Albany, NY -- (SBWIRE) -- 09/01/2017 -- Packaged LED are continuing to advance in terms of color quality, efficacy, and lumen outputs. Evolution in architecture, component and package developments are trending in the packaged LED market. The market saw consolidation in years 2014 and 2015 owing to overcapacity caused by LED TV and the entry of Chinese players in the industry.

Most of the small players went bankrupt and mid players have been acquired to decrease the competition and stabilize the price erosions. The packaged LED market experienced massive hit owing to drastic price erosions along with discordant exchange rates in most of the regions. Decline in displays and mobile markets in 2015 was another reason for companies to compete in this industry.

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The lighting sector is expected to witness steady growth in the packaged LED market owing to its use in commercial luminaires, replacement lamps and outdoor luminaires. The LED lighting market is yet to reach its tipping point owing to the dropping prices, incentivizing rebates and manufacturers innovating new technologies to make LED lighting desirable and relevant. Technological advancements have enabled customers to adopt LEDs thus opening up new opportunities in this industry.

Automotive sector is expected to have substantial growth prospects as the increasing adoption of daytime running lamps and LED headlamps in mass production cars is anticipated to support the demand for packaged LED market.

Rising adoption of packaged LEDs in medical devices, smart street lights, refrigerators and other diversified applications is expected to surge the demand over the forecast timeframe.

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The packaged LED industry is highly competitive owing to strong price pressure. The LED manufacturers are looking for business opportunities by adapting different strategies for the development. Some of the prominent industry participants of the packaged LED market are Lumileds, Philips, Cree, Osram, Samsung, Nichia, Sharp and Citizen.

Product and application diversification are the major strategies adopted by the manufacturers. Product diversification include chip on board (COB), flip chip (FC), LED filaments and chip-scale package (CSP) LEDs. Application diversification include focusing on niche markets such as horticultural lighting, automotive lighting among others.