PUBLISHER: Allied Market Research | PRODUCT CODE: 1365678
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365678
According to a new report published by Allied Market Research, titled, "Chip On Board Light Emitting Diodes Market," 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, growing at a CAGR of 11.8% from 2023 to 2032.
The chip on board light emitting diodes market has grown gradually owing to rise in demand for energy-efficient lighting solutions in a variety of applications including general illumination, automotive lighting, display backlighting, and horticultural lighting. The market is expected to expand further as more industries use COB LED technology. Chip on board light emitting diodes enhances typical LED packages in terms of light output, heat management, color consistency, reliability, and system complexity. Owing to these advantages, it is considered an appealing alternative for applications that demand great brightness, compact size, and outstanding performance.
Chip on board light emitting diodes is used in a variety of lighting applications, such as residential & commercial lighting, outdoor illumination, automotive lighting, and specialty lighting. Chip on board light emitting diodes makes exceptional lumen density and its compact form makes it appropriate for a wide range of lighting fixtures and applications requiring high-quality and efficient illumination.
The automobile sector has been a major driving force in the chip on board light emitting diodes market. Owing to its brightness, compactness, and improved thermal management, chip on board light emitting diodes are utilized in vehicle headlights, taillights, indicators, and interior illumination. The increased need for energy-efficient lighting solutions in automobiles encourages the use of chip on board light emitting diodes technology.
For the purpose of analysis, the chip on board light emitting diodes market scope covers segmentation on the basis of material, application, and region. On the basis of material, it is categorized into MCPCB and ceramic. On the basis of application, it is fragmented into automotive, illumination, and backlighting. Region wise, the chip on board light emitting diodes market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the chip on board light emitting diodes market include Nichia Corporation, OSRAM GmbH, Samsung Electronics Co Ltd, Citizen Electronics Co., Ltd, Everlight Electronics Co., Ltd., PerkinElmer, Inc., ProPhotonix Limited, Cree LED, Inc., and Seoul Semiconductor Co., Ltd.
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