The LED technology caught the attention of the lighting industry by providing compact and efficient lighting systems with power-saving technologies and improved performance to a diverse group of customers. Therefore, manufacturers concentrate on LED architecture for the appropriate LED packaging and final product viability. The LED packaging design process specifically influenced variables such as temperature-controlled system, wavelength adjustment, luminescence efficiency, life cycle, and others, which lowered the total running costs.
Hence, there is growing demand of LED solutions due to the developments in the LED packaging technologies of power LED chips. The major drivers of market growth include the growing demand for high-performance LED packaging for lighting application, the demand for LED packaging on the display panel market and the policy initiatives and regulations for adopting energy-efficient LEDs. The market value chain covers the R&D operation, the manufacturing of original equipment, integration systems, marketing and sales, as well as post-sales support.
LED Packaging Market: Dynamics
Growing Residential Segment demand to boost the industry
The outlook for the residential & departmental sector has been largely positive, guided by a change in market demand for energy-efficient lighting, including LEDs. In fact, the latest policies and rising customer awareness are projected to have a major effect on the LED Packaging Market.
The growing popularity of LEDs will also contribute to the introduction of intelligent lighting (connected lighting) systems in industries. As, the versatility of the LEDs, the powered devices are more likely to benefit from the use of LEDs than conventional light sources in terms of colour variability and brightness.
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In many applications, LEDs are used, including general lighting, vehicle illumination and backlighting. Owing to the growth of residential and industrial lighting applications, LED packaging in the general lighting applications are projected to have the largest market size. The potential for large-scale energy saving is the main growth driver in LEDs for general lighting uses.
In view of the increasing demand for LEDs for different industrial applications such as manufacturer bay areas, Assembly unit areas and other processing areas, the market for industrial lighting applications is expected to be rising at the highest rate and will drive the market for LED packaging.
Asian-Pacific lighting systems are currently undergoing a major transition, as LED lighting systems are being introduced by companies in this area in industry because of their improved performance. This will boost the market for LED Packaging market. In the last five years, China has steadily reduced the export of radiant light bulbs. This means more modern and efficient technologies will quickly overtake obsolete technology. So, advancement in LED packaging market will also see a vital growth.
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A good response was given to the initiative of the Indian government to introduce cost-effective LEDs across end users. The country is about to substitute for normal LED packaging and introduce smart LEDs for road signals for all street lamps. This move is expected to increase local LED manufacturers’ demand, leading to the growth of the LED packaging industry.
New manufacturers are coming into production because of the growing demand for advanced LED lighting system from customers. There is, therefore, a growing demand for LED packaging in the region.