Market Research Future (MRFR), in its recently published research report, emphasizes that the global chip-scale package LED market is booming and expected to grow exponentially over the review period, recording a substantial market valuation from USD 743.8 million in 2018 to USD 1.8 billion by 2023, and a healthy 19.4% CAGR in the forecast period.
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High package density is one of the primary factors anticipated to lead the proliferation of the chip scale package LED market in the years to come. Also, the adoption of the product in the automotive sector is projected to propel market expansion over the forecast period. Increasing applications in electrical & electronics industry are poised to multiply developmental opportunities in the market in the nearby future, thus catalyzing market growth.
The global chip-scale package LED Market is analyzed into application, and power range.
On the basis of application, the market is segmented into the backlighting unit (BLU), automotive lighting, general lighting, flash lighting, and others. In the applications segment, the backlighting unit (BLU) is projected to dominate the market in terms of market value over the review period due to its growing demand in electronic products, such as monitor, TV, and other display systems.
On the basis of power range, the market is bifurcated into high power and low- and mid-power.
Samsung Electronics Co., Ltd. (South Korea), Lumileds Holding B.V. (US), Semiconductor Co., Ltd. (South Korea), LG Innotek (South Korea), OSRAM Opto Semiconductors GmbH (Germany), Semileds Corporation (Taiwan), Epistar Corp. (Taiwan), Genesis Photonics Inc. (Taiwan), Cree, Inc. (US), and Lextar Electronics Corporation (Taiwan) are few of the noted participants of the global chip scale package LED market assessed in this MRFR report. These players are prognosticated to facilitate the expansion of the market in the forthcoming years by developing healthy growth strategies. Some of these strategies expected to be witnessed in the nearby future resulting in market growth are mergers & acquisitions, increasing investments, agreements, collaborations, and partnerships, among others. In addition, the increasing research & development projects undertaken by the market participants are anticipated to enable the proliferation of their technological capabilities. This, in turn, is poised to boost the competition in the global chip scale package LED market and lead to revenue growth over the next couple of years.
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This study circulated by MRFR covers detailed geographical evaluation of the global chip scale package LED market on regional as well as a country-level basis. The regional segments of the global market, according to this assessment, are North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Asia Pacific is expected to hold its position as the most prominent regional segment over the next few years. The growth of the electronics sale is prognosticated to be the driving factor of market growth in the forthcoming years. China is anticipated to emerge as the largest country-level market of the region by the end of the projection period.
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