Packaged LED Market — Trends and Opportunities for the Industry by 2025

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.
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.
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
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.

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