial pace during the 2018 to 2023 forecast period. Chip-on-board LED market geographic analysis is studied for Europe , North America, Asia-Pacific and the rest of the world (including the Middle East, Africa, and Latin America). Asia-Pacific is slated to dominate the Chip-on-board LED market during the forecast period due to the largest manufacturing and usage share among the regions mentioned. Countries such as South Korea, Taiwan, and China contribute to the largest market share due to the presence in these regions of a significant number of vendors. Some of the key providers of chip-on-board LED such as Seoul Semiconductor Citizen Electronics, and Samsung Electronics are based out of Asia-Pacific and also have a vast customer base within the region as well as across the globe. Owing to continued policy efforts such as subsidies and opportunities in the region to improve domestic production capacity, China is expected to experience strong growth during the forecast period. North America is the second dominant region on the Chip-on-board LED market followed by Europe because of the high number of retail and automotive lighting installations. Increased infrastructure spending and rapid technical developments are also expected to drive the growth of chip-on-board LED in these regions.

Key players

The key players in the Chip-on-board LED market are identified across all the key regions based on their country of origin, recent key developments, presence across different regions, product diversification, and industry expertise. Some of them are – Citizen Electronics Co. Ltd. (Japan), Osram Opto  Semiconductors GmbH (Germany), Cree Inc. (US), GE Lighting (US), Seoul Semiconductor Co. Ltd. (South Korea), Philips Lumileds Lighting Co. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), LG Innotek Co. Ltd. (South Korea) Everlight Electronics Co. Ltd. (Taiwan), and Lumens Co., Ltd. (South Korea). These players contribute a substantial share in the development of Chip-on-board LED market.

Apart from the top key players, there are other players that contribute to the industry growth. These include Cooper Lighting (US), Prophotonix (US), LumiShore Ltd (UK), Leiso Lighting Tech. Ltd (China), Bridgelux Inc. (US) and others.

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Joined: January 28th, 2021
Articles Posted: 259

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