Growing Prominence of Energy Efficient Lighting & the Ensuing Rapid Penetration of LED Lighting Technologies to Benefit Demand for COB LEDs

The global market for COB LEDs is projected to exceed US$29.9 billion by 2024, driven by rapid penetration of LED lighting supported by energy efficient and smart lighting solutions and myriad benefits of COB LEDs that gives it an edge over standard LEDs. Chip-on-board (COB) LEDs are expected to significantly increase the value proposition of LED lighting by facilitating reduced energy consumption and increased savings through improvements in quality, productivity and safety of offices, homes, retail stores, commercial spaces, hotels, and entertainment places. COB LEDs today are the preferred choice for lighting supported by its appropriate thermal path for regulating the LED’s junction temperature and its superior luminous output. The chip-on-board (COB) technology represent the next generation of solid state lighting (SSL) and is one of the fastest growing technologies in the global lighting market enabling the easy and fast way to LED lighting. COB LED luminaries offer high efficiency, long lifespan, high output and reliability required for industrial lighting applications in factories, oil refineries, power generation plants and warehouses. Industrial lighting products offer consumers ease of use, high lumen output, and high dependability. In the commercial lighting space, COB LED arrays are available in a broad choice of colors, lumen levels, temperatures, and CRI for diverse application and requirements.

Strong growth is projected for the COB LEDs market in the long run driven by the technology’s deliverability of superior flexibility and versatility and unmatched performance. Rapid penetration in directional and high lumen applications in industrial lighting; street lighting and other outdoor lighting; retail and hospitality lighting; residential and consumer lighting; retrofit lamps, and commercial and office lighting, among others represent another important growth driver. Superior attributes of the technology driving its widespread adoption include availability in a range of form factors, cost-effective, powerful light quality, full spectrum color rendering, clearer color definition, and greater flexibility in luminaire design. Gesture recognition represents another promising application area for COB LEDs where they are used for mode brightness and control brightness. Rapid penetration of LED lighting; surging electricity consumption, increasing awareness in terms of energy efficiency and environmental issues; growing prominence of smart lighting; recovery in the construction and automotive industries, and availability of technologically advanced and innovative lighting solutions are also expected to benefit market expansion in the coming years.

As stated by the new market research report on Chip-on-Board Light Emitting Diodes (COB LEDs), Asia-Pacific represents the largest and the fastest growing market worldwide with an impressive CAGR of 39.3% over the analysis period. Favorable government policies, rising deployments of COB integrated LED lighting in commercial, infrastructural, automobile and industrial sectors, and massive adoption of energy-efficient lighting solutions in China and India, represent key growth drivers in the region. Other broad economic factors poised to benefit market prospects in the region include rapid urbanization, strong industrialization, expanding manufacturing/industrial base, growing middle class population, favorable demographics, surging automobiles production, steady economic growth, and growing construction markets.

Key players in the market include Acuity Brands Lighting Inc., Bridgelux Inc., Citizen Electronics Co. Ltd., Cree Inc., Everlight Electronics Co. Ltd., Excelitas Technologies® Corp., General Electric Company, Havells India Limited, LEDVANCE GmbH, Leiso Lighting (Dongguan) Tech. Limited, Lextar Electronics Corporation, LG Innotek, Lumileds Holding B.V., Nichia Corporation, OSRAM Licht AG, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Sharp Corporation, Signify N.V.,  Zumtobel Group AG and Tridonic GmbH & Co KG, among others.

The research report titled “Chip-on-Board Light Emitting Diodes (COB LEDs) – Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). End-use applications analyzed in the report include Automotive (Head Lamp, Interior Lighting, Rear Light, and Others); Illumination (Architectural, Hospitality, Outdoor Lighting, Residential, and Others), and Others.

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