Solid-State Lighting Market - Global Industry Analysis

Solid-State Lighting Market By Type (Light Emitting Diodes (LED), Organic Light-Emitting Diodes (OLED), and Polymer Light Emitting Diodes (PLED)), By Installation Type (New Installation and Retrofit), By Application (Indoor Lighting, Outdoor Lighting, and Specialty Lighting), By Industry Vertical (Residential, Industrial & Commercial, Medical, Transportation, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Published Date: 21-Mar-2022 Category: Semiconductor & Electronics Report Format : PDF Pages: 182 Report Code: ZMR-6375 Status : Published

The global solid-state lighting system market was valued at $42.1 billion in 2021 and is projected to surpass $79.6 billion by 2028.

Description

Industry Perspective:

The global solid-state lighting system market was valued at $42.1 billion in 2021 and is projected to surpass $79.6 billion by 2028. The market report is an extensive analysis of emerging growth factors, challenges, opportunities, and restraints in the global landscape. It offers insights into the market size and current trends to shape the future of the market.

Solid-State Lighting System Market: Overview

Solid-state devices consist of semiconductors that transform electricity into light energy. A solid-state lighting device with the help of electroluminescence produces visible light. Electroluminescence is a process where specially manufactured semiconductor diodes ignite upon passing an electric current through it. These devices are widely used in a diverse range of applications due to a number of benefits offered by them, including high durability, small size, intrinsically safe, better quality of light output, and long lifespan. Such a lighting system holds the potential to decrease the consumption of light energy globally. These are considered ten times more efficient when compared to incandescent lighting. It holds the ability to withstand strong vibrations. These devices are digitally controlled, offer ultra-long source life, and contain no mercury content along with minimum IR and UV radiation.

COVID-19 Impact:

The outbreak of the Covid-19 has significantly affected the growth projector of the global solid-state lighting system market due to the temporary ban on manufacturing operations across the prominent manufacturing hubs globally. A substantial global lockdown declined the production volume. However, the increasing demand for medical equipment like respirators and ventilators has kept the global market strong during the pandemic. The growth in toll on consumer demand for display integrated devices has significantly grown over time, and therefore the market is likely to see strong growth prospects in the forthcoming years in the global market.

Solid-State Lighting System Market: Growth Drivers

Growing awareness among the population will boost the growth of the global market.

There is a high demand for eco-friendly lighting technology; therefore, the emergence of solid-state lighting systems has significantly created hype among people. Therefore, the constantly growing awareness among people regarding the presence of such smart solid-state lighting systems is likely to fuel the growth of the global solid-state lighting system market. The solid-state lighting system can be largely deployed as outdoor lighting, under cabinet lighting, downlights, commercial refrigeration display, automobile, day running lamps, and roadway lightings. Also, due to the constantly growing awareness, people are largely replacing the system with conventional incandescent and fluorescent lamps. The solid-state lighting system has revolutionized the lighting market. Also, people are demanding flexible LEDs, which software control preparedness and color, which in turn will also accelerate the growth of the global market. Also, the high adoption rate of PLED, OLED, and LED technology is likely to positively impact the growth of the global market.

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Solid-State Lighting System Market: Restraints

Slow development is likely to restrain the growth of the global market.

People are embracing the solid-state lighting system, but at the same time, they are expecting more innovation and product launches. However, the demand for frequent product launches and innovation is difficult to attain, and therefore, it is likely to restrain the growth of the global market.

Solid-State Lighting System Market: Opportunities

Demand for energy-efficient lighting solutions will create huge opportunities in the global market.

The rising prices associated with domestic commercial power supply is creating demand for an energy-efficient lighting solution, which in turn is also likely to offer ample impetus to the growth of the global market. The fast proliferation of the semiconductor sector is further posing huge opportunities in the global market. The growing government initiatives to replace the traditional lighting system with solid-state lighting like their wide usage in parking lights, building exteriors, train markers lights, and traffic lights are further promoting the growth of the global market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Solid-State Lighting System Market: Challenges

Growing number of local players is creating a challenge for the global market.

A number of manufacturers and vendors are coming into the market and therefore tightening the competition. The high competition among vendors poses price issues, which in turn further lowers the revenue of companies engaging in the global market.

Solid-State Lighting System Market: Segmentation

The global solid-state lighting system market can be segmented into application, type, industry vertical, installation type, and region.

By type, the market can be segmented into PLED, OLED, and LED.

By installation type, the market can be segmented into retrofit and new installations.

By application, the market can be segmented into specialty, outdoor, and indoor lighting.

By industry vertical, the market can be segmented into transportation, medical, commercial, residential, and others.

Recent Developments

  • GE Lighting in January 2020 expanded its portfolio of smart home products by adding GE technologies. It includes advanced lighting switches and dinner technologies along with new comfort, security, and safety solutions.
  • Samsung Electronics, in March 2020, announced its first “human-centric” LED package named LM302N. It is engineered with carefully created light spectra.

Solid-State Lighting System Market: Regional Landscape

Asia Pacific accounts for the largest share in the global solid-state lighting system market due to the growing initiatives of the government to work towards energy-efficient power solutions. Furthermore, the fast proliferation of the end-user sector in the region is another important factor limiting the growth of the regional market in the forthcoming years. Leading market players are investing heavily in research & development and product innovation activities, which in turn will also support the growth of the regional market.

Solid-State Lighting System Market: Competitive Landscape

Some of the significant players in the global solid-state lighting system market include Toshiba Lighting Products, Royal Philips Electronics, Nichia Group, GE Lighting, GE Lighting, Energy Focus Inc., Data Display Products Inc., Bridgelux Inc., Automotive Lighting LLC, and Aixtron AG.

Global solid-state lighting system market is segmented as follows:

By Application

  • Indoor Lighting
  • Outdoor Lighting
  • Specialty Lighting

By Type

  • LED
  • OLED
  • PLED

By Industry Vertical

  • Residential
  • Industrial and Commercial
  • Medical
  • Transportation
  • Others

By Installation Type

  • New Installation
  • Retrofit

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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FrequentlyAsked Questions

There is a high demand for eco-friendly lighting technology; therefore, the emergence of solid-state lighting systems has significantly created hype among people. Therefore, the constantly growing awareness among people regarding the presence of such smart solid-state lighting systems is likely to fuel the growth of the global solid-state lighting system market.

The global solid-state lighting system market was valued at $42.1 billion in 2021 and is projected to surpass $79.6 billion by 2028.

Some of the significant players in the global solid-state lighting system market include Toshiba Lighting Products, Royal Philips Electronics, Nichia Group, GE Lighting, GE Lighting, Energy Focus Inc., Data Display Products Inc., Bridgelux Inc., Automotive Lighting LLC, and Aixtron AG.

Asia Pacific accounts for the largest share in the global solid-state lighting system market due to the growing initiatives of the government to work towards energy-efficient power solutions.

 

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