The global LED packaging market size is estimated to be USD 17.6 billion in 2021 and is projected to reach 22.1 billion by 2026, at a CAGR of 4.6%

during the forecast period. The market has a promising growth potential due to several factors, including the risen demand for IoT-enabled lighting fixtures and smart lighting solutions, surged demand for LED packages in display panel market, increased demand for UV LED-based disinfection systems amid COVID-19, and recent government initiatives and regulations promoting use of LEDs for energy efficiency and environmental benefits.

New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "LED Packaging Market With COVID-19 Impact by Package Type, Application, Wavelength, Power Range And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05281356/?utm_source=GNW

COVID-19 sent both demand-side and supply-side shocks across the global economy.Leading LED package providers, such as OSRAM (Germany) and Seoul Semiconductor (South Korea), have incurred significant losses owing to the pandemic.

Both companies have reported a decline of approximately 9% and 10%, respectively, in their 2020 half-year revenue as compared to the previous year.Governments worldwide have cut down their spending on various areas to focus on improving healthcare infrastructure, and therefore, the demand for LED packages from national lighting projects is expected to shrink.

Also, as commercial spaces in most parts of the world would run at a significantly low capacity in 2021, companies might delay a potential upgrade of their lighting solutions. This has resulted in a decline in the demand for LED packages, further weakening the financial position of most of the key manufacturers.

Deep UV: The fastest growing wavelength segment of the LED packaging market.

Deep UV LEDs are the fastest growing segment of the LED packaging market, by wavelength.Based on their wavelength range, UV LEDs are classified as UV-C (100–280 nm), UV-B (280–315 nm), and UV-A (315–400 nm).

UV-A LED packages are expected to be the dominant tool in printing, coatings, and adhesive applications, as longer wavelength ranges easily penetrate very deeply into the material.Also, diode performance in this wavelength range is highly complemented with an excellent lifetime of as high as 20,000 hours.

On the other hand, UV-B LEDs are used for biomedical research purposes.UV-C based LEDs are a popular choice for sterilization and disinfection and are currently experiencing a surge in demand owing to their high application during the global COVID-19 pandemic.

UV-C light has germicidal properties and kills bacteria and viruses by destroying their nucleic acids and disrupting DNAs. Today, these LEDs are commonly used in air and water purification systems.

General Lighting: The largest growing segment of LED packaging market, by application.

The general lighting applications of LEDs mostly include residential, outdoor, and commercial lighting areas.The increase in infrastructure building activities is the major factor contributing to the high growth of the market for the residential lighting application.

LEDs have higher efficiency, longer lifespan, low power consumption, better color rendering, and lower maintenance requirements compared with traditional light sources, making them ideal for outdoor lighting environments such as street lighting, and lighting for public places.According to the International Energy Agency (IEA) (France), commercial buildings should be in line with the clean energy transition, minimizing the carbon footprint.

LEDs could be used in these commercial spaces to reduce the carbon footprint significantly as compared to incandescent bulbs and CFLs, thus contributing to the growth of the LED packaging market for commercial lighting applications.

APAC is projected to be the largest and fastest growing regional market between 2021 and 2026
APAC is a leading region in terms of production and consumption of LEDs and display panels.The region has witnessed significant advancements in the display devices space, along with rapid changes in terms of the adoption of new technologies.

The surge in demand for applications such as general lighting, automotive, and backlighting is driven by high economic growth in the region.This, in turn, favors the growth of the LED packaging market in this region.

These factors are encouraging many established market players to expand their reach in the region.

Breakdown of profiles of primary participants:
• By Company: Tier 1 = 30%, Tier 2 = 50%, and Tier 3 = 20%
• By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: North America – 40%, Europe– 30%, APAC – 25%, and RoW – 5%

Major players profiled in this report:
The LED packaging market is dominated by key global established players such as Nichia (Japan), OSRAM (Germany), Lumileds (Netherlands), Seoul Semiconductor (South Korea), Samsung (South Korea), MLS (China), EVERLIGHT (Taiwan), Cree (US), NationStar (China), and LITE-ON (Taiwan).

Research coverage
This research report segments the global LED packaging market based on Package Type (SMD, COB, CSP, and Others), Application (General Lighting, Automotive Lighting, Backlighting, Flash Lighting, Industrial, and Others), Wavelength (Visible & Infrared and Deep UV), Power Range (Low- & Mid-power LED packages and High-power LED packages), Packaging Material (Plastic, Nanoceramics, Ceramics, Silicone Materials, Epoxy Molding Compound, Metal Alloys, Polymers, Glass Composites, and Others), and Region (North America, Europe, APAC, and RoW).
The report also provides a comprehensive review of market drivers, restraints, challenges, and opportunities pertaining to the LED packaging market and also includes value chain. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall LED packaging market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05281356/?utm_source=GNW

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