LED Packaging Market : Key Facts and Forecast Predictions Presented 2022-2031
The LED Packaging Market was valued at USD 20.60 billion in 2019 and is expected to reach USD 29.23 billion by 2025, at a CAGR of 6% over the forecast period. The LED technology has captured the imagination of the lighting industry by offering small and efficient lighting solutions to a diverse set of consumers with power saving and enhanced efficiency. Thus, it has led manufacturers to focus on LED design for appropriate packaging and viability of the end product.
– The design process of the packaging has directly influenced factors such as temperature, luminescence efficiency, wavelength, life span, and others, and has reduced the overall operational costs. Hence, with the improvements in the packaging technology of power LED chips, there is increased adoption of the LED solutions.
– The requirements for LED packaging are very stringent. If LED chips are not placed into the package precisely, the luminescence efficiency of the overall packaging device would be affected directly. Any variation from the established position will prevent LED light to be entirely reflected from the reflective cup, affecting LED’s brightness.
– With the rapid enhancement in the applications of LED packaging, innovation and consumption are expected to increase in the upcoming years, driving the LED packaging market. On the other hand, high saturation may restrict product adoption which ultimately may affect the market growth.
– The high competition in the market is restricting the margin as there is a continuous decline in prices by players to gain market share.
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Scope of the Report
LED Packaging determines the ease of use, product quality and also protects the LED components. The scope of our study for the LED packaging market is limited to hardware product types and their wide area of end-user applications.
Key Market Trends
Increasing Demand from Residential Segment to Drive the Market
– The residential sector outlook has largely been optimistic, driven by a shift in consumer demand towards energy-effective lightings such as LEDs. Moreover, recent government initiatives and growing awareness among consumers is expected to have a significant impact on the industry.
– Of all the lighting sources, LED lights hold a major share. The growing awareness and increasing policies of the various governments have globally increased the penetration rate of LEDs. The global LED penetration is on the continuous surge year on year. According to Goldman Sach, it is expected to cross 60% by the year 2020.
– The increasing prominence of LEDs can also lead to the adoption of smart lighting systems (connected lighting) in industries. Given the flexibility of LEDs in terms of color variation and brightness, it makes more sense for connected systems to use LEDs than traditional lighting sources.
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