Solid State Lighting Market Growth Drivers, Opportunities, Share Report And Forecast To 2033


 Overview and Scope

Solid-state lighting (SSL) is a type of lighting technology that uses solid-state semiconductor devices to generate light. Solid-state lighting has reshaped the lighting business by providing energy-efficient, long-lasting, and adaptable lighting solutions for a variety of applications. This technology uses less energy, which reduces energy expenditures and has a lower environmental effect.

Sizing and Forecast
The solid state lighting market size has grown rapidly in recent years. It will grow from $40.54 billion in 2023 to $44.97 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%.  The growth in the historic period can be attributed to increased use of solid-state lighting, growth in industrialization, a surge in disposable income, and increased governmental initiatives.

The solid state lighting market size is expected to see rapid growth in the next few years. It will grow to $68.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.  The growth in the forecast period can be attributed to increasing demand for energy-efficient lighting, increasing demand for energy-saving lighting solutions, increasing demand for environmentally friendly lighting solutions, and rising government-supported industry consortiums. Major trends in the forecast period include technological advancements, a focus on human-centric lighting, the adoption of mini-LED and micro-LED, horticultural lighting, and silicon-based LED technology.

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Segmentation & Regional Insights
The solid state lighting market covered in this report is segmented –
1) By Type: Light Emitting Diode (LED), Organic Light Emitting Diode (OLED), Polymer Light Emitting Diode (PLED)
2) By Installation Type: New Installation, Retrofit
3) By Applications: Indoor Lighting, Outdoor Lighting, Specialty Lighting
4) By Industry Vertical: Residential, Industrial And Commercial, Medical, Transportation, Other Industry Vertical

Asia-Pacific was the largest region in the solid state lighting market in 2023. The regions covered in solid-state lighting report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The increasing demand for energy-efficient lighting is expected to propel the growth of the solid-state lighting market going forward. Energy-efficient lighting refers to lighting systems that consume less energy to provide the same amount of illumination as traditional lighting solutions. Energy-efficient lighting reduces greenhouse gas emissions and helps mitigate climate change by lowering electricity consumption. LED technology, a crucial component of solid-state lighting, provides higher energy efficiency when compared to traditional lighting sources, prompting both residential and commercial customers to use solid-state lighting solutions to satisfy regulatory criteria and minimize energy usage. For instance, in September 2022, according to the International Energy Agency, a France-based intergovernmental organization, globally, residential LED sales have increased substantially in recent years, reaching about 50% in 2022 and targeting 100% of LED lighting sales by 2025. Moreover, new LEDs are expected to increase their efficacy by approximately 30% by 2030, aligning with the Net Zero scenario. Therefore, the increasing demand for energy-efficient lighting is driving the growth of the solid-state lighting market.

Key Industry Players
Major companies operating in the solid state lighting market report are  Samsung Electronics Co. Ltd ; General Electric Company; Panasonic Holdings Corporation; Mitsubishi Electric Pvt. Ltd.; Toshiba Corporation; Everlight Electronics Co. Ltd.; Koninklijke Philips N.V.; Signify Holding B.V.; Energy Focus Inc.; OSRAM GmbH; Hubbell Incorporated; Acuity Brands Inc; Stanley Electric Co.; Zumtobel Group; Seoul Semiconductor Co. Ltd.; Cree LED; Lumileds Holding B.V.; Cooper Lighting LLC; Bridgelux Inc.; TCP Lighting; Sanken Electric Co. Ltd.; Intematix Corporation; Seoul Viosys Co. Ltd.; Phoenix Products LLC; Nichia Corporation

The solid state lighting market report table of contents includes:
1. Executive Summary
2. Solid State Lighting Market Characteristics
3. Solid State Lighting Market Trends And Strategies
4. Solid State Lighting Market - Macro Economic Scenario
5. Global Solid State Lighting Market Size and Growth

....

32. Global Solid State Lighting Market Competitive Benchmarking
33. Global Solid State Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solid State Lighting Market
35. Solid State Lighting Market Future Outlook and Potential Analysis
36. Appendix

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