Market overview
The global Chip On Board LED market size was valued at $2,010.5 million in 2017, and it is expected to reach $5,261.8 million by the end of the forecast period by registering a CAGR of 17.88%. Chip On Board LED is an LED packing technology where multiple LED chips are bonded directly on a substrate. The small size of the LED chip offers high packaging technology compared to other technologies. Chip On Board LED is the latest technology. Here, the manufacturers bond LED chip diodes into the PCB, which causes thermal conductivity to shift towards the circuit board, leading to lower heat emissions.
LED lighting is more favored than other lighting sources, and it is contributing highly to the Chip-on-Board Light Emitting Diodes market growth. Additionally, increasing demand and adoption of COB LED lights in industrial, commercial, and residential applications greatly contribute to the expansion of Chip On Board LED market size. The automotive industry use Chip On Board LED for vehicle lighting, and electronics industry use it for backlighting in monitors, smart phones, tablets, Panels, monitors, etc., the wide range of application of Chip On Board LED will further drive the demand of the Chip On Board LED industry in the forecast period.
Additionally, increasing focus on government worldwide to use energy-efficient lighting has increased the demand for LED lighting. Chip on Board LED light offers high light efficiency, reduced power requirements, better thermal management, and lesser solder joints that reduce the risk of performance loss. All the factors contribute highly to the Chip On Board LED market growth.
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Market segmentation
The Chip On board LED market is segmented into material, application, and regions.
The Chip On board LED market is segmented into ceramic, MCPCB, and others based on material. Based on application, the Chip On Board LED market is segmented into the general lighting industry, backlighting industry, and automotive industry, and others. Based on regions, the Chip On board LED market is segmented into North America, Europe, Asia-pacific, and the rest of the world.
Regional analysis
The major regions in the Chip On Board LED market are North America, Asia-pacific, Europe, and the rest of the world. Among this region, Asia-Pacific is expected to dominate the Chip On Board LED market during the forecast period due to the rising population. Countries like South Korea, Taiwan, and China are contributing highly to the Chip On Board LED market growth in these regions due to a large number of vendors. North America holds the second-highest share in the Chip On Board LED market, followed by Europe due to the high number of installations in retail.
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