Seoul Semiconductor Co., a global company of LED products and technology, was ranked third globally for the third consecutive year in the 2022 Global Light Emitting Diode (LED) Market Share Rankings released by market tracker OMDIA. OMDIA expects Seoul Semiconductor to move up a notch to No. 2 in global LED market share this year.

On Thursday, Seoul Semiconductor said this was “achieved with the overwhelming power of more than 18,000 new technology patents.”

OMDIA forecasts that Seoul Semiconductor will move to second place in the global LED market share in 2023-2024, and then to first place in 2030.

Seoul Semiconductor recently moved up from fourth place in the global LED market share to third place last year, according to another market tracker TrendForce.

The industry attributes Seoul Semiconductor’s recent accomplishments to its organic growth based on 2,000 plus customers and a large patent portfolio of more than 18,000 patents.

According to Seoul Semiconductor, these competitive advantages have led to a steady stream of M&A offers from global companies. However, the company has rejected offers because it believes that simply increasing its size through M&A is a short-term strategy.

“If we had done M&A deals, we would have already become a global number one or two company,” said Lee Jung-hoon, founder of Seoul Semiconductor. “We have all our own patented technologies and our own sales network, so we have not considered M&A because we believe it will not help us create new technology synergies and expand our sales network.”

Seoul Semiconductor is further expanding its global reach thanks to the European Union‘s unified patent system, which came into effect in June. Last month, the company received an injunction from the Higher Regional Court in D?sseldorf, Germany, against multiple LED companies for infringing its patents. The infringing companies are prohibited from selling their products in 17 countries in the EU now and 25 in the near future.

Seoul Semiconductor generated 224.5 billion won ($169.8 million) in sales in the first quarter of this year, with 250-270 billion won in sales expected in the second quarter.

By Kim Si-gyun and Minu Kim

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