Chip On Board LED Market: Current Analysis and Forecast (2024-2032)

Report Description

Chip On Board LED Market Size & Forecast

The Chip On Board LED Market was valued at USD 2,914.3 Million in 2023 and is expected to grow at a strong CAGR of around 14.1% during the forecast period (2024-2032) owing to rising usage in Consumer Electronics.

Chip On Board LED Market Analysis

The scope for the COB LED market is growing at a striking pace as more extant industries and up-and-coming ventures seek brighter and more efficient lighting solutions in general, automotive, and backlighting categories. COB LEDs highlight high lumen output, excellent thermal systems, smaller sizes, and wide acceptance in energy strategic industries. The market growth is fueled by increased compliance with international standards and legislation on the emission of Greenhouse gases as well as the promotion of green energy standards. Progress in technology makes it easy for smart city infrastructures to apply the use of COB LEDs in various applications.

China, India, and the United States have emerged as the strongest geographic markets that can spearhead growth in the COB LED market owing to effective government policies encouraging energy-efficient systems. In China, smart city and environmental conservation strategies are active in the COB LED market, and in India, subsidies for LED use in both urban and rural societies are promoting market growth. The environmental policies in North America and Europe insist on energy conservation, which boosts COB LEDs into important parts of future city layouts.

Chip On Board LED Market Trends

This section discusses the key market trends that are influencing the various segments of the Chip On Board LED market as identified by our team of research experts.

Energy Efficiency

Energy efficiency is the key factor that reigns the COB LED market as energy use is a focal point in the current world developments. COB LEDs are developed for greater luminous efficacy than traditional lighting technologies, meaning homes and businesses can illuminate their space similarly for less energy. This in the long run cuts costs, reduces carbon increment, and is, therefore, an ideal choice for the municipal, corporate, and residential detached entities.

Technological Advancements

From year to year, there are improvements in the characteristics of COB LEDs due to their progressive modifications. Enhancements like better thermal management, greater CRI, and longer life cycles have made COB LEDs the best choice for high-end illumination. Such developments allow COB LEDs to work well in high-temperature applications and offer voters lighting with high-quality fit for automotive and commercial use.

Growing Adoption of Smart Lighting

New innovations such as smart homes and smart cities have heavily fuelled the sales of COB LEDs. These LEDs can be easily incorporated into smart lighting solutions, including features such as remote, dimming, or switching the color. As a result of the IoT technology enhancement, smart lighting is gradually becoming an integral part of home and commercial use, making the required optimal lighting or COB LEDs more sought-after.

APAC is Expected to Grow with Significant CAGR During Forecast Period

The Chip-On-Board (COB) LED market in the APAC region is rapidly growing for the following reasons. It is a prime location for LED manufactures, especially from countries such as China, Japan, South Korea, and India which have favorable supply chain structures, large-scale production, and political backing. There is a growing trend towards COB LED lighting due to the need for energy efficiency and the rousing support by various governments to curb carbon emissions in its various applications such as residential, commercial, and industrial.

The APAC region is the largest market for LED due to China manufacturers and exporters who have gained government support in subsidies to investments in energy-efficient sectors. At the same time, Japanese and South Korean companies are targeting smart city initiatives, installing COB LEDs into their city lighting networks to enhance efficiency. Other countries also have a good proportion of demand for the COB LED light, and among those India is also in crucial growth in this regard owing to Smart Cities Mission where sustainability and smart lighting are being embraced. This market is expected to keep on growing especially within the Asia Pacific region due to technology developments and increasing adoption of connected and smart lighting systems.

Chip On Board LED Industry Overview

The Chip On Board LED market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Signify N.V., Citizen Electronics Co. Ltd., SMART Global Holdings, Inc., Seoul Semiconductor Co. Ltd., Bridgelux, Inc., Ams-OSRAM AG, Samsung Electronics Co. Ltd., Everlight Electronics Co. Ltd., LG Innotek Co. Ltd., and Nichia Corporation.

Chip On Board LED Market News

In April 2023, Sharp NEC Display Solutions Europe is launching the NEC LED FC Series with Chip on Board (COB) technology that impresses with high contrast, excellent durability in public spaces, and superb energy efficiency. Providing excellent durability, the FC Series is robust against external influences, making it suitable for use in indoor public spaces such as transport terminals, museums, and leisure venues, or for corporate applications. The smooth, dustproof surface can be wiped clean and is resistant to water drops.

Chip On Board LED Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Chip On Board LED market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Chip On Board LED Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of global Chip On Board LED were the three major steps undertaken to create and explore the adoption of Chip On Board LED in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Chip On Board LED market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of Chip On Board LED through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Chip On Board LED, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Material and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Chip On Board LED. Further, we conducted factor analysis using dependent and independent variables such as Material and Application of Chip On Board LED market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Chip On Board LED sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Chip On Board LED market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Chip On Board LED across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Chip On Board LED market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Chip On Board LED market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Material and Application in the global Chip On Board LED market.

The main objective of the Global Chip On Board LED Market Study

The current & future market trends of the global Chip On Board LED market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Chip On Board LED industry in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Material and Application
• Define and analyze the regulatory framework for the Chip On Board LED industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Chip On Board LED market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Chip On Board LED market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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