LED Production Equipment Market Size to Grow by USD 455.07 Mn
The increasing government support for the production and sales of LEDs is driving market growth. Governments of various countries are implementing policies to promote energy-efficient LED products. For instance, The Government of India's LED Street Lighting National Programme (SLNP) is the world's largest streetlight replacement program. In October 2021, halogen light bulbs were banned in the UK. Such initiatives are expected to fuel the market growth during the forecast period.
Challenges in manufacturing micro-LEDs are hindering market growth. Micro-LEDs produce light without the need for an external light source. However, the development of micro-LEDs has several technical and manufacturing issues. As the micro-LED chip is very small, a huge amount of metal in solder paste is generated during bonding, which can lead to a short circuit. Such challenges make the commercialization of micro-LEDs for high-volume consumer applications challenging, which can negatively impact the growth of the LED production equipment market during the forecast period.
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