Chip on Board (COB) Light Emitting Diode Market to receive overwhelming hike in Revenues by 2024

Growing demand for the energy efficient lighting techniques with low costs is helping the Chips on Board (COB) light emitting diode market to gain a consistent market share. Developing infrastructures, government initiatives, demand for energy efficient products and urbanization are some of the factors resulting in the growth of this market. Conventional lighting systems are very costly with poor lighting source, thus this is helping in the growth of COB LED market. COB LED technology provides features such as high intensity output, cost-effective lighting and low power consumption. Currently, this market is having less shares in the lighting market, but in less time it will gain large market shares, as the market is at growing stage.

In the global market APAC holds the maximum share for this market, followed by Europe and U.S... Countries like Taiwan, Japan and China are the main contributors in terms of manufacturing and use to the overall market.

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Government support in many countries for energy efficient technologies, slim & flat design, better color mixing and longer life span are some of the major driving forces for this market. And higher prices and complex manufacturing process are some of the restraints at current situation for this market. These restraints will be solved as the companies achieve economies of scale over a period. Thus cost saving is a good opportunity foe the market players including advancements in design front.

The COB LED market is segmented on the basis of applications and geography. On the basis of application the COB LED market is segmented into illumination, automotive, backlighting and others consisting of medical equipment, projectors and others. Ob the basis of geography the COB LED market is segmented into four major regions as North America, Europe, APAC and RoW.

Osram Opto Semiconductors GmbH, Perkinelmer, Citizen Electronics Co. Ltd., Cree Inc., Seoul Semiconductor Co. Ltd., GE Lighting, Enlux Lighitng, EMTEQ, Prophotonix, Cooper Lighting, LumiShoreLtd., Philips Lumileds Lighting Co., Samsung Electronics Co. Ltd., Leiso Lighting Tech. Ltd. and Luminage among others are some of the major key players in COB LED market.

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