The LED packaging market crossed US$ 18 billion mark in 2022 and is expected to hit US$ 24.50 billion by 2030, recording a CAGR of 5.2% during the forecast period.
The growing demand for LED packages in the smart display panel is boosting the growth of LED packaging market. Moreover, the demand for bright and power-efficient display panels for smart devices is another factor fueling the LED packaging market growth. Also, development in human-centric light solutions and growing demand for horticulture light will create further opportunities for the LED packaging market.
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Companies Profiled in this report includes:
Citizen Electronics Co. Ltd.
Cree Inc. (Wolfspeed)
Everlight Americas Inc.
The rising use of LEDs in for general applications is amongst the major factors accelerating the LED packaging market growth:
The applications of LED packaging are general lighting, automotive lighting, and backlighting. Within these applications, the demand for general lighting is increasing due to the use of energy-efficient LEDs in commercial buildings to reduce the global carbon footprint. In addition, the automotive lighting application is also encouraging market growth due to the rising demand for central stack displays and instrument cluster displays.
LED Packaging Market Segmentation:
- Surface Mount Device
- Chips On Board
- Chip Scale Package
- Bonding Wire
- Encapsulation Resins
- General Lighting
- Automotive Lighting
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
Major highlights of the report:
- All-inclusive evaluation of the parent market
- Evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of market value and volume in past, present, and forecast years
- Evaluation of market share
- Tactical approaches of market leaders
- Lucrative strategies to help companies strengthen their position in the market
Recent strategic developments in LED packaging market:
The LED packaging market has undergone several significant developments, and a few of these have been mentioned below:
- In August 2021, Citizen Electronics Co., Ltd announced that they had developed upward-lighting multicolor LEDs in the CL-V501 Series. It has small, high brightness LED packages and better color mixing properties.
- In September 2019, Nichia Corporation announced the launch of 757G-MT mid-power LEDs with white-point tunability and has integrated two emitters in a 3030 mid-power package.
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Reason to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global LED Packaging Market.
- Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
- The key findings and recommendations highlight crucial progressive industry trends in the LED Packaging Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
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