The LED packaging market is expected to be worth USD 26.39 billion by 2023, growing at a CAGR of 6.2% between 2017 and 2023. The LED packaging market has witnessed various technological advancements and registered a consistent growth and rising demand over the last decade. Large arrays of high power grade LEDs are replacing CCFL lighting for backlighting large LCD-TFT panels found in HDTV applications.
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High-end DLP projectors have historically used high-power incandescent bulbs; however, new designs use an array of high current RGB LEDs with high-power bulbs, color wheels, and mirrors that reduce the magnitude of wasted heat while improving the accuracy of color mixing, contrast ratios, and overall resolution. Also, as a result of substantial reduction in costs and the global awareness on energy conservation, the share of LED packages in the general lighting market is expected to rise substantially between 2017 and 2023. LED filament bulbs are mainly used in decorative lighting, art lamps, chandeliers, and classic luminaries, thereby replacing the conventional light sources.
LED filaments lead to higher efficiencies through the use of more LED emitters from low driving currents. The LED filament is composed of a series of LEDs on a transparent substrate, referred to as Chip-on-Glass (COG). LED filament designs achieve better performance than the traditional LED lamp counterparts by driving much smaller, low-power LED chips. Due to the esthetic appeal and performance advantages, LED filament bulb are rapidly gaining market growth across the world as more manufacturers are likely to enter this segment.
APAC and Europe are the key contributors in the LED packaging market. APAC dominated the LED packaging market in 2016 and is expected to grow at the highest CAGR during the forecast period. There has been a marked improvement in construction activities in APAC. After the slump in new housing and commercial construction, there has been significant growth in new housing and construction in 2015, and the trend is expected to continue. The increase in construction activities drives the market for LED packaging because of the high rate of new installations of lighting fixtures and lamps.
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