Chip-on-Board (CoB) LED Market Size

Chip-on-Board LED Market size is anticipated to reach USD 819 Billion by the end of 2036, growing at a CAGR of 29% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of chip-on-board light emitting diode (LED) was over USD 30 Billion. The market for COB LEDs is being driven by the need for energy-efficient lighting solutions that can reduce energy usage and operating expenses.

With the growing focus on sustainability and energy conservation, COB LEDs are finding more use in home, commercial, and industrial lighting, among other applications. As per a report in 2023, 80% less energy is used by LED lights than by conventional incandescent lighting. While several nations started to phase out incandescent bulbs more than a decade ago, many are also starting to do away with fluorescent lighting to make LEDs the industry standard for illumination.

The fact that chip-on-board LEDs require less space is by far their greatest advantage. They save an enormous amount of electricity as well. They are of high quality, have excellent thermal control and long-life expectancy, and are highly reliable. They are suitable for high-power applications too because they offer uniform brightness and high intensity. This kind of LED has become widely used because of the shift from traditional lighting to semiconductor lighting technologies.