Global Chip On Board Light Market Overview:
Chip On Board Light Market Size was estimated at 14.13 (USD Billion) in 2022. The Chip On Board Light Market Industry is expected to grow from 15.14(USD Billion) in 2023 to 28.1 (USD Billion) by 2032. The Chip On Board Light Market CAGR (growth rate) is expected to be around 7.11% during the forecast period (2024 - 2032).
Key Chip On Board Light Market Trends Highlighted
The global Chip Board Light market is projected to experience significant growth in the coming years due to increasing demand for energy-efficient lighting solutions. The rising popularity of smart homes and commercial buildings is driving the adoption of COB lights, as they offer improved control, automation, and color customization. Moreover, the growing emphasis on sustainability and reducing carbon emissions is fueling the market growth. The adoption of COB lights in automotive applications is also expected to boost the market demand. Key market drivers include the increasing demand for energy-efficient lighting, the rising popularity of smart homes and commercial buildings, and the growing emphasis on sustainability. Opportunities for exploration include the development of new and innovative COB lighting solutions, the expansion into emerging markets, and the integration of COB lights with other smart home devices. Recent trends in the COB light market include the adoption of advanced dimming and color-changing technologies, the development of ultra-slim and flexible COB lights, and the increasing use of COB lights in automotive applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chip On Board Light Market Drivers
Advancements in LED Technology
A critical driver of the Chip On Board Light Market Industry is the perpetual advancement of LED technologies. These advancements are often related to the continuous development of high-power LEDs, the growing miniaturization of LED packages, their improved light output, and their enhanced energy efficiency and cost-effectiveness. Compact, cost-efficient, and power-saving Chip onboard lights are made possible by continuous advancements of these and other enabling technologies, which is why they are becoming more and more popular in a wide range of applications.
Growing Demand for Energy-Efficient Lighting
Moreover, the growing need for energy-efficient lighting solutions is the major driver for the Chip On Board Light Market Industry. In order to conserve energy and reduce carbon emissions, governments across the globe are implementing strict regulations and standards. BoB lights save more energy than traditional light sources, and hence, they are widely preferred in residential as well as commercial applications over incandescent and fluorescent bulbs.
Expansion of Smart Lighting and IoT Applications
In addition to that, it does not cast strobe light, but it glows constantly, which can be achieved by a certain sleep condition. Progressive adoption of IoT and smart lighting also strings with the demand for the COB light market across the globe. Lesser size, it can be adjusted in any possible size to form a smart lighting system and use minimal power to reach the demand for smart light. This can be used as a lighting load to build lights with sensors and wireless connectivity, and effectively green as they have all the prerequisites to be included in the IoT, with remote access, dimming, color changing, and watching capacity; thereby, it provides better user experience, which will act as the opportunities for the market to cater.
Chip On Board Light Market Segment Insights:
Chip On Board Light Market Output Power Insights
One of the segments that would demonstrate the most significant growth within the considered market is Output Power. It is expected to be facilitated by the rise in the need for energy-saving solutions that could be applied by representatives of various industries. In 2023, the Below 60 Watt sub-segment captured the key market share in terms of revenues as it was extensively applied in residential and commercial settings. This could be attributed to the low price of products and the possibility of using them in various locations. More particularly, the 60-120 watts sub-segment would demonstrate significant growth, as it can be utilized in the industrial setting to light large facilities and outdoors to improve visibility. Finally, the above 120-watt sub-segment would also increase, although to a lesser degree, as it is mainly used by industries that specialize in lights for stadiums and architectural lighting. As a result, the Output Power segment would ensure strong revenues in the Chip On Board Light Market throughout the next decade and a half.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chip On Board Light Market Application Insights
The Chip On Board Light Market is segmented into Automotive, Industrial, Commercial, and Residential applications. The Automotive segment is estimated to occupy the largest market share in 2023 since there is a growing need for an energy-efficient lighting system in vehicles. The industrial segment is anticipated to grow significantly during the forecast period because of the increasing demand for COB lights in the industrial automation and manufacturing industries. The Commercial segment is expected to grow steadily owing to the increased use of COB lights in commercial buildings, offices, and retail. The residential segment is estimated to grow at a modest rate due to the increasing awareness of the advantages of using COB lights for home purposes. Overall, the Chip On Board Light Market is expected to grow at a considerable rate during the forecast period because there is an increased need for energy-efficient and cost-effective lights across all applications.
