Solid State Lighting Market Share, Poised to Expand at a Robust Pace
Solid State Lighting Market Research Report- Forecast till 2022
The growing inclination towards energy effective technology in the production of consumer electronics is likely to spur the global solid state lighting (SSL) market growth, states Market Research Future (MRFR), in its latest “Solid State Lighting Market” report. In recent years, solid state lighting is emerging as a new, promising lighting technology that is altering lighting system for better. Their contribution in saving energy is measured to be immense, and is expected to gain high profit for the worldwide solid state lighting market. It was observed that as the CFL technology plateaued, it marked the emergence of LED. Currently, the SSL technology market is observed to hold great potential to proliferate due to the growing demand for LED products. At the same time, benefits offered by solid state lighting technology, such as less power consumption, prolong shelf life, and compactness, are highly likely to surge the market. Increase in the demand for SSL for settling domestic and commercial light requirements are is expected to contribute significantly to the market surge.
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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.
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.
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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