August 14, 2018: The global packaged GaN LED market to grow at a CAGR of 8.02% over the period 2013-2018, according to Market Research. Packaged GaN LEDs are a type of LEDs that have an encapsulation made of an optical lens, bonding wire, electrode, and resin. Packaged GaN LEDs were invented in Japan by Nichia in 1993 and were made available in the market in the late 1990s.
These LEDs are widely used for general lighting applications in residential complexes, offices, retail stores, hospitals, and industries, and also used for outdoor lighting applications. Compared to other types of LEDs, packaged GaN LEDs have some unique advantages including high luminosity and power efficiency. However, their main disadvantage is the high cost compared to standard LEDs.
One of the key trends driving the market is the declining average selling price of LED light bulbs, which is expected to increase their adoption in various general lighting applications, predominantly in the residential sector. ?There is increased demand for LED products and packaged GaN LEDs across a wide range of application segments.