Packaged LED Market Size

Packaged LED Market size was valued at USD 7 billion in 2021 and is poised to reach USD 27 billion by the end of 2031, registering around 7% CAGR during the forecast period i.e., between 2022-2031. The growth of the packaged LED market can primarily be attributed to the increasing consumption of electricity worldwide. For instance, the world’s total final consumption of electricity was estimated to be ~80.2 EJ in the year 2019.

A plastic casing that carries an LED chip and phosphor is called an LED package. The LED chip, being a semiconductor material that emits light (blue light) and this light is converted into green and red wavelengths by phosphor material. This mixture results in the white light that is emitted by the LED package. LED packaging is done to protect the LED chips and lead wires from coming in direct contact with the outside environment and also to secure the diode chip with LED phosphors and epoxy silicone resin. The demand for packaged LED is on the rise amongst the building sector, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global packaged LED market during the forecast period. According to a recent data, LEDs are currently used in an estimated 6 billion commercial buildings in the United States.