Industria
Chip on Board Light Emitting Diodes Market to Reach $5.5 Billion, Globally, by 2032 at 11.8% CAGR: Allied Market Research
Allied Market Research published a report, titled, According to the report, the chip on board light emitting diodes market was valued at $1.9 billion in 2022 and is estimated to reach $5.5 billion by 2032, exhibiting a CAGR of 11.8% from 2023 to 2032.
The global chip on board light emitting diodes market is driven by factors such as surge in demand and adoption of chip on board light emitting diodes lights in several applications, which fuels the demand for chip on board light emitting diodes. In addition, customizable illumination in public and private spaces is required to increase sales of light emitting diode circuits. However, chip on board light emitting diodes sales may be hampered by a complex manufacturing process restricting market growth. Moreover, the adoption of chip on board light emitting diodes in horticulture provides lucrative opportunities for market growth.
Based on material, the ceramic segment held the in 2022, accounting for nearly two-thirds of the global chip on board light emitting diodes market revenue and is estimated to maintain its leadership status throughout the forecast period, with the surge in need for high-power, high-brightness LEDs, there is a rise in demand for ceramic materials with improved thermal conductivity. Advances in ceramic production processes and the development of novel ceramic formulas are aimed at producing better thermal conductivity, enabling effective heat dissipation from LED chips. The same segment is estimated to showcase the fastest CAGR of 12.11% during the forecast period.
Based on application, the backlighting segment held the highest market share in 2022, accounting for nearly half of the global chip on board light emitting diodes market and is estimated to maintain its leadership status throughout the forecast period. A surge in demand has been witnessed for energy-efficient lighting solutions, and chip on board light emitting diodes that offer higher efficiency compared to traditional lighting technologies. In addition, the increase in popularity of LED lighting, with its advantages of efficiency, longevity, and color rendering, fuels the adoption of chip on board light emitting diodes for backlighting applications. The same segment would cite the fastest CAGR 12.73% from 2023 to 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global chip on board light emitting diodes market revenue and is likely to dominate the market during the forecast period. Asia-Pacific serves as one of the potential markets for chip on board light emitting diodes globally. However, North America region is projected to cite the notable CAGR of 13.19% from 2023 to 2032.
The report provides a detailed analysis of these key players in the global chip on board light emitting diodes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
is projected to reach $192.68 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
is projected to reach $20.16 billion by 2026, registering a CAGR of 16.8% from 2019 to 2026.
is projected to reach $172.95 billion by 2030, growing at a CAGR of 18.1% from 2021 to 2030.
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is expected to reach $1.90 billion by 2027, growing at a CAGR of 91.10% from 2020 to 2027.
: Global Opportunity Analysis and Industry Forecast, 2023-2032.
: Global Opportunity Analysis and Industry Forecast, 2023-2032.
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