The LED packaging market is expected to reach USD 26.39 billion by 2023 from USD 18.41 billion in 2017, at a CAGR of 6.2%

NEW YORK, Jan. 11, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05281356


The LED packaging market is expected to reach USD 26.39 billion by 2023 from USD 18.41 billion in 2017, at a CAGR of 6.2%. The key drivers for the growth of the LED packaging market include increasing demand for high power grade LED packages for lighting applications; rising demand for LED packages in the market for display panels; growing government initiatives and regulations to adopt energy-efficient LEDs; increasing demand for smart lighting solutions. However, high saturation in the market is expected to restrict adoption, which, in turn, may limit market growth to a certain extent

CSP LEDs are expected to be the fastest growing segment in the LED packaging market during the forecast period
The increased adoption of CSP over standard SMD is mainly due to the advantages such as reduced package footprint, thin profile, reduced weight as well as better electrical performance and area array distribution of connections. Size reduction in CSP is mainly due to the ball grid array design of the package, which results in saving printed circuit board routing space by designing all interconnects under the package in ball grid array style.

General lighting application is expected to drive the growth of the LED packaging market
In 2016, general lighting application accounted for the largest share of the market and is expected to continue its growth during the forecast period. The potential to save energy on a large scale is one of the most attractive aspects of LED technology. It is known to major LED packaging manufacturers that the adoption rate of LED light sources will not increase on the basis of its energy efficiency alone as customers in the residential sector are not focused on energy savings achieved by LEDs.

However, a range of factors, including overall efficiency, practical design, consistent performance, and price point, would decide how well LEDs would fare against conventional lighting sources in residential applications. The major focus of governments in India, China, and Brazil for the development and implementation of efficient energy technology and various subsidies given for LED lighting will boost the market for LED materials in these countries

APAC expected to register the highest growth rate in LED packaging market during the forecast period
APAC accounted for the largest market for LED packaging in 2016. It is expected to be the fastest-growing market owing to the growth of applications such as general lighting, automotive, and backlighting. The surge in demand for applications such as general lighting, automotive, and backlighting is driven by high economic growth in the region. This, in turn, favors the growth of the LED packaging market in this region. These factors are encouraging many established market players to expand their reach in the region. The growth of the market in APAC is mainly driven by China, Japan Taiwan, and South Korea as these countries account for the largest market share of LED packaging in this region.

Germany, Italy, France, the UK, and Spain are some of the key European countries that contributed significantly to the use of LED packages in 2016. OSRAM and Lumileds are some of the major manufacturers present in this region.

Europe is expected to hold a major share of the LED packaging market for the general lighting application owing to the high standard of living in these countries; with regard to the high GDP per capita rates, a large section of the population can afford energy-efficient lighting systems in their homes. The significant market share in the region is also attributed to the increasing awareness about energy conservation and implementation of various government initiatives toward the same.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. Following is the breakup of the profile of primary participants:
• By Company Type: Tier 1 = 20%, Tier 2 = 39%, and Tier 3 = 41%
• By Designation: C-Level Executives = 27%, Directors = 31%, and Others = 42%
• By Region: North America = 39%, Europe = 27%, APAC = 18%, and RoW = 16%
The major players in the LED packaging market include Nichia (Japan), Samsung (South Korea), Osram (Germany), LG Innotek (South Korea), and Cree (US).

Research Coverage:
The report estimates the market size and future growth potential of the LED packaging market across different segments such as package type, packaging material, application, and geography. Moreover, the report includes the industry trends, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, and recent developments.

Key Benefits of Buying the Report:
The report would help the market leaders/new entrants by providing them the closest approximations of the revenue numbers for the LED packaging segments and subsegments. Moreover, this report would help stakeholders to understand the competitor landscape better and gain insights to strengthen their businesses and have suitable go-to-market strategies. Furthermore, this report helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05281356

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