New York, May 15, 2023 (GLOBE NEWSWIRE) -- According to PMR, the Global Chip Scale Package (CSP) LED Market is expected to reach a market value of US$ 1 billion in 2023 and is projected to reach US$ 3.8 billion by 2033, , growing at a 14.2% CAGR from 2023 to 2033. Chip scale package (CSP) has been around for a while, and many other companies have started using CSP LEDs. CSP applications are rarely used in lighting applications, but LED package manufacturers are entering the market.
According to the LED industry, CSP is gaining popularity not only because it saves money and has a better cost-to-performance ratio, but also because it is transforming LED package technology. As a result of developments in traditional semiconductor package development history, CSP has been in the industry for several years.
Until the advent of CSP, the technology was known as TO technology and went through many different modifications such as Dual Inline Package (DIP), Leadless Chip Carrier (LCC), Quad Flat Package (QFP), and Ball Grid Array (BGA). In addition to improving LED chip reliability and thermal dissipation, CSP technology aims to shrink LED package sizes.
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CSPs are being developed by most manufacturers with the ultimate goal of being directly applied to PCB substrates, however, this technology has not yet reached its full potential. In contrast, once CSP technology attains this goal, it can greatly reduce the thermal resistance of the light source and substantially reduce the amount of time needed for heat to dissipate. It is expected that CSP products will eventually have a better C/P ratio and be more reliable than current LEDs.
Key Takeaways from Market Study
- The chip-scale LED market will generate US$ 2.8 billion in absolute dollar opportunities.
- High-Power ranges are expected to grow at 14.2% CAGR between 2023 and 2033.
- Chip scale package LED market in the United Kingdom to reach US$ 176.5 million by 2033.
- The chip scale LED market is projected to be dominated by the United States with a market share of 80 to 92% by 2033.
- The Backlighting Unit (BLU) market is projected to grow at a CAGR of 14.1% from 2023-2033.
- South Korea's market share is expected to grow by more than 16.40% by the end of the decade and continue to increase over the next few years.
“Growing automotive sales and new technologies are fueling the growth of the chip scale package LED market. Lightning applications and the development of GaN-on-Si CSP LEDs are expected to grow demand.,” says an analyst at Persistence Market Research.
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Competitive Landscape
Numerous small and medium-sized companies operate in the global chip scale package LED market. Chip scale package LED manufacturers are expanding their manufacturing capacity in order to gain a greater share of the market. Key players across the country are expected to benefit from an increase in partnerships and collaborations.
Several companies dominate the chip scale package LED market: Samsung Electronics, Lumileds, Seoul Semiconductor, Nichia Corporation, Osram Opto Semiconductors, Epistar, Cree, Shenzhen MTC, Unistars, Dpower Opto-electronic Co.Ltd., Plessey Semiconductors, Genesis Photonics, and DK Corporation.
- In March 2023, Touch Taiwan 2023 will take place at Taipei Nangang Exhibition Center Hall 1 from April 19 to 21, one of the largest semiconductor and display exhibitions in Asia. Among the leading companies exhibiting in the exhibition will be AUO, Corning, Merck, PlayNitride, Innolux, Ennostar, E Ink, GIS, BenQ, and Macroblock, which will showcase the latest and most advanced Micro LED-related products and display technologies.
- On March 30, 2023, TrendForce, along with LEDinside and WitsView, hosted the 2023 TrendForce Next-Generation Display Industry Seminar at the JW Marriott Hotel in Shenzhen, China. In order to explore next-generation display technologies, over a thousand representatives participated in the conference. In her opening remarks, Sara Fan, general manager of TrendForce (Shenzhen), offered her appreciation for all participants and best wishes for the future of the industry. In addition, TrendForce analysts delivered captivating presentations alongside industry experts.
Know More about Report Inclusions
Persistence Market Research published a new market report on the vibration level switches market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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