Global LED Packaging Market size is expected to reach US$ 22.4 Bn by 2026 from US$ XX Bn. in 2019, at a CAGR of 4.7% during the forecast period.
LED Packaging Market Overview:
LED packages protect the LED chip from direct contact with the environment and encapsulate the chip with LED phosphors. Also, the package form of LED varies along with the application, the size, and the light emitting effect. The increasing demand for smart lighting solutions is expected to boost the growth of the LED packaging market.
COVID-19 Impact on the Global LED Packaging Market
The LED packaging market consist of major Tier 1 and Tier 2 manufacturers and suppliers like Nichia, OSRAM, Lumileds, Seoul Semiconductor, Samsung, MLS, Cree, EVERLIGHT, NationStar, and LITE-ON. COVID-19 not only impacted the operations of the LED packaging market players, but also affected the businesses of companies from the industries like consumer electronics, automotive, industrial, real estate, and few others. A decline in demand for display panels from the automotive and consumer electronics industries is also expected. According to Electric Lamp and Component Manufacturers Association (ELCOMA) India, in 2020, the prices of LED bulbs and lights was observed a raise of up to 10% from March as the manufacturers face supply shortage of electronic components due to the coronavirus outbreak in China.
Global LED Packaging Market Driver and Restraint:
The demand for IoT-enabled lighting fixtures and smart lighting solutions, increasing demand for LED packages in display panel market. Also, increased demand for UV LED-based disinfection systems among COVID-19, and government initiatives and regulations encouraging the use of LEDs for energy efficiency and environmental benefits.
COVID-19 indicated both demand-side and supply-side shocks across the global economy. Leading LED package providers, such as OSRAM (Germany) and Seoul Semiconductor (South Korea), have experienced significant losses, due to the COVID-19 pandemic. Both companies have reported a decline of around 9% and 10%, correspondingly, in their 2020 half-year revenue as compared to the previous year. Governments worldwide have cut down their spending on various areas to focus on improving healthcare infrastructure, and therefore, the demand for LED packages from national lighting projects is expected to shrink.
On the other hand, the high competition in the market is restricting the margin as there is a continuous decline in prices by players to gain market share.
Global LED Packaging Market Challenges:
Go-slow in production of manufacturing facilities worldwide caused by COVID-19
As said by the UN Conference on Trade and Development (UNCTAD), the COVID-19 outbreak and spread have caused the global FDI to diminish by 5% to 15%, due to the breakdown in the manufacturing sector resulting from lockdowns imposed worldwide during the first and second quarters of 2020. The negative impact of COVID-19 on FDI investments is expected to be high in the consumer electronics and automotive industries, because of the unavailability of raw materials and the pauses in the supply of components.
Global LED Packaging Market Segment Overview:
Global LED Packaging Market
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The LED packaging market is segmented into package type, application, power range, wavelength, and packaging material. Among these, the wavelength segment is sub-segmented into Deep UV and visible & infrared. Deep UV LED is expected to hold the largest market share of the global market by 2026. Based on their power range, UV LEDs are classified as Low- and mid- power LED packages and High-power LED packages. High-power LED packages are expected to be the dominant market segment in printing, coatings, and adhesive applications, as longer wavelength ranges easily penetrate deeply into the material. Then again, UV-B LEDs are used for biomedical research purposes. UV-C based LEDs are a popular choice for sterilization and disinfection and are currently experiencing a surge in demand, on account of their high application during the global COVID-19 pandemic. UV-C light kills bacteria and viruses by destroying their nucleic acids and disrupting DNAs.
Global LED Packaging Market Regional Insights:
Global LED Packaging Market Regional Insights
Asia Pacific dominate the LED packaging market and is expected to maintain is continuous position during the forecast period (2020-2026). Thanks to, the increase in adoption of high-end consumer electronics, like wearables and smartphones in China and Japan. These devices more and more demand micro LED and flash LED packages. Also, Asia Pacific has developed as a global hub for large investments and business growth opportunities. The modernization and development of infrastructure such as smart cities across the Asia Pacific would also drive the demand for smart street lighting, thereby driving the market for LED packages in Asia Pacific.
The report focuses on the LED packaging market value at the top five regions and twenty seven countries of the world, which shows a regional development, including market size, share, revenue, and much more across the globe. The report has covered, capacity, production value, cost/profit, and supply/demand by statistical analysis. A brief analysis of drivers, restraints, opportunities, and challenges in the market is also covered with examples by region. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
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Global LED Packaging Market Scope: Inquire before buying
Scope of the Global LED Packaging Market
Global LED Packaging Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global LED Packaging Market
• Nichia
• OSRAM
• Lumileds
• Seoul Semiconductor
• Samsung
• AlphaLED
• Philips Corporation
• Stanley Electric Co. Ltd.
• Toyoda Gosei Co. Ltd.
• Cree Inc.
• LG Innotek
• Citizen Electronics Co. Ltd.
• Everlight Americas Inc.
• Merck KGaA
• Dow Corning
• Citizen Electronics Co. Ltd
• TT Electronics PLC
• Others
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