Packaged Led Market: Rising Adoption of Packaged Leds In Medical Devices, Smart Street Lights, Refrigerators and Other

Packaged LED are continuing to advance in terms of color quality, efficacy, and lumen outputs. Evolution in architecture, component and package developments are trending in the packaged LED market. The market saw consolidation in years 2014 and 2015 owing to overcapacity caused by LED TV and the entry of Chinese players in the industry. Most of the small players went bankrupt and mid players have been acquired to decrease the competition and stabilize the price erosions. The packaged LED market experienced massive hit owing to drastic price erosions along with discordant exchange rates in most of the regions. Decline in displays and mobile markets in 2015 was another reason for companies to compete in this industry. The average selling price (ASP) for mid and low powered LEDs declined about 30%-40% thus resulting in revenue decline in 2015. This decline was indicated by the lower-than anticipated demand from LED lighting and backlight markets.

LED industry is innovating, moving and continuing to pace itself as compared to the situation in 2015. The industry has paced to recover from 2016 and the manufacturers are focused towards increasing their activity in automotive industry as the automotive application is experiencing growth as compared to lighting segment. The ASPs have mostly stabilized for highly commoditized stocks such as low-power and mid-power LEDs. The demand for lighting application is rising along with the competition being stiffer leading to significant drops in LED prices as the competition intensifies.

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The lighting sector is expected to witness steady growth in the packaged LED market owing to its use in commercial luminaires, replacement lamps and outdoor luminaires. The LED lighting market is yet to reach its tipping point owing to the dropping prices, incentivizing rebates and manufacturers innovating new technologies to make LED lighting desirable and relevant. Technological advancements have enabled customers to adopt LEDs thus opening up new opportunities in this industry. Smart lighting with controllable options is expected to have a positive impact on the adoption rates owing to various benefits such as indoor navigation, energy savings, and improved security.

Automotive sector is expected to have substantial growth prospects as the increasing adoption of daytime running lamps and LED headlamps in mass production cars is anticipated to support the demand for packaged LED market. Chip-scale and high-luminance packaged LEDs enable vehicle headlight to be significantly smaller having new dynamic functions. For instance, the low-beam headlamps have been enabled with single lamp as light source to create the cut-off pattern. LEDs have the advantage of being smaller and brighter than the traditional lamps, and thereby are widely used in both luxury and standard automobiles.

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Rising adoption of packaged LEDs in medical devices, smart street lights, refrigerators and other diversified applications is expected to surge the demand over the forecast timeframe. Some of the ongoing advancements in the medical industry include light intensity improvement, long term reliability, product weight and size and use of specific wavelengths in photo physics

Increasing demand of smartphones is expected to support the packaged LED industry over the forecast timeframe. Research and developments in smartphone backlight display has opened up new opportunities for the LED displays. For instance, the Organic Light-Emitting Diode (OLED) are used in high-end smartphones as they are brighter than LEDs, increases the battery life and also have better response time for sensing the finger touch. Currently, the OLEDs are quiet costlier than LCD and LED displays and the costs are expected to reduce over the years owing to the economies of the scale.

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The packaged LED industry is highly competitive owing to strong price pressure. The LED manufacturers are looking for business opportunities by adapting different strategies for the development. Some of the prominent industry participants of the packaged LED market are Lumileds, Philips, Cree, Osram, Samsung, Nichia, Sharp and Citizen. Product and application diversification are the major strategies adopted by the manufacturers. Product diversification include chip on board (COB), flip chip (FC), LED filaments and chip-scale package (CSP) LEDs. Application diversification include focusing on niche markets such as horticultural lighting, automotive lighting among others. Other industry participants are developing disruptive strategies for new growth relays such as focusing on non-visible LEDs such as IR and UV LEDs or vertical integration towards LED modules.

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