LED Packaging Market worth $22.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
APAC is expected to hold the largest share of the LED packaging market in 2026.
CHICAGO, Jan. 26, 2021 /PRNewswire/ -- According to the new market research report "LED Packaging Market With COVID-19 Impact by Package Type (SMD, COB, CSP), Application (General Lighting, Automotive Lighting, Backlighting, Flash Lighting, Industrial), Wavelength, Power Range, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is estimated to be USD 22.1 billion by 2026 (forecast year) from USD 17.6 billion in 2021 (estimated year), at a CAGR of 4.6% between 2021 to 2026. The growth of the LED packaging market is fueled by risen demand for IoT-enabled lighting fixtures and smart lighting solutions, recent government initiatives and regulations promoting the use of LEDs for energy efficiency and environmental benefits, and surged demand for LED packages in the display panel market. Also, increased demand for disinfection systems amid COVID-19 to drive demand for efficient UV LED packages. Moreover, factors such as surged adoption of CSP LEDs in automotive lighting applications and development of human-centric lighting solutions and horticulture lights play an important role in driving the growth of the market.
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LED packaging market for general lighting application expected to hold the largest market share during the forecast period
General lighting segment is expected to hold the largest share of the LED packaging market, by application. Growth of this segment can be attributed to the increasing demand for LED lighting across commercial applications and the replacement of traditional light sources with energy-efficient LED technology at the backdrop of lesser energy consumption. Considering that governments and other bodies are focusing on lesser consumption of energy through schemes and regulations, especially in residential and industrial use, the said market is expected to witness high growth during the forecast period. Moreover, improvements in the standard of living and the modernization of residential design and construction are creating demand for smart lighting systems in residential applications.
High-power LED packages is estimated to be the fastest growing market
High-power LED packages, often referred to as W-class power LED packages, have power levels greater than 1 W. These LED packages find applications where high-luminescence or bright directional light is required, such as for flash lighting and in automobiles and general lighting. The market for high-power LED packages is propelled because of the increasing demand from smartphone manufacturers to include high-power LEDs in a flash lighting module, enabling smartphone cameras to provide excellent image quality in dim light environments. Additionally, long life-span, less power consumption, better luminescence efficiency, and increasing high brightness application are the major factors fueling the demand for high-power LED packages.
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APAC is projected to hold the largest share of LED packaging market in 2026
APAC is expected to hold the largest share of the LED packaging market in 2026. The acceptance of the latest technology trends such as micro LEDs and quantum dot LEDs by majority of consumer electronics manufacturers have stimulated the demand for efficient LED packages in APAC. Moreover, APAC has witnessed significant growth in manufacturing activities due to low manufacturing costs and the support of local governments. Increasing investments in R&D also drive the growth of this market in the region. Most electronic manufacturers outsource production in segments such as semiconductor assembly to low-cost countries in this region. China is a major global market for semiconductors. Additionally, it also has an extremely large and diverse electronic manufacturing industry, especially for consumer and automotive electronic products. China has the largest market for LED packaging in the APAC region.
The report profiles key players, including Nichia (Japan), OSRAM (Germany), Lumileds (Netherlands), Seoul Semiconductor (South Korea), Samsung (South Korea), MLS (China), EVERLIGHT (Taiwan), Cree (US), NationStar (China), and LITE-ON (Taiwan). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, agreements, collaborations, contracts, joint ventures, expansions, and mergers and acquisitions to strengthen their position in the market.
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