Press release
Solid State Lighting Market is Increasing Due to High Demand for Energy Lighting Technologies | Key Player are Royal Philips Electronics N.V. (Netherlands), Panasonic corporation (Japan), Samsung electronics Co. Ltd. (South Korea) and Acuity brands lighti
Solid State Lighting Market
Market Highlights
Market Research Future (MRFR) expects the global solid-state lighting (SSL) market 2020 to achieve a growth rate of more than 8% from 2016 to 2022, which is the forecast period.
Top Drivers and Main Restraints
The global solid-state lighting market is gaining significant traction across the globe, thanks to the mounting demand for energy efficient lighting technologies. The energy efficient lighting technologies are highly durable and help elevate the productivity to reduce the greenhouse gases (GHG) level, which is anticipated to induce growth of the solid-state lighting market in the following years.
Increasing awareness about the environment in developed as well as developing countries has pushed the growth of the solid-state lighting market to a great extent. Also, rising industrialization in emerging countries like India and China is leading to massive demand for energy efficient and cost-effective technologies, which is bound to foster the market growth in the subsequent years.
LED lighting solutions are being extensively used in the residential sector to conserve energy and save money, which is stimulating the growth of the solid-state lighting market. Consumers across the world are gaining technical expertise, which also helps with the market growth.
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Segmentation:
The solid-state lighting industry is quite expansive and has been thoroughly studied by MRFR experts. The report offers an extensive market segmentation, which includes installation type, offering and application.
Segmentation depending on the Installation Type covers New Installation and Retrofit Installation
Offering-based market segments are Software, Services and Hardware. The services segment can note a substantial growth rate in the years ahead, given the rising urbanization and the expansion of city projects. Also, accelerated demand for energy efficient lighting is boosting the market growth.
Application-wise, the market has been segregated into Backlighting, General Lighting, Medical Lighting, Automotive Lighting, and Others. The automotive application-based segment dominates the global market for state lighting, given the emergence of new and efficient forms of lighting technology.
Regional Insight
The solid-state lighting market size is expanding at a favorable pace all over the world, with the main regions with the highest concentration of the market identified as North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW).
APAC can note the highest growth in the global solid-state lighting market and can accumulate the largest portion in the forecast period. China, India and Japan are believed to be the top-performing markets for solid-state lighting in the region, on account of the presence of various established vendors like Seoul Semiconductor Co., Ltd., OSRAM Licht AG, AIXTRON SE and Nichia Corporation (Japan), among others. Rising adoption of solid-state lighting in outdoor as well as indoor lighting applications in India and China gives a major boost to the growth of the solid-state lighting market in the region.
North America is another prominent regional market for solid-state lighting and can gain further traction in the coming years on the back of an increasing number of government initiatives that endorse energy-efficient and eco-friendly technologies across different industries. Market growth also corresponds to the increasing manufacturing of semiconductors in the region.
The RoW market for Solid-state lighting is projected to attain a significant growth rate from 2017 to 2023, on account of the soaring demand for energy-saving lighting as well as HID lighting. Moreover, growing infrastructure development in the Middle East & Africa induces the growth of the solid-state lighting market in the region.
Top Industry Participants
Top industry participants covered in the MRFR report are Osram Licht AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Intematix corporation (U.S.), Royal Philips Electronics N.V. (Netherlands), Panasonic Corporation (Japan), Eaton Corporation PLC (Ireland), Acuity brands lighting, Inc. (U.S.), Energy Focus, Inc. (U.S.), General Electric (U.S.), Cree, Inc. (U.S.), among others.
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Global Solid-State Lighting Market, by Technology (Light emitting diode (LED), Organic light emitting diode (OLED)), Application (Commercial, Transportation, Outdoor Lighting, Residential, Consumer Electronics) - Forecast 2022
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