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Light-emitting diode (LED) packages encapsulate the chip with LED phosphors to shield the LED chip from direct contact with the environment. The LED packaging links outer leads to the electrode of LED chips for improving its luminescence efficiency. Increasing demand for high-power LED packages in lighting applications is anticipated to drive the LED packaging market's growth. The rise in demand for LED packages in the smart display panel is also likely to fuel market growth in the near future. The government in various countries has imposed regulations to promote the use of energy-efficient LEDs for environmental benefits. Thus, the government's favorable initiatives would be likely to impact the market growth positively.
Demand for smart lighting and IoT-enabled lighting fixtures has risen exceptionally, which would further propel the demand for LED packaging solutions. The high-quality interior and exterior LED lighting are gaining much demand in the automobile sector. Thus, growing automotive lighting applications will support the market growth significantly during the forecast period. The growing demand for smart LEDs in the consumer electronics industry is driving the LED packaging market growth. Moreover, during the global COVID-19 pandemic, the demand for efficient ultra-violet LED packages have been escalated for the disinfection systems. UV-C LEDs' ability to eliminate bacteria and viruses with higher reliability has upsurged the LED packaging demand during the pandemic situation.
Key Market Driver -
• Increasing demand for cost-effective smart lighting solutions would be likely to drive the market • Government initiatives and regulations to adopt energy-efficient LEDs will accelerate the demand
Key Market Restraint -
• High saturation in the LED market due to the presence of a large number of manufacturers may affect the market growth
The global LED packaging market's key players have primarily focused on organic business growth strategies such as new product launches, product enhancements, product approvals, and others. The intense competition in the global LED packaging market is confining the margin, as there is a continuous decline in cost by vendors to gain substantial market share. Several vendors are adopting fundamental business growth strategies such as partnerships and collaboration to uplift their global market position. Inorganic growth strategies such as mergers and acquisitions help market players to sustain their business competence. These strategies have paved-way for expanding the customer base and business of vendors.
The key players operating the global LED packaging market include Citizen Electronics Co. Ltd., Cree Inc., Everlight Americas Inc., LG INNOTEK, Merck KGaA, Lumileds Holding B.V., Nichia Corporation, OSRAM GmbH, Seoul Semiconductor Co. Ltd., Stanley Electric Co., Toyoda Gosei Co. Ltd., and among others.
North America would be likely to drive substantial growth of the LED packaging market owing to the rising demand for energy-efficient lighting systems. The proliferation of smart infrastructure projects, including smart cities, smart buildings, smart vehicles, will further escalate the demand for LED and packaging applications. The continually decreasing prices of LED products will likely to increase the adoption. Further, stringent government regulations supporting energy-efficient LEDs would be expected to drive the North American market. For instance, in September 2019, the United States Department of Energy (DOE) made a new policy that may abolish the looming policy requiring a wider transition to LED sources, starting January 2020. This policy will be likely to support the LED packaging market growth across North America.
The Asia-Pacific would be anticipated to dominate the LED packaging market. This dominance of Asia-Pacific can be attributed to the growing adoption of consumer electronics products such as smartphones, wearables in China, India, and Japan. These consumer electronic devices progressively incorporate flash LED and micro-LEDs, which may positively impact overall market growth. The rising demand for energy-efficient products will drive LEDs' adoption and ultimately propel the LED packaging market growth. Thus, transformation and development of infrastructure across the Asia-Pacific would also drive the smart street lighting demand, thereby driving the LED packaging package in this region.
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