Allied Market Research, titled, “Solid State Lighting Market Size by Type, Installation Type, Application, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,” the solid state lighting industry was valued at $32.65 billion in 2019, and is projected to reach $74.25 billion by 2027, growing at a CAGR of 12.2% from 2020 to 2027. Asia-Pacific is expected to be the leading contributor to the global market, followed by Europe and North America. The solid state lighting market for the industrial and commercial segment is expected to grow at the highest rate during the forecast period, owing to the implementation of stringent rules & regulations for sustainable development. Moreover, the growth of industrialization and the introduction of Industry 4.0 are anticipated to influence the growth of the market.
Download Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/2563
Solid state lighting uses a specially formulated semiconductor material that produces visible light on an passage of electric current passes through it. Solid state lighting reduces energy consumption by almost 50% and cuts down carbon dioxide emissions. It also offers controllability of spectral power distribution, temporal modulation, color temperature, spatial distribution, and polarization properties. It spurs the evolution of a completely new lighting industry. As a result, the demand for solid state lighting is gaining momentum globally.
Energy saving majorly drives the growth of the solid state lighting market as solid state luminaries are highly energy-efficient and cost-effective. Moreover, remarkable technical features of this type of lighting, an increase in governmental initiatives to aid sustainable development, and a rise in awareness among the population about the effects of lighting on human health are expected to further boost the solid state lighting market growth. Furthermore, the emergence of smart lighting and fostering innovations to increase the efficacy of solid state luminaries offer lucrative growth opportunities. However, lack of control, compatibility, and heat management issues due to small size are some of the prominent factors that hinder the growth of the market. Consequently, the solid state lighting industry necessitates technological investments to accelerate the growth of new applications.
The LED segment was the highest contributor to the market in 2019. The LED and OLED segments collectively accounted for around 97% market share in 2019. The increase in the number of government-sponsored consortia is anticipated to enhance the solid state lighting market growth.
The emergence of COVID-19 has significantly impacted the solid state lighting market. A drastic decline was witnessed in demand for solid-state luminaries from various end users of solid state lighting. However, the demand from the medical industry accelerated during the pandemic. In addition, the market has been witnessing slow growth during the COVID-19 pandemic.
Region-wise, the solid state lighting market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global market in 2019 and is expected to dominate the market in revenue during the forecast period, owing to various key developments by the market players in the region. Europe holds the second-largest share in the global solid state lighting market. It is expected to witness significant growth over the forecast period, owing to an increase in demand for energy-efficient solid state luminaries to meet sustainable development goals.
Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2563
Key findings of the study
- In 2019, the LED segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 11.9% during the forecast period.
- The indoor and outdoor lighting segments together accounted for around 70.0 % of the solid state lighting market share in 2019.
- The industrial and commercial segment contributed a major share of 40.0% during 2019.
- China was the major shareholder in the Asia-Pacific solid state lighting market, accounting for more than 15.0% of the market in 2019.
The solid state lighting market key players profiled in the report include:
Cree, Inc., Energy Focus Inc., General Electric Company, Nichia Corporation, Osram Licht AG, Royal Philips Electronics N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co., Ltd., Sharp Corporation, and Toshiba Corporation. The market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the solid state lighting market.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
Contact Us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
