Chip-on-Board (COB) Light-Emitting Diode (LED) Market 2019 Emerging Technology, Global Size, Industry Share, Business Growth, Sales Revenue, Current Statistics and Forecast 2023

Chip-on-Board (COB) Light-Emitting Diode (LED) Market 2019 Emerging Technology, Global Size, Industry Share, Business Growth, Sales Revenue, Current Statistics and Forecast 2023

“” Chip-on-Board (COB) Light-Emitting Diode (LED) Market “”
Market Research Future (MRFR) estimates in its latest report that the global chip-on-board (COB) light-emitting diode (LED) market value in 2017 was USD 2,010.5 million, which can touch USD 5,261.8 million by 2023. MRFR believes that the market has the potential to achieve a strong growth rate of 17.88% during the forecast period (2018-2023).

Top Drivers and Key Barriers

Smart LEDs have gained massive traction in recent years, as they let the users have control over their switching mode, color, and brightness with the use of mobile applications. The demand for LED lighting solutions has risen significantly in recent years, on account of surging investments in the development of smart cities as well as the rising adoption of energy-efficient lighting systems in streetlights, residential, and public office buildings. With the aim of attaining miniaturized design along with high light intensity from smart lighting applications, manufacturers are now concentrating on adopting a higher number of COB LEDs. Therefore, the increasing adoption of COB LED in smart lighting is expected to be one of the chief reasons behind the strong growth expected for the chip-on-board LED market in the following years.

Get Free Sample copy of Chip On Board (COB) LED Market @ https://www.marketresearchfuture.com/sample_request/7030

Furthermore, the growing adoption of COB LEDs in horticulture is also projected to induce market growth in the near future. Horticulture refers to the cultivation of vegetables, medicinal plants, fruits, and ornamental trees under LED, high-pressure sodium lighting as well as CFL. Given their technical and designing advantages, COB LEDs have gained more favor in the market compared to other LED options.

A number of government bodies around the world are striving to curb carbon footprint and also reduce energy consumption, which can lead to reduction in strain on energy infrastructure. The production cost of LED chips is quite low, which is yet another factor that adds to the market strength.

Esteemed Players

Some of the esteemed companies shaping the worldwide market for chip-on-board LED include Everlight Electronics Co. Ltd. (Taiwan), Lumens Co., Ltd. (South Korea), Seoul Semiconductor Co. Ltd. (South Korea), GE Lighting (US), LG Innotek Co. Ltd. (South Korea), Osram Opto Semiconductors GmbH (Germany), Samsung Electronics Co. Ltd. (South Korea), Philips Lumileds Lighting Co. (Netherlands), Citizen Electronics Co. Ltd. (Japan), Cree Inc. (US), and others.

 Besides the above-mentioned players, other companies that also influence the market growth include Prophotonix (US), Leiso Lighting Tech. Ltd (China), Bridgelux Inc. (US), Cooper Lighting (US), LumiShore Ltd (UK), to name a few.

Market Segmentation

The market segmentation of chip onboard LED covers material and application.

With respect to the material segment, the market consists of MCPCB and ceramic. Ceramic is the most used material for substrate, given its higher thermal performance.

Considering the application segment, the market covers backlighting, automotive lighting general lighting, and others. General lighting can be split into commercial, industrial and residential while backlighting comprises segments like tablets, smartphones, televisions, monitors, and others. The automotive lighting-based segments in the chip-on-board LED market are interior lighting and exterior lighting.

Access Chip On Board (COB) LED Market Report Details @ https://www.marketresearchfuture.com/reports/chip-on-board-led-market-7030

Regional Analysis

The geographical distribution of the chip-on-board LED market has been conducted with reference to North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW), which consists of the Middle East, Latin America as well as Africa.

APAC can have the most profitable run in the global chip-on-board LED market in the given timeframe, estimate data experts. The region is set to garner the largest share, with respect to product manufacturing and usage. Developing countries like South Korea, China, and Taiwan form the biggest market in the region, thanks to the high concentration of renowned vendors like Seoul Semiconductor, Samsung Electronics, and Citizen Electronics among others. These companies boast of a large customer base not just in APAC but also across the globe. China shows a massive potential of becoming the strongest market for chip onboard LED in the region, on account of the intense government efforts like subsidies and incentives that help drive the domestic production capacity.

North America is a highly developed region that has a high possibility of achieving the second position in the global chip-on-board LED market, with Europe coming in third. Both the regions are strong contenders in the market, thanks to the high number of installations in automotive and retail lighting. The regions also benefit from the surging investment in infrastructure as well as the rapid technological advancements. The vendors in these regions are striving to release IoT solutions to back their smart lighting systems. The strong demand for smart lighting systems in the regions has been the result of the sizeable investments in the emergence of smart cities. Moreover, the intense efforts being put by the government to boost the adoption of efficient lighting systems also stimulates market growth in both regions.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/chip-on-board-led-market-7030