PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1427279
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1427279
The LED packaging market is projected to reach USD 19.4 billion by 2029 from USD 16.0 billion in 2024, at a CAGR of 3.9% from 2024 to 2029. The major factors driving the growth of LED packaging market includes the rising adoption of UV LED-based disinfection systems, increasing demand for smart lighting solutions, and rising adoption of LEDs in automotive lighting solutions which is expected to provide several growth opportunities for market players in the LED packaging market.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Package Type, Power Range, Wavelength, Application & Region |
Regions covered | North America, Europe, APAC, RoW |
Testing Equipment is expected to have the largest market size in the LED packaging market during the forecast period
Testing equipment includes test equipment for electricity, optics, and electrostatic discharge (ESD) tests. LED testing involves evaluating the performance, quality, and safety of LED lighting products that covers luminous efficacy, color characteristics, lifetime and reliability, electrical safety, thermal management, and environmental and energy efficiency. Various companies provide testing equipment for packaged LEDs such as Vitrek (US), MPI (Taiwan), Chroma (US), and VEKTREX (US). These companies supply a diverse range of equipment to ensure LED lighting products comply with industry standards and specifications. Therefore, testing equipment in the LED packaging market is expected to have the largest market size during the forecast period.
Deep UV segment is expected to register the highest CAGR in the LED packaging market during the forecast period
The popularity of LED packages employed in luminaires is steadily increasing which is driven by the superior energy efficiency of LEDs as compared to conventional light sources. Improvements in the standard of living and the modernization of residential design and construction practices are driving the demand for LED packages in residential applications. The market share for UV LEDs is notably increasing, particularly due to their specialized applications in disinfection, counterfeit detection, sterilization, UV curing, and medical research. However, the market for these UV LEDs is anticipated to experience rapid growth during the forecast period driven by the growing demand for these LEDs in medical facilities.
Asia Pacific is expected to account for the largest market size during the forecast period
Asia Pacific has witnessed substantial growth in manufacturing activities owing to the advantages of low production costs and strong support from local governments. Increased investments further drive the expansion of the LED packaging market in the region. Many electronic manufacturers choose to outsource production, particularly in segments like semiconductor assembly, to cost-effective countries within Asia Pacific.
The break-up of profile of primary participants in the LED packaging market-
The major players of LED packaging market are NICHIA CORPORATION (Japan), ams-OSRAM AG. (Austria), Samsung (South Korea), Lumileds Holding B.V. (US), and Seoul Semiconductor Co., Ltd. (South Korea) among others.
Research Coverage
The report segments the LED packaging market and forecasts its size based on packaging component, package type, power range, wavelength, application, and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall LED packaging market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.