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Packaged LED Market Segmented By Package Type such as SMD, CSP, COB having Automotive Lighting, General Lighting, Flash Lighting, Backlighting as Applications
The packaged LED market is projected to enhance at a CAGR of 7.5% during the forecast period 2021-2031. As per the findings, the global packaged LED market is expected to experience an increase over the forecast period due to various factors such as increasing demand for LED packages in display panel market and increased adoption of CSP LEDs in automotive lighting applications.
There is increased government focus towards use of LEDs for energy efficiency and environmental benefits, is one of the major factor driving the demand for packaged LED market.
Packaged LED are continuing to develop in terms of LED efficacy, color quality, and lumen outputs. There is continuous development in component, architecture, and advancement of packaged sectors are trending in the packaged LED market.
Manufacturers of the packaged LED are increasingly focusing on development of these LEDs as per the industry standards to increase the sale of the packaged LED, and this factor is expected to drive the demand for packaged LED over the forecast period.
It also offers various features such as multi-chip packaged, advanced chip and packaging technology, delivers a linear current source, homogeneous color perception, and others. The reliability of such features drives the growth of the packaged LED market.
There is growing demand for disinfection systems during COVID-19 pandemic to drive demand for efficient and effective UV LED packages. In the prevailing COVID-19 situation, packaged LEDs are witnessing increased demand due to their ability to overcome viruses and bacteria with 80-90% reliability.
The increasing adoption of packaged LED in medical and healthcare devices, smart street lights, and other expanded applications is anticipated to surge the demand over the forecast period. Growing demand for LED packaging technology and technological advancements, emergence of the PLCC-packaged LEDs to improve performance, such major factors fueling demand for packaged LED across developing regions.
East Asia region will be the largest market share for packaged LED, due to the strong presence of packaged LED technology providers and manufacturer in the region. This is attributed to the high increase in demand for packaged LED for various applications such as general lighting, backlighting, automotive lighting, flash lighting, industrial and others.
Governments of East Asia countries are adopting visible & infrared LED packages to improve safety, concentration, and efficiency in workplaces and educational environments. The other benefits of using the packaged LED including energy efficiency, exceptional color range, instantaneous illumination, are some of the factors responsible for increasing popularity of packaged LED over the forecast period.
The South Asia & Pacific region is expected to remain a key market in the global packaged LED market. The region is expected to offer lucrative opportunities for leading market players owing to increasingly demand flash LED and micro LED packages.
South Asia & Pacific will be projected to witness the high growth rate over the forecast period of 2021 to 2021 due to the increasing adoption of high-end consumer electronics, such as wearable and smartphones in India and Singapore. The presence of key market players such as Lumileds Holding B.V., Signify Holding, UFlex Limited, and Lextar Electronics Corporation, such major players contributing to the packaged LED market growth.
Some of the leading manufacturer and providers of packaged LED include
The key providers of packaged LED is continuously focusing on investing in new and emerging technologies/ service lines in order to leverage the experience and maturity of a very broad product line to offer customers a range of options.
For instance, in October 2020, Nexperia launched new range of LED drivers in DFN package with side-wettable flanks. It included feature side-wettable flanks which facilitate the use of automated optical inspection, and improve reliability.
By Package Type
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.