Global Chip-on-Board LED Market Insights Forecasts to 2033

• The Global Chip-on-Board LED Market Size Was Estimated at USD 2.69 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 14.7% from 2023 to 2033
• The Worldwide Chip-on-Board LED Market Size is Expected to Reach USD 10.60 Billion by 2033
• North America is expected to grow the fastest during the forecast period.

 

Get more details on this report -

Request Free Sample PDF

 

The Global Chip-on-Board LED Market Size was worth around USD 2.69 Billion in 2023 and is predicted to grow to around USD 10.60 Billion by 2033 with a compound annual growth rate (CAGR) of 14.7% between 2023 and 2033. A significant transition from traditional light sources to solid-state lighting solutions has led to the increased deployment of COB LEDs, thereby driving growth in this market in the forecast period.

 

Market Overview

The global chip-on-board (COB) LED market represents the industry that is involved in producing and selling COB LEDs. COB LEDs are high-performance lighting modules wherein multiple LED chips are mounted directly onto a substrate, typically silicon carbide, to form a single compact unit. Chip-on-board LEDs produce better lighting and color-mixing effects, which enrich the customer experience. In addition, they are suited for many high-power applications and provide high-intensity and homogeneous luminosity. The superior technology of COB LED chips offers advantages over others, such as better energy efficiency. Significant cost reductions in developing these products and further technological advances are all factors that could improve prospects for this market moving forward. The increased scope of application in various industries has driven the increased adoption of COB LEDs in several sectors, including illumination purposes in residential buildings, office spaces, supermarkets, and hospitals. Key drivers of the market include the global push for energy efficiency, the transition to LED-based lighting in commercial and residential sectors, and advancements in COB LED technology that improve performance and reduce costs.

 

Report Coverage

This research report categorizes the global chip-on-board LED market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global chip-on-board LED market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global chip-on-board LED market.

 

Driving Factors

The growing need for energy-efficient light sources, use of IoT enabled devices, good quality output, and use from chip-on-board (COB) LED device in various fields are the dominant factors driving this market. A significant transition from traditional light sources to solid-state lighting solutions has led to the increased deployment of COB LEDs, thereby driving growth in this market in the forecast period.

 

Restraining Factors

COB LED lighting solutions are much more expensive upfront compared to conventional lighting solutions like incandescent or fluorescent bulbs and standard LEDs. Since LEDs consume less power and last much longer, the high initial investment in LED lighting can discourage some customers from changing.

 

Market Segmentation

The global chip-on-board LED market share is classified into product, substrate material, and application.

 

• 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.

Based on the 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 of the segment is due to the ease of availability and versatility of lighting products that have increased adoption of this product in recent 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.

Based on the 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 period. The growth in segments is driven because ceramic substrates offer various advantages over other materials, which include superior thermal conductivity, generally 10-100 times better than fiberglass-reinforced epoxy-laminated sheets, amount of heat, and better electrical performance.

 

• The illumination segment accounted for the highest share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.

Based on 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 segment growth is due to the increased usage of lighting devices in hospitals, hotels, residential buildings, streetlights, governments, private commercial offices, and other applications. COB LEDs are offered as a single light source, hence aesthetically appealing for general lighting applications.

 

Regional Segment Analysis of the Global Chip-on-Board LED Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the global chip-on-board LED market over the predicted timeframe.

 

Get more details on this report -

Request Free Sample PDF

 

Asia Pacific is anticipated to hold the largest share of the global chip-on-board LED market over the predicted timeframe.  The region is under fast economic development, and its increasing industries in automotive, consumer electronics, health, and construction infrastructure are bringing more demand for on chip-on-board LED. General lighting applications, automotive lighting, signs, and display uses ensure growing market demand for LEDs.

 

North America is expected to grow at the fastest CAGR in the global chip-on-board LED market during the forecast period. Regional growth is mainly led by the strong industrial and technological sectors of the region. COB LEDs in applications such as automotive lighting, signage, and general illumination are driven by stringent energy efficiency regulations and the demand for superior lighting solutions. Innovations in smart lighting and IoT integration further strengthen market growth in North America, with major players focusing on enhancing product performance and expanding market presence.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global chip-on-board LED market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• WOLFSPEED, INC.
• Bridgelux, Inc
• EPISTAR Corporation
• SAVANT TECHNOLOGIES LLC (GE Lighting)
• EVERLIGHT ELECTRONICS CO., LTD.
• Lextar Electronics Corporation
• ams-OSRAM AG
• Lumileds Holding B.V.
• NICHIA CORPORATION
• Signify Holding
• SAMSUNG
• Seoul Semiconductor Co., Ltd.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

• In May 2024, ams-OSRAM AG announced the release of its high-power horticulture LED, the OSCONIQ P 3737. This LED can provide energy efficiency and long-term stable photon flux for plants and vegetables. It ensures significant reductions in greenhouse energy costs while also addressing a diverse range of lighting requirements. The high photon flux is expected to substantially increase photosynthesis rates, shorten harvest cycles, and maximize crop yields.

 

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, By Regional Analysis

• 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 and Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East and Africa