The global chip-on-board light emitting diode (LED) market size would reach USD 297.0 billion in 2032. In 2022, the market stood at USD 23.5 billion. It would elevate at a CAGR of 28.9% from 2022 to 2032.
Uncovered silicon parts are placed directly on a substrate or printed circuit board in the chip-on-board technique. In light-emitting diode packaging, these are placed with the aid of a metallic or non-conductive adhesive.
Electrical connectivity is then provided by wire bonding. This kind of package design is more adaptable and has a superior capability for distributing light.
The most essential benefit of chip-on-board LEDs is that they take up less space. They also save a great deal of electricity. They have a long life expectancy, are extensively reliable, have better thermal management, and are of good quality.
Better color mixing and lighting effects are produced by these LEDs. They help to improve the user experience.
Considering that they provide great intensity and uniform brightness, they are also appropriate for high power applications. Wide usage of this type of LED has been facilitated by transition from conventional illumination to semiconductor lighting technologies.
The market for chip-on-board LEDs would expand rapidly in the next ten years. Cost savings and technological advancements will accelerate market expansion. Few of the main factors influencing growth are urbanization, government efforts, and rising infrastructure spending.
Chip-on-board LEDs have superior advantages over rival technologies such as CFL and incandescent lighting. Hence, governments of several countries are adopting this technology.
Due to their rising adoption across a range of lighting application categories, these LEDs are in high demand. Rapid drop mostly in median price of LEDs would also push sales.
When compared to competing technologies, these LEDs are more expensive. They also need a complicated manufacturing process.
Erratic nature of the world economy can be an impediment to market expansion. Yet, given the market's infancy, cost reduction from scale savings and technological progress could offer a sizable opportunity for growth.
| Attributes | Key Insights |
|---|---|
| Chip-on-board Light Emitting Diode (LED) Market Estimated Size (2022E) | USD 23.5 billion |
| Projected Market Valuation (2032F) | USD 297.0 billion |
| Value-based CAGR (2022 to 2032) | 28.9% |
| USA Value-based CAGR (2022 to 2032) | 27.5% |
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As per Future Market Insights, the global chip-on-board light emitting diode (LED) market exhibited an astonishing CAGR of 38.1% in the historical period (2017 to 2021).
Asia Pacific has been at the forefront of incorporating chip-on-board light-emitting diode technology in recent years. Demand for LEDs increased significantly from 2017 to 2021. It is expected to flourish between 2022 and 2032.
The market for chip-on-board (COB) light-emitting diodes is rapidly surging worldwide. It is a result of the government's favorable policies.
Governments of several nations are switching to these chip-on-board light-emitting diodes in favor of CFLs and incandescent bulbs. The sector is also growing as a result of quickening urbanization and increased infrastructure spending.
In comparison to incandescent and CFL lights, these COB LEDs provide a variety of benefits. These include high efficiency, better color mixing, and a long lifespan.
Asia Pacific currently controls the entire market for COB LEDs. It is a result of the region's improved technological development. Rising production of chip-on-board light-emitting diodes and surging government support would also push sales.
Europe, on the other hand, would exhibit considerable growth in the global market. It is attributed to rising need for energy-efficient lighting solutions in the region. Owing to the aforementioned factors, the market would expand at 28.9% CAGR in the forecast period.
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Asia Pacific to Rule in Terms of Light Emitting Diode Materials Manufacturing
Asia Pacific is considered to have a significant chip-on-board light-emitting diode market share throughout the projection period. Growing need for LED products in the industrial and electronics sectors would help the region to elevate.
Asia Pacific would reach a valuation of USD 143.1 billion in 2032. It crossed a size of USD 11.3 billion in 2022.
Presence of numerous reputed companies across Asia Pacific would bode well for the market. Citizen Electronics, for instance, is one of the leading producers of chip-on-board light-emitting diodes based in China.
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Launch of Energy Efficient Lights in the USA to Propel Demand for COB LEDs
The USA chip-on-board light emitting diode (LED) market would be worth USD 46.7 billion by 2032. It would create an absolute dollar opportunity of USD 42.6 billion from 2022 to 2032.
The USA market expanded at a CAGR of 34.2% from 2017 to 2021. It would surge at a CAGR of 27.5% from 2022 to 2032.
In October 2022, Warmdim technology was introduced by Juno Company LLC. It is a USA-based company. As the light output is dimmed, WarmDim technology warms the color of LED lights in a gradual gradient.
It then simulates halogen lighting and utilizes LED's extended lifespan. It also used its energy-saving properties.
High light output and dramatic dim-to-warm adjustment are combined in Juno Trac WarmDim. It would allow customers to create an ideal ambiance.
Optimized color mixing and lighting performance go hand in hand with progressive, consistent dimming. Applications in homes, dining establishments, or hotels are perfect for this technology.
Production of Highly Reliable LED Ceiling Lighting Fixtures in China to Aid Demand
The China chip-on-board light emitting diode (LED) market would reach USD 74.4 billion by 2032. It would create an incremental opportunity worth USD 69.3 billion in the next ten years.
The market in China would expand at 30.6% CAGR in the forecast period. It stood at 40.8% in the historical period.
In January 2020, Shenzhen TongYiFang started the production of chip-on-board global patented products. Important technical advances, robust stability, and strong pressure resistance performance were made possible by the product. It can also remove dead lights and complete bulk shipments.
