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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Market segmentation
The Chip On board LED market is segmented into material, application, and regions.
The Chip On board LED market is segmented into ceramic, MCPCB, and others based on material. Based on application, the CoB LED Market is segmented into the general lighting industry, backlighting industry, and automotive industry, and others. Based on regions, the Chip On board LED market is segmented into North America, Europe, Asia-pacific, and the rest of the world.
Regional analysis
The major regions in the CoB LED Market are North America, Asia-pacific, Europe, and the rest of the world. Among this region, Asia-Pacific is expected to dominate the Chip On Board LED market during the forecast period due to the rising population. Countries like South Korea, Taiwan, and China are contributing highly to the Chip On Board LED market growth in these regions due to a large number of vendors. North America holds the second-highest share in the Chip On Board LED market, followed by Europe due to the high number of installations in retail.
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.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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