Packaged LED Market Forecast and CAGR
The packaged LED market is projected to enhance at a CAGR of 7.5% during the forecast period 2021-2031. As per the findings, the global packaged LED market is expected to experience an increase over the forecast period due to various factors such as increasing demand for LED packages in display panel market and increased adoption of CSP LEDs in automotive lighting applications.
There is increased government focus towards use of LEDs for energy efficiency and environmental benefits, is one of the major factor driving the demand for packaged LED market.
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What is Driving Demand for Packaged LED?
Packaged LED are continuing to develop in terms of LED efficacy, color quality, and lumen outputs. There is continuous development in component, architecture, and advancement of packaged sectors are trending in the packaged LED market.
Manufacturers of the packaged LED are increasingly focusing on development of these LEDs as per the industry standards to increase the sale of the packaged LED, and this factor is expected to drive the demand for packaged LED over the forecast period.
It also offers various features such as multi-chip packaged, advanced chip and packaging technology, delivers a linear current source, homogeneous color perception, and others. The reliability of such features drives the growth of the packaged LED market.
What is the Impact of COVID-19 Pandemic Outbreak on Sales of Packaged LED?
There is growing demand for disinfection systems during COVID-19 pandemic to drive demand for efficient and effective UV LED packages. In the prevailing COVID-19 situation, packaged LEDs are witnessing increased demand due to their ability to overcome viruses and bacteria with 80-90% reliability.
The increasing adoption of packaged LED in medical and healthcare devices, smart street lights, and other expanded applications is anticipated to surge the demand over the forecast period. Growing demand for LED packaging technology and technological advancements, emergence of the PLCC-packaged LEDs to improve performance, such major factors fueling demand for packaged LED across developing regions.
