CHICAGO, October 1, 2018 /PRNewswire/ --
According to the new research report "Chip Scale Package (CSP) LED Market by Application (Backlighting Unit (BLU), Flash Lighting, General Lighting, Automotive, Others), Power Range (Low- & Mid-Power, and High-Power), and Geography (APAC, North America, Europe, RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 757.7 million in 2018 and is likely to reach USD 1,744.8 million by 2023, at a CAGR of 18.2% between 2018 and 2023. The low-cost potential of CSP LEDs with a low bill of materials, which is because of the manufacturing process, where several packaging steps are omitted, is a major factor driving the growth of the CSP LED market. High competition in the packaged LED market has led to the development and launch of new and innovative CSP LEDs with improved designs and high-end specifications.
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General lighting and automotive segments to define the growth of CSP LED market in next 5 years
The adoption of CSP LEDs in general lighting and automotive will play a crucial role in the growth of the market during the forecast period. Demand for CSP LEDs is expected to increase rapidly in the next 5 years mainly from these two segments offering growth opportunities to CSP LED manufacturers. The market for automotive is expected to grow at the highest CAGR during the forecast period. There is negligible adoption of CSP LEDs in automotive segment, majority of which is in replaceable headlights, which are being supplied by local/regional vendors by utilizing CSP LEDs from manufacturers such as Seoul Semiconductor. Though, the market size for CSP LEDs in the automotive segment is very small, it is expected that demand for mid- and high-power CSP LEDs will increase exponentially 2018 onwards when automotive manufacturers and automotive lighting suppliers start adopting CSP LEDs for new installations.
High-power CSP LEDs to be the main focus of CSP LED suppliers during the forecast period
High-power CSP LEDs are expected to dominate the CSP LED market during the forecast period. With the exponential growth in demand for CSP LEDs in automotive and general lighting during the forecast period, high-power CSP LEDs will find use in several applications such as automotive headlight, high bay lighting, street lighting, and architectural lighting.
Browse in-depth TOC on "Chip Scale Package (CSP) LED Market"
34 - Tables
53 - Figures
128 - Pages
APAC to account for the highest demand for CSP LEDs in the next 5 years
A majority of LCD displays are produced in APAC, especially in South Korea, Taiwan, China, and Japan; owing to which, this region registered the largest shipment of CSP LEDs. The dominance of APAC is mainly due to South Korea, followed by China, Japan, and Taiwan with high demand for CSP LEDs for display backlighting, mobile flash, and other applications. CSP LEDs reduce the total number of LEDs required per backlighting panel along with the form factor of the BLU. The presence of leading CSP LED manufacturers and customers (i.e. smartphone vendors, backlighting panel integrators, and display panel manufacturers) in APAC is the reason for the dominance of the region in the market. The growth in APAC will also be driven by the rise of newer CSP LED applications in general lighting and automotive. Surge in demand for these applications will be because of high economic growth in the region and focus of governments towards energy efficient lighting solutions.
Major players in the market are Lumileds (The Netherlands), Samsung (South Korea), Seoul Semiconductor (South Korea), LG Innotek (South Korea), OSRAM (Germany), Nichia (Japan), EPISTAR (Taiwan), Cree (US), Genesis Photonics (Taiwan), and Lumens (South Korea).
Please explore relevant report "Micro-LED Market" also.
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