The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on solid state lighting market. The growth sectors of the solid state lighting market are identified with precision for a better growth perspective.
The solid state lighting market, as per the report published by Market Research Future (MRFR), is likely to gain quick mileage over the next couple of years. The study asserts that the global market is anticipated to expand at 8% CAGR over the evaluation period 2016 to 2022. It has also been estimated in the assessment that the market is likely to achieve a valuation of USD 23 Bn by the end of the forecast period.
The technology is extensively used by LEDs, PLEDs, and OLEDs. It is gaining popularity over traditional lighting technologies owing to its key advantages such as longer life span and higher efficiency. This, in turn, ensures that the solid state lighting market is poised to earn high revenues in the years to come.
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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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.
This report includes an exhaustive regional evaluation of the global solid state lighting market, which identifies North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) as the key regional segments. These regions are further studied on a country-level basis for an in-depth analysis. North America is prognosticated to hold the pole position through the forecast period. Increasing investments in the region for the replacement of the conventional incandescent and fluorescent lightings are likely to drive the expansion of the solid state lighting market in the years to come. The U.S. is poised to play a crucial role in the development of the regional market over the next couple of years. Europe is currently at the second position in the global market place followed by Asia Pacific. These regions are important growth pockets and are anticipated to exhibit considerable growth in the upcoming years.
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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