Chip On Board Light Market Light Source Type Insights
The Light Source Type segment of the Chip On Board Light Market is classified into LED, CFL, HID, and Fluorescent. Among these, LED held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The high efficiency, long lifespan, and low energy consumption of LEDs make them the preferred choice for various applications. The CFL segment is expected to witness a steady growth rate due to its affordability and energy-saving capabilities. HID and Fluorescent light sources are expected to experience a gradual decline in market share due to their lower efficiency and shorter lifespan compared to LEDs.
Chip On Board Light Market Form Factor Insights
The Chip On Board Light Market is segmented on the basis of Form Factor into Surface-mount (SMT) and Through-hole (THT). The Surface-mount (SMT) segment is expected to account for a larger market share in 2023 and is projected to continue its dominance throughout the forecast period. This growth can be attributed to the increasing adoption of SMT technology in various electronic devices due to its compact size, high reliability, and cost-effectiveness. Additionally, the growing demand for miniaturized and portable electronic devices is driving the growth of the SMT segment. In contrast, the Through-hole (THT) segment is expected to witness moderate growth over the forecast period due to the declining use of THT technology in modern electronic devices. However, THT components are still widely used in certain applications, such as power supplies and industrial electronics, where durability and high current handling capabilities are required.
Chip On Board Light Market Package Type Insights
The Chip On Board Light Market is segmented by Package Type into COB (Chip on Board), SMD (Surface Mount Device), and QFN (Quad Flat No-leads Package). The growth of the COB segment can be attributed to its advantages, such as small size, high reliability, and low cost. SMD is also expected to witness significant growth over the forecast period, owing to its wide range of applications in consumer electronics, automotive, and industrial sectors. QFN is another important segment and is expected to grow at a steady pace during the forecast period. The growth of the QFN segment can be attributed to its compact size and high performance.
Chip On Board Light Market Regional Insights
The regional segmentation of the Chip On Board Light Market presents distinct growth trajectories across key geographic regions. North America is projected to hold a significant market share due to the presence of major technology hubs and the early adoption of advanced lighting solutions. Europe follows closely, driven by government initiatives promoting energy efficiency and the rising demand for smart lighting systems. APAC is expected to witness substantial growth fueled by rapid urbanization, infrastructure development, and increasing disposable incomes. South America and MEA are emerging markets with untapped potential, offering growth opportunities for COB light manufacturers. These regions are experiencing a growing demand for energy-efficient lighting solutions as urbanization and industrialization progress. By 2025, the Chip On Board Light Market in North America is estimated to reach USD 4.8 billion, while Europe is projected to reach USD 3.6 billion. APAC is forecast to grow to USD 6.5 billion, and South America and MEA are expected to contribute USD 1.2 billion and USD 0.9 billion, respectively.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Chip On Board Light Market Key Players And Competitive Insights:
Key players in the Chip On Board Light Market industry are making huge investments in Research and development to innovate new products, thus increasing the competition. The competition among the leading Chip Board Light Market players will lead to product differentiation. Moreover, the leading Chip On Board Light Market players are focusing on expanding their presence in Asia-Pacific and Europe, aiming to develop systematic and reliable Chip On Board Light Market supply chains and organizations. Increased demand for the chip-on-board light market from automotive and consumer electronics is likely to keep the chip-on-board light market growing. On the other hand, the growth in the Chip Board Light Market industry will lead to an increase in Research and development. Thus, the unity and capability of new emerging players in the Cartilage repair and regeneration market are highly expected to level down the product developmental process. Therefore, this is expected to create a monopoly in the market. Some of the major players in the Chip On Board Light Market include Samsung Electronics L.G. Electronics. Samsung Electronics is one of the leading players in the chip-on-board light market. The company focuses on providing a wide range of Chip On Board Light Market products, including high-power and low-power LEDs, LED modules, and LED drivers. Moreover, the company has a strong presence in the automotive, consumer electronics, and industrial markets and a strong focus on R&D activities. L.G. Electronics is also caught under the major player with the Chip On Board Light Market. The company manufactures LED chips, LED modules, and LED lighting fixtures. L.G. Electronics has a strong market in the consumer electronics and industrial sectors. Moreover, the company has a strong focus on energy efficiency and sustainability, thus helping the company to provide high-quality products.
