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The global LED packaging market is estimated to grow from USD 17.6 billion in 2021 to USD 22.1 billion by 2026, at a CAGR of 4.6%.
The market has a promising growth potential due to several factors, including the risen demand for IoT-enabled lighting fixtures and smart lighting solutions, surged demand for LED packages in display panel market, increased demand for UV LED-based disinfection systems amid COVID-19, and recent government initiatives and regulations promoting use of LEDs for energy efficiency and environmental benefits.
COVID-19 sent both demand-side and supply-side shocks across the global economy. Leading LED package providers, such as OSRAM (Germany) and Seoul Semiconductor (South Korea), have incurred significant losses owing to the pandemic. Both companies have reported a decline of approximately 9% and 10%, respectively, in their 2020 half-year revenue as compared to the previous year. Gov