Chip on Board (COB) LED Industry Analysis, Size, Share, Growth, Trends Forecast
Posted by mandar on January 6th, 2020
Chip on Board (COB) LED Market - Synopsis
The global chip-on-board LED market is expected to attain considerable growth in the coming years. Market Research Future (MRFR) states that the market valuation will reach a projected figure of USD 5,261.8 million by the end of 2023. Additionally, the market is expected to grow during the forecast period at a massive CAGR of 17.88%.
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The growing adoption of solid-state lighting technology compared to conventional traditional lighting is one of the primal factors paving the growth wave of the chip-on-board LED market. The increasing impetus placed by governments across the world for promoting the use of energy efficient lighting has prompted an increasing in demand for LED lighting. Chip-on-board LED boasts several key advantages like high light efficacy, reduced power requirements, smaller number of solder joints, and enhanced thermal management. All these advantages are attracting high growth towards the market. However, complexity involving the use of manufacturing chip-on-board LED process that involves mounting, selection, and interconnection of discrete devices can go on to severely hamper the growth of the market. Favorable Government Efforts Anticipated to Push the Chips-on-Board LED Market Growth
The key players identified and highlighted in the global chip-on-board LED market are selected on the basis of their regional presence, country of origin, recent developments, product diversification, global reach, and industry expertise. The highlighted players are as follows: Cree Inc. (US), Osram Opto Semiconductors GmbH (Germany), Philips Lumileds Lighting Co. (Netherlands), Seoul Semiconductor Co. Ltd. (South Korea), Citizen Electronics Co. Ltd. (Japan), Everlight Electronics Co. Ltd. (Taiwan), Lumens Co., Ltd. (South Korea), GE Lighting (US), LG Innotek Co. Ltd. (South Korea), Samsung Electronics Co. Ltd. (South Korea), and others. These players contribute majorly to the overall growth of the market. Some of the other players that are contributing to the growth of the chip-on-board LED market are Cooper Lighting (US), Prophotonix (US), Bridgelux Inc. (US), LumiShore Ltd (UK), Leiso Lighting Tech. Ltd (China), and others.
Lumileds announced that it has added three new models to its portfolio of LUXEON CoB Core of LED arrays.
The global chip-on-board LED market segments into the following key dynamics: application and material.
By material, the market includes MCPCB and ceramic. Ceramic is the typically the most used material in the global landscape and is expected to be the leading segment over the forecast period. The growth of the segment is primarily due to its better thermal performance level.
By application, the market comprises backlighting, general lighting, automotive lighting, and others. Herein, the general lighting segment is broken down into commercial, residential, and industrial. Whereas, the backlighting segment is narrowed down into televisions, tablets, smartphones, monitors, and others. Lastly, under automotive lighting, the segment is divided into exterior and interior lighting.
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The global chip-on-board LED market is projected to grow during the forecast period at a rapid pace as was slated beforehand. The geographical analysis of the market revealed that the Asia Pacific region held the highest share globally. The region is further expected to drive the maximum shares in the coming years in terms of manufacturing and usage. The region is ably supported by the presence of regions like China, South Korea, and Taiwan. This is due to the number of large vendors present in the market. Some of the renowned providers in the chip-on board LED space like Seoul Semiconductors, Citizen Electronics, and Samsung Electronics are based out of Asia Pacific, however, they have a huge customer base in the region. China is anticipated to experience the highest growth percentage over the forecast period owing to the continuous efforts put in by the government in terms of incentives and subsides in the region.
Elsewhere, the North American region stands out as the second-most dominating region in the global landscape. This is due to the high percentage of installations made in automotive and retail lighting. Add to this, the rising investments made in infrastructures and the fast-paced technological advancements are all projected to boost the overall growth of the regional market.
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About the Authormandar
Joined: February 18th, 2019
Articles Posted: 99
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