CHICAGO, Feb. 14, 2024 /PRNewswire/ -- The LED Packaging Market is expected to reach USD 19.4 billion by 2029 from USD 16.0 billion in 2024, at a CAGR of 3.9% during the 2024-2029 period according to a new report by MarketsandMarkets. The major factors driving the growth of the LED packaging equipment market include the growing adoption in automotive lighting solutions and the surging prices of packaged LEDs. Additionally, the ongoing developments towards advanced LED packaging technologies are expected to create growth opportunities for the LED packaging market in the future.
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Browse in-depth TOC on "LED Packaging Market"
166 - Tables
67 - Figures
225 - Pages
LED Packaging Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 16.0 billion |
Estimated Value by 2029 | $ 19.4 billion |
Growth Rate | Poised to grow at a CAGR of 3.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Package Type, Power Range, Wavelength, Application & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Absence of common open standards |
Key Market Opportunities | The escalating adoption of mini and micro-LED technologies |
Key Market Drivers | Growing demand for smart lighting systems |
CSP package type is expected to register the highest CAGR in the LED packaging market during the forecast period.
The widespread adoption of the CSP LEDs over SMD LEDs is attributed to its numerous advantages such as minimized footprint, slim profile, cost-effectiveness, elevated lumen output, reduced weight, improved electrical performance, and an enhanced organized distribution of connections. These attributes contribute to the effective utilization of the epitaxial manufacturing process. High-performance CSP LEDs can be used for applications that require high output, such as automotive, where conventional mid-powered LEDs were previously utilized. Therefore, CSP package type is expected to register the highest CAGR in the LED packaging market during the forecast period.
General lighting application is anticipated to have the largest market size in LED packaging market during the forecast period.
The general lighting application is projected to dominate the LED packaging industry which is attributed to the increasing demand for LED lighting in commercial settings and the widespread adoption of LED technology as a replacement for traditional light sources which results in reduced energy consumption. The prominence of the market is further growing due to the efforts of governments and regulatory bodies to promote energy conservation, particularly in residential and industrial sectors.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The substantial market share of LED packaging in the Asia Pacific region can be attributed to the rapid infrastructure development, particularly in China. These infrastructure projects prioritize efficiency, paving the way for modernization. The ongoing modernization and expansion of infrastructure, which includes the establishment of smart cities, is expected to fuel the demand for smart street lighting which consequently boosts the market for LED packages in the region. Additionally, Asia Pacific has become a central hub for investments and business expansion in the LED packaging market that is supported by favorable economic conditions and cost-effective labor. Therefore, Asia Pacific is expected to register the highest CAGR in the LED packaging market during the forecast period.
The report profiles key players in LED packaging companies such as NICHIA CORPORATION (Japan), ams-OSRAM AG. (Austria), Samsung (South Korea), Lumileds Holding B.V. (US), Seoul Semiconductor Co., Ltd. (South Korea), MLS CO, LTD (China), EVERLIGHT ELECTRONICS CO., LTD. (Taiwan), SMART Global Holdings, Inc. (US), Foshan NationStar Optoelectronics Co. Ltd (China), and LITE-ON Technology, Inc. (Taiwan).
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