LED Packaging Market Projected to Reach USD 19.4 Billion by 2029, Boosted by UV LED and Smart Lighting Applications
DUBLIN, March 20, 2024 /PRNewswire/ -- The "Global LED Packaging Market by Package Type (SMD, COB, CSP), Power Range (Low-&Mid-Power LED Packages, High-Power LED Packages), Wavelength (Visible & Infrared, Deep UV), Packaging Component (Equipment, Material), Application & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The LED packaging market is projected to reach USD 19.4 billion by 2029 from USD 16.0 billion in 2024, at a CAGR of 3.9% from 2024 to 2029. The major factors driving the growth of LED packaging market includes the rising adoption of UV LED-based disinfection systems, increasing demand for smart lighting solutions, and rising adoption of LEDs in automotive lighting solutions which is expected to provide several growth opportunities for market players in the LED packaging market.
Testing Equipment is expected to have the largest market size in the LED packaging market during the forecast period
Testing equipment includes test equipment for electricity, optics, and electrostatic discharge (ESD) tests. LED testing involves evaluating the performance, quality, and safety of LED lighting products that covers luminous efficacy, color characteristics, lifetime and reliability, electrical safety, thermal management, and environmental and energy efficiency. Various companies provide testing equipment for packaged LEDs such as Vitrek (US), MPI (Taiwan), Chroma (US), and VEKTREX (US). These companies supply a diverse range of equipment to ensure LED lighting products comply with industry standards and specifications. Therefore, testing equipment in the LED packaging market is expected to have the largest market size during the forecast period.
Deep UV segment is expected to register the highest CAGR in the LED packaging market during the forecast period
The popularity of LED packages employed in luminaires is steadily increasing which is driven by the superior energy efficiency of LEDs as compared to conventional light sources. Improvements in the standard of living and the modernization of residential design and construction practices are driving the demand for LED packages in residential applications. The market share for UV LEDs is notably increasing, particularly due to their specialized applications in disinfection, counterfeit detection, sterilization, UV curing, and medical research. However, the market for these UV LEDs is anticipated to experience rapid growth during the forecast period driven by the growing demand for these LEDs in medical facilities.
Asia Pacific is expected to account for the largest market size during the forecast period
Asia Pacific has witnessed substantial growth in manufacturing activities owing to the advantages of low production costs and strong support from local governments. Increased investments further drive the expansion of the LED packaging market in the region. Many electronic manufacturers choose to outsource production, particularly in segments like semiconductor assembly, to cost-effective countries within Asia Pacific.
The report provides insights on the following:
- Analysis of key drivers (rising adoption of UV LED-based disinfection systems, increasing demand for smart lighting solutions, and rising adoption of LEDs in automotive lighting solutions and growing prices of packaged LEDs), restraints (market saturation of LED packaging), opportunities (Accelerating adoption of mini and micro-LED technologies and growing developments towards advanced LED packaging technologies), and challenges (lack of common open standards) influencing the growth of the LED packaging market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the LED packaging market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the LED packaging market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the LED packaging market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like NICHIA CORPORATION (Japan), ams-OSRAM AG. (Austria), Samsung (South Korea), Lumileds Holding B.V. (US), and Seoul Semiconductor Co., Ltd. (South Korea).
Key Topics Covered:
Executive Summary
- LED Packaging Market Growth, 2020-2029
- LED Packaging Equipment Market Growth, 2020-2029
- SMD Package Type Segment to Dominate Led Packaging Market During Forecast Period
- High-Power Led Power Range Segment to Register Higher CAGR During Forecast Period
- LED Packages in Deep UV Wavelength to Register Higher CAGR During Forecast Period
- General Lighting Segment to Lead LED Packaging Market During Forecast Period
- Testing Equipment Segment to Lead LED Packaging Equipment Market from 2024 to 2029
- Asia-Pacific to Dominate LED Packaging Market During Forecast Period
Premium Insights
- Attractive Growth Opportunities for Players in LED Packaging Market - Growing Demand for Smart Lighting Solutions to Drive Market Growth
- LED Packaging Market, by Package Type - SMD LED Package Segment to Dominate LED Packaging Market During Forecast Period
- Led Packaging Market, by Wavelength - Visible & Infrared Segment to Account for Larger Share of LED Packaging Market During Forecast Period
- LED Packaging Market, by Power Range - Low-& Mid-Power LED Packages to Dominate Led Packaging Market in 2024 and 2029
- LED Packaging Market, by Application - General Lighting Segment to Lead LED Packaging Market During Forecast Period
- LED Packaging Market, by Packaging Component - Testing Equipment Segment to be Largest in LED Packaging Equipment Market in 2024 and 2029
- LED Packaging Market in Asia-Pacific, by Package Type and Country, 2023 - SMD Segment and China Accounted for Largest Shares of LED Packaging Market in Asia-Pacific, in 2023
Market Dynamics
Drivers
- Growing Demand for UV LED-based Disinfection Systems
- Increasing Demand for Smart Lighting Solutions
- Growing Adoption of Packaged Leds in Automotive Lighting Solutions
- Surging Prices of Packaged LEDs
- Impact Analysis of Drivers on LED Packaging Market
Restraints
- Market Saturation
Opportunities
- Surging Adoption of Mini and Micro-Led Technologies
- Development of Advanced Led Packaging Technologies
Challenges
- Lack of Common Open Standards
Case Studies
- Leveraging Nichia's Human-Centric Lighting Technologies to Enhance Overall Shopping Experience for Retail Customers
- Osram's Oslon P1616 Series Miniature High-Power Infrared Led to Offer Compact Design, High-Efficiency, Low-Energy Lighting for Shining 3D's Aoralscan 3I Intraoral Scanner
- Integration of Lumileds Luxeon 3535 Hv Led in Audax Electronics' Wall Sconces, Wall Packs, Bollards, and Pendants to Deliver Reasonably Priced Led-based Fixtures
- Integration of Luxeon 4014 Low-Power Leds in Jasco Product Fixtures Reduced Fixture Size and Enhanced Performance Efficiency
Companies Profiled
- Nichia Corporation
- Ams-Osram
- Samsung
- Lumileds Holding
- Seoul Semiconductor Co. Ltd.
- Mls Co, Ltd.
- Everlight Electronics Co. Ltd.
- Smart Global Holdings, Inc.
- Foshan Nationstar Optoelectronics Co. Ltd.
- Lite-On Technology, Inc.
- Stanley Electric Co. Ltd.
- Hongli Zhihui Group Co. Ltd.
- Lextar Electronics
- Prolight Opto Technology Corp.
- Edison Opto Corp.
- Schott
- Citizen Electronics Co. Ltd.
- Tslc
- Violumas
- Luminus
- Harvatek
- Luckylight Electronics Co.
- Bridgelux,
- US Korea Hotlink
- Lumex
For more information about this report visit https://www.researchandmarkets.com/r/q998mn
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