Vietnam LED Packaging Market Witnessing Steady Growth: Projected to grow at a CAGR of 5.0 % by 2027
Published | 06 November 2021
Vietnam's LED packaging market is thriving fue to the country’s rapid economic expansion, urbanization, and infrastructural development. In the lighting industry, LEDs have become the most popular trend due to their incredible properties including endurance, mechanical durability, energy savings, and environmental sustainability…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Vietnam LED packaging market is expected to grow steadily at a CAGR of 5.0 % during the forecast period (2021-2027). Economic growth, urbanization, and infrastructure development are some of the key reasons for the rapid growth of the Vietnam LED packaging market. The popularity of LED lighting trends stems from their amazing attributes in terms of light efficiency, endurance, mechanical durability, electricity savings, and environmental protection. LEDs are popular among households due to their energy efficiency, design options, aesthetic appeal, efficiency, and ability to be used in large projects.
The Rising Trends of Smart Office and Smart Retail is Creating Lucrative Opportunities for the Market
Energy waste and carbon emissions are on the rise as a result of increased energy use. Due to this, the market for LED packaging is expected to grow as energy-efficient lighting solutions become more popular. Commercial buildings and streetlights use a lot of electricity. Hence, energy-efficient lighting is essential in commercial locations such as workplaces, shopping malls, and other places. Just a 1% increase or decrease in energy consumption can result in millions of dollars of profit or loss. Thus, smart LED lighting control solutions are widely used to save money on electricity bills.
Moreover, commercial facility owners and operators are becoming increasingly interested in smart lighting for energy management and improved efficiency. Smart lighting systems enable installers to power, control, and manage lighting systems throughout a facility. The integration of separate systems into a single, secure network architecture to improve flexibility, efficiency, and performance is also becoming more popular among businesses, expanding market growth.
Vietnam LED Packaging Market: By Package Type
The Vietnam LED packaging market is categorized into SMD (Surface Mount Device Package), COB (Chip On Board Package), CSP (Chip Scale Package), and others. Among these, the SMD LEDs segment held a significant market share in 2020 and is likely to dominate the market during the forecast period. Due to their greater energy efficiency than other conventional light sources, SMD LED packages are constantly rising in luminaires. Moreover, SMD LEDs are advantageous because they are versatile and can accommodate chips with complicated designs. This segment has also grown due to the dramatic drop in the price of SMD LEDs, which has made them more accessible to customers.
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Impact of COVID-19 on Vietnam LED Packaging Market
The growing adoption of LEDs in the construction industry is creating ample opportunities for the LED packaging market in the country due to the benefits such as energy savings, eco-friendliness, and more. The Vietnamese construction industry is among the most productive in Asia-Pacific (APAC). Despite losing grip as a result of COVID-19, it grew substantially in 2020. In Q3 2020, Vietnam's General Statistics Office (GSO) reported a 5.7% year-on-year increase in construction. Due to this, the cumulative growth rate for the first three quarters was 5%. Based on the statistics released by the Vietnam Construction Ministry, the domestic real estate market has overcome the most challenging period of the COVID-19 pandemic in February 2021 as a result of the market and the economy showing promising trends in the fourth quarter of 2020.
The construction industry largely drives Vietnam’s economic growth. Over the last ten years, the Vietnamese construction industry (VCI) has grown at an annual rate of 8%. With the government's efforts to improve the quality of the country's overall infrastructure through infrastructure building, tourism infrastructure, and housing projects, the growth rate is expected to remain the same. Therefore, the growth of the construction industry is likely to drive the demand for LEDs in the country during the forecast period, thereby propelling the market forward.
Vietnam LED Packaging Market - Competitive Landscape
The LED packaging market in Vietnam is highly fragmented due to the presence of both global and domestic players. Companies active in new product development, expansion, and acquisition can stay competitive in the market. Additionally, many leading market players are increasing their global footprint by purchasing overseas producers. Some key players in Vietnam LED packaging market are City Focus Lighting Co., Ltd., Signify, NVC International Holdings Limited, Gen Bright Lighting Co., Ltd, Fawookid Vietnam Technology Co., Ltd, OSRAM GmbH, Everlight Electronics Co., Ltd., and other prominent players.
In October 2021, Rang Dong's lighting system, officially called Rang Dong Light Source, and Vacuum Flask JSC, were handed over to Hanoi Medical University, the hospital's investor. The Hanoi-based company, Vietnam's top manufacturer of LED products and developer of smart lighting solutions, will also provide materials for the system to ensure the quality and progress of the COVID-19 Hospital project in Hoang Mai District, Hanoi.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam LED packaging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam LED packaging market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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