The global chip-on-board light emitting diode market exhibited a CAGR of 38.1% in the historical period.
The market for chip-on-board light emitting diodes (LEDs) is expected to be worth US$ 297.0 billion in 2032. In 2022, the market is expected to be worth US$ 23.5 billion USD. It would rise at a CAGR of 28.9% between 2022 and 2032.
In the chip-on-board method, uncovered silicon bits are placed directly on a substrate or printed circuit board. In light-emitting diode packaging, they are positioned with the use of a metallic or non-conductive glue. Wire bonding gives additional electrical connectivity. Its package design is more adaptable and has a greater capability for light distribution.
The fundamental advantage of chip-on-board LEDs is that they take up less space. They also consume less energy than usual. They are of great quality, have a long lifespan, are extremely reliable, and have better heat control. These LEDs produce more effective colour blending and lighting effects. They help to improve the user experience.
Because of their high intensity and uniform brightness, they are ideal for high power applications. The transition from traditional lighting to silicon lighting technologies has increased the popularity of this type of LED.
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The market for chip-on-board LEDs would increase significantly during the next ten years. Technological advancements and cost reductions will accelerate market expansion. A few significant drivers influencing growth are urbanisation, government initiatives, and increased infrastructure spending.
In terms of advantages, chip-on-board LEDs beat competing technologies such as incandescent and CFL lighting. As a result, governments in a number of countries are putting this technology into practise.
These LEDs are in high demand due to their expanding use in a variety of lighting application categories. A rapid drop in the median price of LEDs would also increase purchasing. When compared to competing technology, these LEDs are more expensive. They also necessitate a complicated manufacturing process.
Key Takeaways from Chip-on-Board Light Emitting Diode (LED) Market
“Several governments are replacing CFLs and incandescent bulbs with chip-on-board light-emitting diodes. The sector is expanding as a result of accelerated urbanization and rising infrastructure spending.” – Says a lead analyst.
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Competitive Landscape: Chip-on-Board Light Emitting Diode (LED) Market
Top market players are constantly thinking of new, creative ways to offer high-quality products. Their innovations and goods are being patent protected. Their product lineups need to be increased.
Reputable firms, who presently have a modest portion of the industry, are always working to increase their visibility. In the chip-on-board LED industry, they are working with regional businesses.
For instance,
Get More Exclusive Insights into Chip-on-Board Light Emitting Diode (LED) Market Study
Future Market Insights, in its new offering, presents an unbiased analysis of the chip-on-board light emitting diode (LED) market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2022 to 2032.
The study reveals extensive growth in the chip-on-board light emitting diode (LED) market in terms of application (illumination, automotive, backlighting) and region.
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Chip-On-Board Light Emitting Diode (LED) Market Outlook by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Apr 16, 2023
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