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Chip On Board Light Emitting Diodes Market
Chip On Board Light Emitting Diodes market Expected to Reach $5.5 Billion by 2032 - Allied Market Research
Rising demand for energy-efficient lighting in general illumination, automotive, and display backlighting is driving trends in the chip on board LED market.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, July 26, 2024 /EINPresswire / -- The chip on board light emitting diodes market is expected to continue growing in the coming years, owing to increasing demand for ceramic based chip on board light emitting diodes that offer efficient Manufacturers are continuously striving to improve the performance of ceramic-based chip on board light emitting diodes. With LED technology advances, there is an increase in the need for high-power LEDs that provide higher brightness and efficiency. Additionally, owing to their high thermal conductivity, MCPCBs are ideal for dispersing the heat created by high-power LEDs, assuring their long-term performance. Allied Market Research, titled,“Chip On Board Light Emitting Diodes Market By Material (MCPCB and Ceramic), Application (Automotive, Illumination, and Backlighting): Global Opportunity Analysis and Industry Forecast, 2022–2032". The chip-on-board light emitting diodes market size 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.
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The chip-on-board light emitting diodes market share is expected to grow substantially. Cost reductions and technological breakthroughs are anticipated to accelerate market development. The surge in governments' efforts toward urbanization and increased infrastructure investment are a few of the major drivers that impact chip-on-board light emitting diodes market growth. To meet the rising need for flexible and energy-efficient lighting solutions, manufacturers are concentrating on creating drivers with greater power rates, better thermal management, and sophisticated control capabilities. This market is positioned to transform the lighting sector by providing cutting-edge lighting solutions for a variety of applications because of the ongoing improvements in chip on board LED drivers.
Chip on board light emitting diodes outperform competing technologies such as CFL and incandescent lights. Consequently, governments in several types of countries use this technology. These LEDs are in great demand due to the surge in their usage across a variety of lighting application areas. A rapid decline in the median price of LEDs boosts sales. These LEDs are costlier than competing technology. They need a complex production procedure. The market for Chip on Board (COB) light-emitting diodes (LEDs) has seen rapid expansion in recent years as a result of the many benefits it provides, including increased brightness, improved thermal management, and decreased size. Multiple LED chips are directly placed on a substrate to create COB LEDs, which are used in a variety of sectors, including lighting, electronics, and automotive. Due to its many benefits, such as increased luminous effectiveness, better thermal management, and more design freedom, COB LEDs have become more and more common. The COB LED market is therefore anticipated to have significant growth in several industries, including automotive, consumer electronics, and general lighting applications.
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The technological developments in chip on board light emitting diodes, such as enhanced light output, color accuracy, and effectiveness, have pushed the usage of these LEDs in a wide range of applications. Chip on board light emitting diodes with expanded functionalities are being developed by manufacturers to meet the change in demands of industries and consumers. The rise in popularity of smart lighting systems, fueled by factors such as energy economy, automation, and connectivity, drives the need for COB LEDs. These LEDs may be linked to smart lighting controls, that allow dimming, color changes, and personalization. Due to the multiple advantages it provides, such as greater brightness, enhanced thermal performance, and space-efficient design, the chip-on-board light-emitting diodes industry has seen quick expansion and widespread acceptance. Multiple LED chips put directly onto a substrate make up COB LEDs, which are a strong and accessible light source used in a variety of fields including displays, general lighting, and automobiles.
KEY FINDINGS OF THE STUDY
- The chip-on-board light-emitting diodes market trends are expected to continue growing in the coming years, driven by increasing demand for chip on board light emitting diodes products across various industries, technological advancements, and a growing trend towards sustainability.
- The growing trend towards sustainability is driving the adoption of eco-friendly materials in the production of LED light-emitting diode products.
- Asia Pacific is the largest market for chip on board light emitting diodes , driven by the increasing demand for chip on board light emitting diodes products in industries such as packaging, building materials, and automotive. The region is also home to some of the largest manufacturers of scanners.
- The chip-on-board light emitting diodes market analysis is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.
The key chip-on-board leaders profiled in the report 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. These key players have adopted several strategies such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the chip-on-board market share during the forecast period.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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