The chip-on-board (COB) LED market will register a CAGR of almost 12% by 2023
LONDON, Feb. 26, 2019 /PRNewswire/ -- About this market
LEDs are highly customizable and controllable. Smart LEDs can be controlled by applications that are installed on electronic devices such as smartphones or tablets. Through mobile applications, users can control the switching mode as well as the brightness and color of lighting solutions. The development of an Internet of Things (loT) ecosystem is necessary for the installation of smart lighting systems. loT enables different stakeholders such as residents, utility companies, and power management companies to analyze energy consumption data. Therefore, vendors are focusing on releasing I oT solutions for their smart lighting systems. The growing demand for smart lighting systems is driven by increased investments in the development of smart cities. The government support for the adoption of efficient lighting systems is also driving the demand for LED lighting solutions. The growing demand for smart lighting solutions is encouraging vendors to develop COB LEDs for smart lighting applications. Technavio's analysts have predicted that the chip-on-board (COB) LED market will register a CAGR of almost 12% by 2023.
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Market Overview
Growth through strategic partnerships
The growth of the global COB LED market is driven by the increased number of strategic partnerships between various market stakeholders. Vendors are forming strategic partnership agreements with product distributors, governments, and other market participants for the development and commercialization of COB LED products.
Growing number of patent dispute cases
The global COB LED market is witnessing a large number of patent infringement dispute cases. Market vendors are suing other players and distributors for patent infringement of their COB products. Such situations result in huge financial losses for the company and negatively impacts the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the chip-on-board (COB) LED market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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