|Market Size in 2021||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 42.1 billion||USD 95.7 billion||7.2%||2021|
Solid-State Lighting Market
The global solid-state lighting market size was worth around USD 42.1 billion in 2021 and is predicted to grow to around USD 95.7 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.2% between 2022 and 2030. The report analyses the global industrial roller chain drives market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the industrial roller chain drives market.
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.
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.
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.
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.
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.
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.
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.
|Report Attributes||Report Details|
|Report Name||Solid-State Lighting System Market Research Report|
|Market Size in 2021||USD 42.1 billion|
|Market Forecast in 2030||USD 95.7 billion|
|Growth Rate||CAGR of 7.2%|
|Number of Pages||214|
|Key Companies Covered||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.|
|Segments Covered||By Application, By Type, By Industry Vertical, By Installation Type, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
Some of the significant players in the global solid-state lighting system market include
By Industry Vertical
By Installation Type
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 over the coming years.
The global solid-state lighting system market was valued at USD 42.1 billion in 2021 and is projected to reach USD 95.7 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, Energy Focus Inc., Data Display Products Inc., Bridgelux Inc., Automotive Lighting LLC, and Aixtron AG.
The Asia-Pacific is anticipated to account for the largest share in the global solid-state lighting system market due to the favorable initiatives of the government towards use of energy-efficient power solutions.