The report “Global LED Packaging Market” : By Type (Lamp-LED, High-power-LED, Flip Chip-LED, TOP-LED and others); By Material (Paper and Paperboard, Silicones materials, Plastic and others);By End-user (Advertisements, Automotive, Home Lighting, Portable Electronics and others); & By Geography – Forecast (2018-2024). Envision Inteligence estimates that Global LED Packaging Market size is projected to reach $ 20.24 billion by the end of 2024 with a CAGR of 3.27 % from $16.85 billion in 2018. Government initiatives and regulations to adopt energy-efficient LEDs, increasing demand for smart lighting solutions are the factors driving this market.
Download a free sample report @ https://www.envisioninteligence.com/industry-report/led-packaging-market/
According to LED packaging technologies and market trends, chip scale packages and chip on board are driving the market growth.
Owing to the increasing focus on building technologies, rising focus on smart living and growing use for lighting applications are the factors which are boosting the LED technologies. In particular, COB LED packages, in the long run, are driven by superior flexibility and versatility whereas CSPs are driven by factors like the reduced weight as well as better electrical performance, reduced package footprint, and thin profile.
General LED lighting is set to drive the market during the forecast period.
General LED lighting is likely to hold the largest share of LED packaging market owing to the potential to high growth at the backdrop of lesser energy consumption, save energy on a large scale, governments and other bodies which are focusing on lesser consumption of energy through schemes and regulations are the factors driving this segment.
According to LED packaging industry report, APAC is having the largest market share and expected to witness the highest growth in the forecast period.
APAC holds the largest share of LED packaging market as the countries like China, Japan, Taiwan and South Korea are predominant in the production of LEDs. Owing to continuous efforts in China to increase domestic LED production capacity and rise in demand for backlighting applications of LED packages in Taiwan are driving factors of LED Packaging markets in APAC.
The key players of the market include Nichia (Japan), Samsung (South Korea), Osram (Germany), LG Innotek (South Korea), Cree (US), Lumileds (Netherlands), Seoul Semiconductor (South Korea), Stanley Electric (Japan), and others.