Increasing adoption of energy-efficient and cost-effective lighting solutions promotes market growth
New York, USA, May 25, 2023 (GLOBE NEWSWIRE) — According to the market research report published by Market Research Future (MRFR), “Solid State Lighting Market Information by Technology, Application, and Region – Forecast till 2032”, the Market of Solid State Lighting could thrive at a rate of 5.8 % between 2023 and 2032. The market size will be reaching around USD 250.64 Billion by the end of the year 2032
Solid State Lighting Market Overview:
Solid-state lighting refers to a lighting technology that uses solid-state electronic devices such as light-emitting diodes (LEDs), organic light-emitting diodes (OLEDs), and polymer light-emitting diodes (PLEDs) to produce light. Solid-state lighting is becoming increasingly popular due to its energy efficiency, long lifespan, and lower maintenance costs compared to traditional lighting technologies such as incandescent and fluorescent lighting. The solid-state lighting market is a rapidly growing segment of the global lighting industry. The market includes a variety of lighting products, such as LED bulbs, LED tubes, LED strips, OLED panels, and PLEDs, which are used in residential, commercial, industrial, and outdoor lighting applications.
The market for solid-state lighting is being driven by the increasing demand for energy-efficient lighting solutions, as well as the growing focus on reducing carbon emissions and achieving sustainability goals. Additionally, the declining cost of LED lighting and the increasing awareness of the benefits of solid-state lighting are also driving the growth of the market.
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Market Competitive Landscape:
The affluent companies in the Solid State Lighting industry include
- Cree Inc (U.S.)
- Royal Philips Electronics N.V.
- Panasonic Corporation
- Eaton Corporation PLC
- Samsung Electronics Co. Ltd
- Acuity Brands Lighting, Osram Licht AG
- General Electric
- Energy Focus Inc
- Intematix Corporation
|Revenue forecast in 2032||USD 250.64 Billion|
|Growth Rate||CAGR of 5.8% from 2023-2032|
|Key Market Opportunities||Increasing government initiatives and the usage of plasma lights in horticulture|
|Key Market Drivers||Increased need for cost-effective and energy-saving systems|
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- August 2022- Energy Focus Inc, a company that produces energy-efficient LED lighting systems for various applications, announced an update to their EnFocusTM Power Line Controlled commercial LED lighting system. The upgrade aims to simplify the installation and operation of the EnFocusTM system, while also providing additional benefits to consumers seeking advanced LED lighting solutions.
- March 2020- Samsung Electronics introduced its LM302N LED package, which is designed to be “human-centric” with a light spectrum that can help regulate melatonin levels in the body, promoting feelings of alertness or calmness depending on the user’s daily routine.
Solid State Lighting Market USP Covered:
One of the main drivers of the solid state lighting market is the increasing demand for energy-efficient lighting solutions. With growing concerns about energy consumption and environmental sustainability, governments and organizations around the world are looking for ways to reduce their energy usage. SSL technology offers a solution to this problem, as it is significantly more energy-efficient than traditional lighting systems.
A major restraint of the solid state lighting market is the relatively high initial cost of implementing SSL technology. While SSL lighting systems offer significant long-term cost savings, the upfront investment required to purchase and install SSL technology can be a barrier for many potential customers. Additionally, the complexity of SSL technology and the need for specialized knowledge and expertise to install and maintain SSL systems can also be a restraint for some customers.
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Solid State Lighting Market COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the global economy, and the solid-state lighting market is no exception. The initial impact of the pandemic was a decrease in demand for solid-state lighting products, especially for applications in the commercial and industrial sectors. With lockdowns and travel restrictions in place, many construction projects were put on hold, leading to a reduction in demand for lighting products. However, as the pandemic continued, there was an increased focus on the importance of indoor air quality and hygiene, which led to an increase in demand for UV-C lighting products used for disinfection purposes.
The pandemic also disrupted global supply chains, which affected the production and distribution of solid-state lighting products. Many manufacturers faced delays in receiving raw materials and components, leading to production delays and higher costs. The closure of manufacturing facilities and disruptions to transportation also impacted the distribution of products.
Solid State Lighting Market Segmentation
- By Technology- The technology in the market includes Light Emitting Diodes (LED), Organic Light Emitting Diodes (OLED), and Polymer Light Emitting Diodes (PLED).
- By Application- By application, the segment includes Transportation, Commercial, Outdoor Lighting, Residential, and Consumer Electronics
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In North America, the market was driven by government initiatives to promote energy-efficient lighting solutions, such as the Energy Policy Act of 2005, which requires federal agencies to purchase energy-efficient products. The increasing adoption of solid-state lighting in commercial and residential applications also drove the market growth. Additionally, in Europe, the market growth was driven by the European Union’s energy-efficient lighting initiatives, which included phasing out incandescent lamps and promoting the adoption of LED lighting. The growing demand for smart lighting solutions in the region also drove the market growth.
Further, in the Asia Pacific, the market growth was driven by the increasing adoption of solid-state lighting in the automotive and consumer electronics industries. The growing awareness about energy efficiency and the government initiatives to promote energy-efficient lighting solutions also drove the market growth in the region. Additionally, the increasing urbanization and infrastructure development in countries like China and India also contributed to the market growth.
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