Global Chip-on-Board LED Market Size to Exceed USD 10.60 Billion by 2033 | CAGR of 14.7%
Category: Semiconductors & ElectronicsGlobal Chip-on-Board LED Market to Exceed USD 10.60 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Chip-on-Board LED Market Size Expected to Grow from USD 2.69 Billion in 2023 to USD 10.60 Billion by 2033, at a CAGR of 14.7% during the forecast period 2023-2033.
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Browse key industry insights spread across 235 pages with 115 Market data tables and figures & charts from the report on the "Global Chip-on-Board LED Market Size, Share, and COVID-19 Impact Analysis, By Product (COB LED Modules, COB LED Arrays, and COB LED Components), By Substrate Material (Ceramic Substrates and Metal Core PCBs), By Application (Illumination, Automotive, Backlight, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/chip-on-board-led-market
The global chip-on-board (COB) LED is a fast-growing segment in the LED lighting market, characterized by compact design and high-performance capabilities. COB LEDs integrate several LED chips directly onto a single substrate or circuit board, resulting in higher brightness, efficiency, and thermal management compared to the traditional discrete LED packages. The increasing demand from various sectors, including residential, commercial, and industrial applications, for energy-efficient lighting solutions drives the market for COB LEDs. COB LEDs are highly energy efficient compared to conventional lighting technologies. This significantly saves operational costs and makes it more environmentally friendly. The compact size and versatility also allow designers and manufacturers to innovate in the luminaire design, creating sleeker and more efficient lighting fixtures to meet the demands of modern lighting applications. The COB LED market will also experience growth and adoption due to further advancements in technology, which continue to make processes more efficient with reduced costs. One of the primary challenges is the high manufacturing cost associated with COB LED technology. The advanced materials and complex assembly processes involved in COB LED production contribute to its higher cost compared to other LED technologies, making it less appealing for cost-sensitive markets.
The COB LED modules segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of product, the global chip-on-board LED market is divided into COB LED modules, COB LED arrays, and COB LED components. Among these, the COB LED modules segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period. The growth is primarily attributed to increasing energy efficiency demand from lighting solutions, along with growth in the application of COB LED technology within several industries. Besides this, improved performance characteristics and developments within the manufacturing processes are expected to support growth within the next years.
The ceramic substrates segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis of substrate material, the global chip-on-board LED market is divided into ceramic substrates and metal core PCBs. Among these, the ceramic substrates segment accounted for the largest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast periodThe segment growth is spurred because ceramic-based COB LEDs are remarkable for their durability, thermal stability, and light output efficiency and are dominating the COB LED market. Ceramic substrates have greater thermal conductivity compared to other materials, heat dissipation is better and power densities are also increased.
The illumination segment accounted for the highest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
On the basis of application, the global chip-on-board LED market is divided into illumination, automotive, backlight, and others. Among these, the illumination segment accounted for the highest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. The growth in segment is due to their superior energy efficiency, high brightness, and compact size. The growing demand for energy-saving, environmentally friendly lighting solutions, especially with the shift toward sustainable technologies, is a major driver for the growth of COB LEDs in the illumination segment.
Asia Pacific is anticipated to hold the largest share of the global chip-on-board LED market during the forecast period.
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Asia Pacific is anticipated to hold the largest share of the global chip-on-board LED market during the forecast period. The regional growth is driven by the rapid pace of urbanization, industrialization, and infrastructure development across countries such as China, India, and Japan. Regional manufacturing capability, along with its growing electronics sector, forms a strong demand base for COB LEDs used in consumer electronics, automotive applications, and general lighting. Favorable government policies in support of the adoption of LEDs, combined with increased investment in smart city projects and digitalization programs, lead to high market growth rates in Asia Pacific, making it a significant growth region for COB LED manufacturers and suppliers.
North America is expected to grow at the fastest CAGR in the global chip-on-board LED market during the forecast period. This market is mainly driven by the increasing adoption of commercial buildings, growing concerns about energy efficiency, growth in awareness about using energy-efficient lighting solutions, and increasing use of newer industries such as horticulture. The ease of availability and accessibility is also playing an important role in the growing opportunity of this product in the regional market.
Major vendors in the global chip-on-board LED market are Bridgelux, Inc, WOLFSPEED, INC., EPISTAR Corporation, EVERLIGHT ELECTRONICS CO., LTD., SAVANT TECHNOLOGIES LLC (GE Lighting), Lextar Electronics Corporation, Lumileds Holding B.V., NICHIA CORPORATION, ams-OSRAM AG, Signify Holding, SAMSUNG, Seoul Semiconductor Co., Ltd., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In August 2024, Cree LED launched its upgraded XLamp XE-G LEDs, a high-performance product that offers improved energy efficiency through lower forward voltage and higher light output. The newly launched products are expected to receive a larger response from architectural lighting, indoor directional lighting, and aftermarket automotive lighting.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global chip-on-board LED market based on the below-mentioned segments:
Global Chip-on-Board LED Market, By Product
- COB LED Modules
- COB LED Arrays
- COB LED Components
Global Chip-on-Board LED Market, By Substrate Material
- Ceramic Substrates
- Metal Core PCBs
Global Chip-on-Board LED Market, By Application
- Illumination
- Automotive
- Backlight
- Others
Global Chip-on-Board LED Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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