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.
Market Highlights
The global market for solid state lighting is poised to witness as sound growth in the forthcoming years, asserts Market Research Future (MRFR) in its latest report. Energy-efficient lighting solution has become a popular subject in recent years. Increased energy consumption and rapid urbanization worldwide has led to adoption of the cost-effective and low power consuming lighting. The factors mentioned above are making a positive impact on the global solid state lighting market.
There has been a sharp rise in adoption of fluorescent lighting across the globe, which is opening new growth avenues for the market. MRFR’s projects the global solid state lighting market will demonstrate a healthy compound annual growth rate (CAGR) between 2017 and 2023. Companies such as Royal Philips Electronics N.V., General Electric Company, AIXTRON SE, OSRAM Licht AG, Nichia Corporation and Seoul Semiconductor Co., Ltd. Have emerged as major market players. These companies are implementing aggressive growth strategies to strengthen their market position.
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.
Segmentation:
The solid-state lighting market share 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 market has been covered across Europe, the Middle East & Africa (MEA), North America, South America and Asia Pacific (APAC). Of these, the market is APAC is expected to remain highly attractive during the assessment period. In APAC, countries such as Japan, China and India are expected to make important contributions to the market in terms of revenue. Moreover, APAC is home to some of the leading market players, which puts it on a favourable spot. In addition, quick uptake of solid state lighting in outdoor and indoor lighting application in fast-developing countries such as China and India is viewed as a major market driver in the region. The Middle East & Africa (MEA) is also expected to present attractive market opportunities during the forecast period. Factor such as growing need for energy-efficient lighting technologies and rapid adoption of HID lighting are providing an impetus to the market in MEA.
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.
