Global LED Packaging Market Poised for Remarkable Growth: Fairfield Market Research
Fairfield Market Research, a leading market research firm, has conducted preliminary research indicating a promising growth outlook for the global LED packaging market in the coming years. Several key factors are set to drive this growth, making it a lucrative and dynamic industry for both investors and stakeholders.
Rising Display Panels Sector to Ensure a Positive Scenario for LED Packaging Market
The LED packaging market is on the cusp of substantial growth, largely attributed to the surge in the display panel industry. Over the past several years, the display panel space has gained significant momentum and is expected to continue flourishing. Leading industry players are actively working to optimize their display technologies, including quantum dot LEDs, OLEDs, and microLEDs. For example, Samsung is focusing on enhancing its microLEDs and quantum dot LEDs, while LG is committed to the development of OLEDs.
The growing demand for power-efficient and bright display panels in applications such as mobile devices and smartwatches is a key driver for the adoption of microLEDs. Major LED packaging companies are intensifying their efforts to improve microLED capabilities through strategies like expansions and collaborations. A prime example of this is the partnership signed in October 2020 between X Display (United States) and Taiwan’s Lextar to co-develop new microLED packages to meet the rising customer demand. This surge in demand for LED packaging in the display panel sector is expected to significantly boost the overall LED packaging market.
Favourable Government Initiatives Largely Influence LED Packaging Market Expansion
The global shift towards energy-efficient lighting solutions, particularly LEDs, is set to create a positive scenario for the LED packaging market. Governments worldwide have been rolling out favorable initiatives to promote energy-effective lighting, resulting in increased awareness and adoption among consumers. For instance, the Indian government launched the UJALA initiative in 2015, leading to the distribution of over 36 crore LED light bulbs from 2015 to 2021.
Moreover, the International Energy Agency (IEA) predicts that the LED penetration rate in the lighting market will surpass 78% by the end of 2025. The adoption of smart lighting, especially connected lighting, across various industries is also expected to contribute to the LED packaging market’s growth. Government authorities are investing in projects that promote energy-efficient LED lighting, such as the US Department of Energy’s announcement of a $61 million investment in 10 pilot projects in October 2021. These initiatives are driving the adoption of LED packaging solutions, further fueling market expansion.
SMD Packaging to Largely Contribute Towards Revenue Growth of LED Packaging Market
The sale of Surface Mount Device (SMD) LED packaging is anticipated to experience substantial growth, driven by increasing demand from residential and commercial customers. The decline in SMD LED prices has made them more affordable, while technology-specific advantages such as improved packing density and low production costs are further boosting demand. This trend is expected to significantly enhance both the value and volume of the LED packaging market.
Asia Pacific to Reflect an Optimistic Scenario for LED Packaging Market
The Asia Pacific region is witnessing a significant shift towards the adoption of LED lighting, particularly in emerging economies like China and India. Companies in these countries are increasingly opting for energy-efficient LED lighting systems to enhance efficiency and reduce power consumption, leading to a decline in incandescent light bulb sales.
Government initiatives and rising consumer awareness are crucial drivers of LED packaging growth in this region. For example, the Indian government, in collaboration with entities like Energy Efficiency Services Limited (EESL), is promoting LED bulbs and energy-efficient tube lights through the UJALA initiative, with a vision of complete replacement of traditional bulbs. These developments are expected to contribute significantly to the LED packaging market’s expansion in Asia Pacific.
LED Packaging Market: Competitive Landscape
The LED packaging market is witnessing dynamic activities, including new product launches, acquisitions, and collaborations among industry players. Notable examples include SMART Global Holdings’ acquisition of Cree LED in January 2021 and Lumileds’ launch of a high-power chip-scale package LED in April 2022.
Key players in the LED packaging market include Samsung Electronics Co. Ltd., Seoul Semiconductor, OSRAM Opto Semiconductors GmbH, LG Innotek, Nichia Corporation, Lumileds Holding BV, Dow Corning, and TT Electronics PLC.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/led-packaging-market
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