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LED LIGHTING MODULE MARKET VALUE WILL TREBLE IN THE NEXT FIVE YEARS, DRIVEN BY MID-POWER MODULES

Light Emitting Diode (LED) technology is increasingly penetrating general lighting applications, thanks to how easily integrators can use it. The LED lighting module market will therefore deliver a 22.6% compound annual growth rate from 2017-2022.

Mid-power LEDs can be used in almost all applications. Mid-power LED modules are therefore driving the market, providing 60% of 2016’s market revenues. High power LEDs are used only in applications requiring high luminous flux in a small module. As a result, the number of applications using high power LED modules is limited and associated revenues represent about 7% of market revenues.

Chip-on-board (COB) LED modules provide a compromise on size, light emitting surface (LES) area, luminous flux and power consumption. COB LED modules can therefore be used in many applications, and lead the total LED module market in volumes shipped. But as these modules are relatively easy to manufacture in few steps the associated average selling price is low. Consequently, COB LED modules represent only 20% of market revenue.

Flexible LED strips can be directly used as LED lighting systems, mostly in indirect lighting applications. These modules can be easily implemented for residential and commercial lighting. Recent developments, like using LED chips instead of packaged LEDs on a flexible substrate, allow much higher efficiency, opening doors to new applications such as linear lighting.

In this context, Yole Développement estimates that the LED lighting module market, including flexible LED strips, reached nearly $4B in 2016 and will grow to $13.8B by 2022.

This report provides an in-depth analysis of each type of LED module, including technology, trends and market sizes. It covers the whole landscape of LED modules and their potential use in general lighting applications.

ASSOCIATED COMPONENTS AND MATERIALS ARE TAKING ADVANTAGE OF LED MODULE GROWTH

In a luminaire, LED modules are generally associated with components shaping the light, converting between alternating and direct current or enhancing thermal behavior. Secondary optics are almost always used in LED modules to optimize light extraction and contribute to the aesthetic effect of the product. There are two main types of secondary optics: collimators and reflectors. The first type is mainly used in clusters with mid-power LED modules, or individually with high-power LED modules. The second type is frequently used with COB LED modules due to their large LES. Secondary optics generated 0.9B revenue in 2016, and are expected to generate $4.3B in 2022.

Printed circuit boards (PCBs) are essential materials in the performance and reliability of LED modules. In the thermal management of LED modules an efficient conduction path has to be built to maintain a safe and optimal temperature. COB LED modules need to use high performance PCBs, such as Metal Core PCBs (MCPCBs) or ceramic PCBs, due to the high power density of these modules. But because COBs are small, so are their high performance PCBs. Also, the business is dominated by mid-power LED modules, which need low performance PCB materials such as FR4. The large size of these modules generates the highest volumes and revenues. The total LED module PCB business will generate more than $3.2B in revenue in 2022. Other components like Thermal Interface Materials (TIMs) and heatsinks are also important in the heat conduction path but generate less revenue.

This report analyses the different functions associated with LED modules including secondary optics, PCBs, TIMs, heatsinks, and power supplies. It gives a comprehensive understanding of each function and its related markets, including volume and revenue forecasts.

NEW APPLICATIONS EMERGE AS THE LED MODULE INDUSTRY LOOKS FOR GROWTH ENGINES

General lighting isn’t a ‘blue ocean market’ any more, due to strong price pressure and intense competition. Therefore, LED module manufacturers are seeking growth engines, following the example provided by the packaged LED industry a few years ago.

As a consequence, industry players are diversifying and looking at what is happening in horticultural lighting, automotive lighting, smart lighting and going beyond visible light into the infrared (IR) or ultraviolet (UV) parts of the spectrum. All of these applications are emerging and the associated margins are much higher than for general lighting applications. The modules used in these applications require high levels of know-how and technical skill. LED module manufacturers targeting these new applications are betting integrators won’t have the competencies needed and that high market demand will help them move higher in the value chain. A good example is Everlight. Initially positioned as a light source supplier, it then started developing COB technology. It is now seeking to enter the automotive lighting business, positioning itself as an advanced module supplier.

Beyond visible light, UV and IR LED modules are increasingly used, pushed by rapidly growing applications like UV curing and IR surveillance cameras. Large numbers of LEDs are used in each module, and thermal management is crucial for performance, especially for UV applications.

This report provides insights into the next growth engines and analyzes targeted applications. Additionally, it gives an overview of the future trends facing the LED module industry.

OBJECTIVES OF THE REPORT

• Provide a comprehensive overview of LED lighting modules, including technologies, markets and applications, main functions and integration into lighting systems
• Analyse the positioning of each LED lighting module type, including midpower, high power, COB, flexible strip, and the main technologies in use
• Analyse the main technologies for each led lighting module type, including PCBs and substrates, TIMs, heatsinks, optical design, power supplies and drivers
• Analyse the LED lighting module industry structure and future trends
• Provide an overview of the LED lighting module market forecast for 2017 – 2022