Key Companies in the Chip On Board Light Market Include:
Chip On Board Light Market Industry Developments
The Chip On Board Light Market is projected to reach USD 28.1 billion by 2032, exhibiting a CAGR of 7.11% during the forecast period. The increasing adoption of COB LEDs in automotive lighting, consumer electronics, and industrial applications drives market growth. Furthermore, the rising demand for energy-efficient and compact lighting solutions fuels market expansion. Technological advancements, such as the development of high-power COB LEDs and miniaturization, are expected to create new opportunities for market players. Strategic partnerships and acquisitions among key players are shaping the competitive landscape, with a focus on expanding product portfolios and geographical reach. Recent industry news includes the collaboration between Seoul Semiconductor and Toshiba Materials to develop high-power COB LEDs for automotive applications, and ams Osram's acquisition of Princeton Optronics to strengthen its COB LED offerings.
Chip On Board Light Market Segmentation Insights
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Chip On Board Light Market Output Power Outlook
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Below 60 watts
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60-120 watts
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Above 120 watts
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Chip On Board Light Market Application Outlook
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Automotive
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Industrial
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Commercial
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Residential
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Chip On Board Light Market Light Source Type Outlook
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Chip On Board Light Market Form Factor Outlook
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Surface-mount (SMT)
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Through-hole (THT)
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Chip On Board Light Market Package Type Outlook
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Chip On Board Light Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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14.13(USD Billion)
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Market Size 2023
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15.14(USD Billion)
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Market Size 2032
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28.1(USD Billion)
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Compound Annual Growth Rate (CAGR)
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7.11% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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L.G. Innotek, Nichia Corporation, Rohm Semiconductor, Epistar Corporation, Panasonic Corporation, Hitachi Displays, Osram Opto Semiconductors, Lumileds Holding B.V., Kyocera Corporation, Avago Technologies, Samsung Electronics, Cree Incorporated, Seoul Semiconductor, Broadcom Limited
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Segments Covered
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Output Power, Application, Light Source Type, Form Factor, Package Type, Regional
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Key Market Opportunities
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Growing adoption of display backlighting
Increasing demand for energy-efficient lighting
Miniaturization of electronic devices
Advancements in COB technology
Integration of smart features
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Key Market Dynamics
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Rising demand for energy-efficient lighting systems.
Growing adoption of COB lights in automotive and consumer electronics.
Technological advancements in COB LED packaging.
Increasing popularity of smart lighting solutions.
Government regulations promoting energy conservation.
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Chip On Board Light market was valued at USD 15.14 billion in 2023 and is projected to reach USD 28.10 billion by 2032, exhibiting a CAGR of 7.11% during the forecast period.
Asia Pacific is expected to dominate the market, accounting for the largest market share over the forecast period due to factors such as increasing demand from the consumer electronics industry and rising disposable income.
The growth of the Chip On Board Light market is primarily attributed to factors such as the increasing adoption of COB technology in LED lighting applications, rising demand for energy-efficient lighting solutions, and technological advancements in COB LEDs.
Board Lights are extensively used in various applications such as general lighting, automotive lighting, display backlighting, and architectural lighting.
Key competitors in the Chip On Board Light market include Samsung Electronics, L.G. Electronics, Bridgelux, Osram, and Nichia.
The COVID-19 pandemic had a significant impact on the Chip On Board Light market, leading to a temporary decline in demand due to disruptions in supply chains and a global economic slowdown. However, the market is expected to recover and continue its growth trajectory in the post-pandemic period.
Emerging trends and technologies in the Chip On Board Light market include the use of high-power COB LEDs, the integration of sensors and controllers, and the development of smart and connected lighting systems.
Challenges faced by the Chip On Board Light market include the high cost of COB LEDs compared to traditional lighting technologies, thermal management issues, and the need for specialized expertise in COB LED design and manufacturing.
The regulatory landscape for Chip On Board Light varies across different regions. Governments are implementing regulations related to energy efficiency, safety, and environmental sustainability, which impact the design, manufacturing, and use of COB LEDs.
The future outlook for the Chip On Board Light market is positive, with continued growth expected over the next decade. Factors such as the increasing adoption of LED lighting, technological advancements, and rising demand from emerging markets are anticipated to drive the market's growth.
