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Chip-on-Board LED Market Size
- Report ID: GMI8905
- Published Date: Apr 2024
- Report Format: PDF
Chip-on-Board LED Market Size
Chip-on-Board LED Market was valued at over USD 2.2 billion in 2023 and is anticipated to grow at a CAGR of over 13% between 2024 and 2032. The integration of chip-on-board LEDs with smart lighting systems and Internet of Things (IoT) platforms is growing in the lighting industry. Smart chip-on-board LED products offer features, such as remote control, dimming, color tuning, and integration with sensors, for automated lighting control, energy savings, and enhanced user experience.
For instance, in April 2023, Sharp NEC Display Solutions Europe launched the NEC LED FC Series with chip-on-board technology, which offers high contrast, durability in public spaces, and high energy efficiency. Utilizing the already established F-style cabinets for easy setup and flexible usage, the FC Series benefits from front serviceability for all components, allowing easy access for maintenance.
With the rise of indoor farming and greenhouse cultivation, there is a growing demand for chip-on-board LED solutions catering to horticultural lighting applications and other related fields. These LEDs with specific wavelengths and spectral compositions provide optimal light conditions for plant growth, flowering, and fruiting across different stages of cultivation. They are environmentally sustainable lighting solutions, consuming less energy and producing fewer Greenhouse Gas (GHG) emissions compared to conventional lighting technologies.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Chip-on-Board LED Market Size in 2023: | USD 2.2 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 13% |
| 2032 Value Projection: | USD 6.4 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 180 |
| Segments covered: | Material, application, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Chip-on-board LEDs generate heat during operation, and effective heat dissipation is essential to maintain optimal performance and reliability. Managing thermal issues in these LED lighting fixtures becomes a challenging task, especially in applications with high ambient temperatures or limited ventilation. Inadequate heat dissipation can lead to decreased efficiency, color shift, and reduced lifespan of these LEDs, which raises concerns over reliability for manufacturers and end users.
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Chip-on-Board LED Market Scope
