According to the Univdatos Market Insights, increasing demand for energy-efficient lighting, continuous technological advancements in LED design and performance, rising adoption of smart lighting systems, compact design with high-lumen output, growing sustainability initiatives, and government policies promoting eco-friendly technologies would drive the global scenario of the Chip On Board LED market. As per their “Chip On Board LED Market” report, the global market was valued at USD 2,914.3 Million in 2023, growing at a CAGR of 14.1% during the forecast period from 2024 – 2032.
Looking at the LED industry, the Chip-On-Board (COB) LED market is growing at a fast pace due to an ever-growing demand for efficient lighting around the world. Out of both these LED stacking techniques, alternatively known as COB technology, connect multiple LED chips on one substrate which is beneficial in getting more light output and better heat dissipation when compared to traditional LED connections. Therefore, COB LEDs are highly efficient for versatility in general illumination, Auto-mobiles lighting systems, backlights and smart LED systems.
Sustainability is a major market driver, as improved government policies and standards as regards energy efficiency, and innovations in COB LED technology like better Thermal Management and higher color rendering index.
Government Policies helping the market.
Emerging trends that underpin the Chip-On-Board (COB) LED market are primarily based on government policies focused on energy conservation and utilization of green solutions. Key policies and initiatives that are helping the COB LED market include:
- Energy Efficiency Standards and Regulations: Presently, the global community has highly installed energy efficiency standards like Energy Star in countries like the USA and Asia-Pacific, and Eco-Design Directives in European countries. These regulations enable the usage of efficient optics like COB LEDs by setting restrictions on energy consumption and encouraging environment-friendly illumination solutions.
- Government Incentives and Subsidies: The governments of the world especially the developing ones such as China, India, and Japan are offering subsidies, tax credits, and grants to both consumers and manufacturers of LED lighting, including the COB LEDs. For instance, China’s National Development and Reform Commission has recently launched policies in support of LED makers and energy-saving lighting to address greenhouse gas emission concerns.
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- Sustainability and Climate Change Goals: International and regional climate change agendas such as the Paris Agreement together with various green building certifications (including LEED) are the main factors influencing energy-efficient lighting. COB LEDs are still being promoted today as governments around the world continue to encourage industries and municipalities to limit their greenhouse emissions.
- Smart City Projects: Smart city projects are being undertaken across the world with support from various governments in regions such as Europe, North America, and Asia-Pacific and they demand energy-efficient smart lighting. They include the use of COB LEDs in street lighting, communal areas, and structures, and inhibiting saving on energy while enhancing develop of smart cities.
Such policies in conjunction with the ongoing international drive to cut down energy consumption and use of sustainable energy have helped advance the application of COB LED technology across many industries.
Conclusion:
In conclusion, it can be revealed that government policies are leading the charge in the development of the Chip-On-Board (COB) LED market by encouraging the use of efficient illumination systems. The measures like Energy Conservation Act, subsidies, and climate change control and norms are globally enhancing the adoption chances of green lighting technologies including COB LEDs. In addition, the application of COB LEDs in government-supported smart city schemes and public utilities is another factor behind market growth. The measures also put an effort towards controlling energy consumption and carbon emission and offer adequate market motivation to the manufacturers as well as customers for using sustainable lighting systems—keeping the growth of the COB LED market healthy and long-lasting.
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