Chip on Board LED to reach over Â£9000m by 2020
According to a new report by Grand View Research, the global chip-on-board LED market is expected to reach $9179.7m by 2020. Increasing urbanisation and infrastructure spending are expected to be the key drivers of growth over the forecast period.
Key findings of the report 'Chip on Board (COB) Light Emitting Diode (LED) Market Analysis By Application (Automotive, Backlighting, Illumination) And Segment Forecasts To 2020' are that the illumination segment, which dominates the market, will be the largest and fastest-growing application over the next six years.
This segment accounted for over 45 percent of the market in 2013, mainly because of COB LEDs' wide area light-emitting property. The backlighting application segment is expected to grow substantially due to the rise in the number of applications in handheld devices, monitors and LED televisions.
Asia Pacific accounted for over 50 percent of global market revenue in 2013, and is expected to dominate demand over the forecast period. Further, it is expected to exhibit the fastest growth from 2014 to 2020, due to government initiatives favoring COB LED adoption and a large number of market participants.
Key firms operating in the market include Philips LumiLEDs Lighting Company, Cree Inc, Samsung Electronics Co Ltd, Citizen Electronics Co Ltd, Osram Opto Semiconductors GmbH, Everlight Electronics Co Ltd., Seoul Semiconductor Co Ltd, Nichia Corp, Lumens Co Ltd, and LG Innotek Co Ltd.
The market is consolidated in nature, and the development of efficient and cost-effective products is expected to serve as a key growth strategy over the forecast period.