Chip on Board Light Emitting Diodes Market to Reach $5.5 Billion, Globally, by 2032 at 11.8% CAGR: Allied Market Research

The global chip on board light emitting diodes market is driven by factors such as increased acceptance of chip on board light emitting diodes lights in residential, commercial, and industrial lighting systems.

PORTLAND, Ore., Aug. 7, 2023 /PRNewswire/ -- COB (chip-on-board) Light Emitting Diodes (LEDs) are a subset of LED packaging technology. COB packaging involves directly mounting an LED chip onto a substrate, such as a ceramic or metal board, rather than using a typical LED package. The bare LED chips are placed onto the surface, which is then coated with a layer of phosphor to convert the blue light emitted by the LED chip into multiple colors, such as white light. Additionally, the phosphor layer improves color rendering and overall light quality.

Allied Market Research published a report, titled, "Chip on Board Light Emitting Diodes Market, By Material (MCPCB and Ceramic), Application (Automotive, Illumination and Backlighting): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the chip on board light emitting diodes market was valued at $1.9 billion in 2022 and is estimated to reach $5.5 billion by 2032, exhibiting a CAGR of 11.8% from 2023 to 2032.

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Prime determinants of growth

The global chip on board light emitting diodes market is driven by factors such as surge in demand and adoption of chip on board light emitting diodes lights in several applications, which fuels the demand for chip on board light emitting diodes. In addition, customizable illumination in public and private spaces is required to increase sales of light emitting diode circuits. However, chip on board light emitting diodes sales may be hampered by a complex manufacturing process restricting market growth. Moreover, the adoption of chip on board light emitting diodes in horticulture provides lucrative opportunities for market growth.

Report coverage & details:

COVID-19 Scenario

• The COVID-19 epidemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the chip on board light emitting diodes market.
• Many businesses swiftly adjusted to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
• The pandemic had intensified the attention on sustainable chip on board light emitting diodes solutions as people looked for eco-friendly choices.

The ceramic segment to maintain its leadership status throughout the forecast period

Based on material, the ceramic segment held the highest market share in 2022, accounting for nearly two-thirds of the global chip on board light emitting diodes market revenue and is estimated to maintain its leadership status throughout the forecast period, with the surge in need for high-power, high-brightness LEDs, there is a rise in demand for ceramic materials with improved thermal conductivity. Advances in ceramic production processes and the development of novel ceramic formulas are aimed at producing better thermal conductivity, enabling effective heat dissipation from LED chips. The same segment is estimated to showcase the fastest CAGR of 12.11% during the forecast period.

The backlighting segment to maintain its leadership status throughout the forecast period

Based on application, the backlighting segment held the highest market share in 2022, accounting for nearly half of the global chip on board light emitting diodes market and is estimated to maintain its leadership status throughout the forecast period. A surge in demand has been witnessed for energy-efficient lighting solutions, and chip on board light emitting diodes that offer higher efficiency compared to traditional lighting technologies. In addition, the increase in popularity of LED lighting, with its advantages of efficiency, longevity, and color rendering, fuels the adoption of chip on board light emitting diodes for backlighting applications. The same segment would cite the fastest CAGR 12.73% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global chip on board light emitting diodes market revenue and is likely to dominate the market during the forecast period. Asia-Pacific serves as one of the potential markets for chip on board light emitting diodes globally. However, North America region is projected to cite the notable CAGR of 13.19% from 2023 to 2032.

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Leading Market Players: -

• Osram Gmbh
• Samsung Electronics Co Ltd
• Citizen Electronics Co., Ltd
• Everlight Electronics Co., Ltd.
• Seoul Semiconductor Co., Ltd
• Nichia Corporation
• Tridonic
• Prophotonix Limited
• Perkinelmer, Inc.
• Cree Led, Inc.

The report provides a detailed analysis of these key players in the global chip on board light emitting diodes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

• This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current global chip on board light emitting diodes market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the chip on board light emitting diodes market.
• The report includes the market share of key vendors and global chip on board light emitting diodes market trends.

Chip On Board Light Emitting Diodes Market Key Segments:

By Material

• MCPCB
• Ceramic

By Application

• Backlighting
• Illumination
• Automotive

By Region

• North America  (U.S., Canada, Mexico)
• Europe  (Germany, France, UK, Rest of Europe)
• Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research