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COB LED market to reach US$ 9,179.7 million by 2020

COB LED market to reach US$ 9,179.7 million by 2020

Aug 29, 2017: The global chip on board (COB) LED market is expected to reach US$ 9,179.7 million by 2020. Increasing urbanization and infrastructure spending are expected to be the key drivers for market growth over the forecast period.

COB LEDs are energy efficient, have greater reliability and require less space. Furthermore, they offer high intensity and homogenous luminosity, which makes them suitable for high power applications.

In recent times, the use of solid lighting technology as against traditional lighting has significantly led to increased adoption of COB LED.

Also Read: COB LEDs make LED lighting brighter, simpler & lower-priced

High demand for COB LED owing to increased adoption by several lighting application segments to gain benefit over technologies such as CFL and incandescent lighting is also expected to positively impact the global market over the next six years. Furthermore, advancements in design and cost saving through economies of scale are expected to provide significant growth opportunity for the market over the forecast period.

However, the complex manufacturing process and high price coupled with fluctuating global economic conditions may be a challenge for industry participants.

The illumination segment dominated the market and is expected to be the largest and fastest growing application over the next six years. This segment accounted for over 45% of the market in 2013, mainly because of COB LEDs’ wide area light emitting property.

Backlighting application segment is expected to grow substantially due to the rise in the number of applications in handheld devices, monitors and LED televisions.

Also Read: Top 10 global COB LED manufacturers in 2015

Asia Pacific accounted for over 50% of the global market revenue in 2013, and is expected to dominate demand over the forecast period. Further, it is expected to exhibit the fastest growth from 2014 to 2020, owing to government initiatives favoring COB LED adoption and large number of market participants.

Companies operating in the market include Philips LumiLEDs Lighting Company, Cree Inc., Samsung Electronics Co. Ltd., Citizen Electronics Co. Ltd., Osram Opto Semiconductors GmbH, Everlight Electronics Co.Ltd., Seoul Semiconductor Co. Ltd., Nichia Corporation, Lumens Co. Ltd, LG Innotek Co. Ltd,.

The market is consolidated in nature, and development of efficient and cost effective products is expected to serve as a key growth strategy over the forecast period.

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