Presence of Numerous LED Suppliers in Japan to Boost Sales by 2032
Japan chip-on-board light emitting diode (LED) market size would surpass USD 45.8 billion by 2032. It would exhibit a CAGR of 29.2% in the estimated time frame.
From 2017 to 2021, the market showcased a CAGR of 38.4%. It would create an incremental opportunity of USD 42.3 billion from 2022 to 2032.
In March 2022, Nichia's Vitasolis, a Japan-based company’s technology, was chosen by Osaka Umeda twin towers. The WELLCO workspace is furnished with Vitasolis. It has Vitasolis fixtures installed by Mitsubishi Electric Lighting Corporation.
By regulating circadian rhythms, which are the biological cycles of people, this substance is useful in lowering eye strain. It can also reduce tension and enhance job performance. Vitasolis was chosen for this project as it complemented the design and function of the building.
Development of Natural Light-based Technology in South Korea to Propel COB LED Sales
The South Korea chip-on-board light emitting diode (LED) market would be worth USD 17.9 billion by 2032. It would create an absolute dollar opportunity of USD 16.5 billion in the forecast period.
The South Korea market witnessed growth at a CAGR of 40.0% from 2017 to 2021. It is expected to elevate at a CAGR of 29.4% from 2022 to 2032.
In December 2021, Seoul Semiconductor, a South Korea-based company, supplied a Natural Light reproduction technology. It is called Sunlike LED.
It delivered the same to KOIZUMI's Learning Lighting. The SunLike LED technology, developed by Seoul Semiconductor, replicates the spectrum curve of natural light.
Illumination to Remain at the Forefront and Generate High Demand for COB LEDs
Based on application, the illumination segment is set to dominate the global chip-on-board light emitting diode (LED) market. It would exhibit a CAGR of 28.7% from 2022 to 2032. In the historical period from 2017 to 2021, it showcased a CAGR of 37.6%.
Automotive uses for COB LEDs include both interior and external lighting. It includes daytime running lights, side lamps, headlamps, and rear lamps.
LED monitors, portable electronics, and televisions all use COB LEDs for backlighting purposes. Projectors and medical devices are two very common applications.
Large radius light-emitting capability of COB LEDs makes them ideal for use in street and highway lighting. COB LEDs feature excellent heat dissipation capabilities.
They also have minimal board area requirements and a high power density. They are hence frequently employed in a wide range of general lighting uses.
Leading market players are always coming up with innovative ways to provide high-quality products. They are patenting their technologies and products. They want to expand their product lines.
Renowned players, who currently hold a small market share, are constantly aiming to broaden their presence. They are collaborating with local companies in the chip-on-board light-emitting diode market.
A few recent developments in the chip-on-board light emitting diode (LED) market
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 23.5 billion |
| Projected Market Valuation (2032) | USD 297.0 billion |
| Value-based CAGR (2022 to 2032) | 28.9% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD billion) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Covered | USA, United Kingdom, Germany, France, Spain, Italy, Japan, China, Singapore, Malaysia, Sri Lanka, Kingdom of Saudi Arabia, United Arab Emirates, South Korea, Finland, Hungary, Rest of the World |
| Key Segments Covered | Application, Region |
| Key Companies Profiled | Lextar Electronics Corp; GE Lighting; Sharp Electronics; Everlight Electronics; Tridonic; SMART Global Holdings Inc.; Seoul Semiconductor; Citizen Electronics Co. Ltd; PerkinElmer; Osram |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The chip-on-board light emitting diode (LED) industry was reported at USD 23.5 billion in 2022.
The chip-on-board light emitting diode (LED) industry will be valued at USD 297.0 billion in 2032.
The chip-on-board light emitting diode (LED) industry exhibited a valuation of USD 17.1 billion in 2021.
The chip-on-board light emitting diode (LED) industry registered a CAGR of 38.1% over the last 4 years.
The chip-on-board light emitting diode (LED) industry would witness a CAGR of 28.9% from 2022 to 2032.
Illumination application would garner a significant value share by 2022.
The China chip-on-board light emitting diode (LED) industry would expand at 30.6% CAGR from 2022 to 2032.
The USA chip-on-board light emitting diode (LED) industry would reach USD 46.7 billion by 2032.
Japan and South Korea chip-on-board light emitting diode (LED) industries would exhibit 29.2% and 29.4% CAGRs, respectively from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Illumination 5.1.1. Residential 5.1.2. Office Space 5.1.3. Industrial 5.1.4. Shop Area 5.1.5. Hospitality Industry 5.1.6. Outdoor Lighting 5.1.7. Architectural 5.2. Automotive 5.2.1. Interior 5.2.2. Exterior 5.3. Backlighting 5.3.1. LED Television 5.3.2. Monitor 5.3.3. Handhelds 5.3.4. Screen Display Lighting 5.4. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. Middle East and Africa 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Osram 14.2. PerkinElmer 14.3. CITIZEN ELECTRONICS CO.,LTD. 14.4. Seoul Semiconductor Co Ltd 14.5. SMART Global Holdings, Inc. 14.6. Everlight Electronics 14.7. Tridonic 14.8. Sharp Electronics 14.9. GE Lighting 14.10. Lextar Electronics Corp 15. Assumptions & Acronyms Used 16. Research Methodology
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Chip-on-Board Light Emitting Diode (LED) Market
