Chip-on-Board (COB) LED Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028
Chip-on-Board (COB) LED Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028
Report Digest
Global Chip-on-Board (COB) LED Market: Snapshot
The chip-on-board (COB) LED market will observe tremendous growth opportunities across the assessment period of 2018-2028 on the back of factors such as rising urbanization, heightening commercialization, and an increase in modern lighting products. The costs related to incandescent lighting are high and this aspect has led to the preference for LED lighting to a certain extent, which will bring promising growth.
Technological improvements and cost-efficiency are vital aspects that will prove to be a boon for the growth of the chip-on-board (COB) LED market. The adoption of these lights by the government bodies of various countries will also bring good growth opportunities for the chip-on-board (COB) LED market.
Urbanization levels are at an all-time high. Many countries in the world are transforming their cities into commercial hubs. The growing rural-to-urban migration due to the rising prevalence of such hubs will have a positive impact on the growth of the chip-on-board (COB) LED market.
The booming transport infrastructure across densely populated countries like India and China will bring immense growth opportunities for the chip-on-board (COB) LED market. The utilization of chip-on-board (COB) LEDs on highways and for street lights will assure exponential growth.
The properties of chip-on-board LEDs will turn the tables of growth. These LEDs consume less power, have high power density, and good heat dissipation properties. All these beneficial aspects will churn promising growth as they are used for varied lighting purposes.
The COVID-19 pandemic has impacted the chip-on-board (COB) LED market to a considerable extent. The growing virus transmission numbers and the rising fatalities forced many countries to impose strict restrictions on the movement of the people. In this lockdown, all non-essential manufacturing units were closed for a brief time. This aspect ruined the growth prospects of the chip-on-board (COB) LED market. However, the lockdown relaxations will help in increasing the growth prospects across the chip-on-board (COB) LED market.
Global Chip-on-Board (COB) LED Market: Overview
Relatively new technology of the LED market, chip-on-board (COB) LEDs proposes advantages than the standard options. COB LEDs are the multiple LED chips, which are bonded directly to a substrate by the manufacturer to form a single module. Since the each LEDs used in a COB are chips and are not packaged, the chips can be used such which consumes less space and the highest potential of the LED chips can be obtained.
The chip-on-board (cob) led market report is wished-for helping the readers for discovering the prevailing trends and estimate future opportunities for extensive growth. It includes fresh data for tracing growth opportunities and key threats. It includes the information on competitive threat in an important part of the Chip-on-Board (COB) LED market report. The reports also investigate the revenue share, status, growth rate, market drivers, opportunities, future trends, and challenges.
Global Chip-on-Board (COB) LED Market: Key Trends
- Keen LEDs are picking up traction as they empower clients to control its exchanging mode, brilliance, and shading through versatile applications. Additionally, there is likewise an expansion sought after for LED lighting solutions on account of the developing interests in the improvement of savvy urban areas and the adoption of vitality proficient lighting frameworks in open workplaces, road lights, and private structures.
- To accomplish a scaled down structure and high light force from these savvy lighting applications, merchants are concentrating on the adoption of COB LEDs. The developing adoption of COB LED in savvy lighting will be one of the basic reasons that will drive chip-on-board LED market development in the coming years.
- Additionally, the adoption of COB LEDs in cultivation will likewise contribute to COB LED market development. Agriculture includes the cultivation of organic products, vegetables, restorative plants, and elaborate trees under CFL, LED, and high-weight sodium lighting. In view of their structuring and specialized favorable circumstances, COB LEDs are for the most part favored over other LED options.
- Besides, the incorporation of a substantial number of LEDs that give uniform lighting and the minimized size that makes them appropriate in indoor agriculture likewise drive the adoption of COB LEDs in cultivation. The adoption of COB LEDs in agriculture will be one of the key patterns that will drive chip-on-board LED market.
Global Chip-on-Board (COB) LED Market: Novel Development
Key players in the Chip-on-Board (COB) LED market are trying to offer advanced Chip-on-Board (COB) LED products. These products give perfect decorations and finishing touch to the cakes and confectionaries. Growing use of these products is expected to drive growth of the chocolate inclusion & decorations market. Additionally, these products enhance the taste of these products and thus have been used in bakery, dairy, confectionaries, and other sectors.
Global Chip-on-Board (COB) LED Market: Regional Outlook
Regionally, the Chip-on-Board (COB) LED market could be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America and Europe are expected to be dominant regions in terms of revenue, demand, and consumption over the forecast period. However, the developing countries in the Asia Pacific region are expected to lucrative growth opportunities for the Chip-on-Board (COB) LED market. Growing trend of these products in the developing regions of the Asia Pacific is boosting the Chip-on-Board (COB) LED market.
Some of the most prominent competitors operating in the competitive landscape of chip-on-board (COB) LED market include –
- CITIZEN ELECTRONICS CO., LTD.
- Lumileds Holding B.V.
- Cree, Inc.
- NICHIA CORPORATION
- OSRAM GmbH
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COVID-19 Impact
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- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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