Market overview
The global Chip On Board LED market size was valued at $2,010.5 million in 2017, and it is expected to reach $5,261.8 million by the end of the forecast period by registering a CAGR of 17.88%. Chip On Board LED is an LED packing technology where multiple LED chips are bonded directly on a substrate. The small size of the LED chip offers high packaging technology compared to other technologies. Chip On Board LED is the latest technology. Here, the manufacturers bond LED chip diodes into the PCB, which causes thermal conductivity to shift towards the circuit board, leading to lower heat emissions.
LED lighting is more favored than other lighting sources, and it is contributing highly to the global chip on board led market. Additionally, increasing demand and adoption of COB LED lights in industrial, commercial, and residential applications greatly contribute to the expansion of Chip On Board LED market size. The automotive industry use Chip On Board LED for vehicle lighting, and electronics industry use it for backlighting in monitors, smart phones, tablets, Panels, monitors, etc., the wide range of application of Chip On Board LED will further drive the demand of the Chip On Board LED industry in the forecast period.
Additionally, increasing focus on government worldwide to use energy-efficient lighting has increased the demand for LED lighting. Chip on Board LED light offers high light efficiency, reduced power requirements, better thermal management, and lesser solder joints that reduce the risk of performance loss. All the factors contribute highly to the global chip on board led market.
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Market segmentation
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 light emitting diodes market is bifurcated into interior lighting and exterior lighting.
Regional analysis
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.
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