Global Solid State Lighting Market

Global Solid State Lighting Market was valued US$15.71Bn in 2017 and is anticipated to reach US$32.73 Bn by 2026 at a CAGR of about 8.5 % during a forecast. The report on "Solid State Lighting" is segmented by technology, by application and by region. Based on technology solid state lighting market is divided into light emitting diodes (led) and organic light emitting diodes (OLED). Based on application solid state lighting market is bifurcated into residential, commercial, industrial, and outdoor lighting. Based on end-user solid state lighting market is divided into conventional lighting, automotive & transport, consumer electronics, healthcare, and media & entertainment. Regionally into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Solid state technology is an energy efficient technology which uses LEDs, PLEDs or OLEDs technology for its sources of illumination. Solid State Lighting converts electricity into light with the support of semiconductors includes in it. It has been used in various applications due to its number of benefits such as energy efficiency, long life, low power consumption, and flexible & small size among others. The growing awareness about energy efficient of LED lights among consumers, high growth potential in application such as automotive, outdoor lighting, medical usage and emerging smart city technology are major factor to drive market. Solid state lighting technology demand is anticipated to increase at a fast pace with continuous improvements in light efficacy, quality, and operating life. Solid state lighting technologies boost up with high brightness LEDs which is used for traffic lights, signage, and automotive backlights. Solid-state lighting devices such as incandescent and fluorescent lighting have the capability to achieve electrical-to-optical power conversion efficiencies of approximately 76% at infrared wavelengths. Moreover solid state lighting technology provides reduced maintenance and lower energy consumption. Among Residential, Commercial, Industrial, and Outdoor Lighting of Solid state lighting application, Commercial sector dominating the Solid State Lighting Market around 40% of CAGR in 2017. Solid State Lighting also plays an important role in automotive lighting, medical lighting, general lighting, backlighting, and others. On the basis of end-user, automotive and transport is dominating the global solid-state lighting market for state lighting and is expected to continue over the forecast period. This growth is attributable to the introduction of new and efficient forms of lighting technology in the solid-state lighting market. Solid State Lighting is accounted to dominant revenue share of more than 80% in end-users segment. North America market holds major share in Solid State Lighting. Presently, numerous key players of these regions dominate the market growth in the forecasting period. However, in 2016 Asia Pacific region accounted for 40% shares of the overall market. Also growing government initiatives for the development of smart cities attribute to increase CAGR of solid-state lighting market in this region. Royal Philips Electronics N.V., Panasonic corporation, Samsung electronics Co. Ltd., Acuity brands lighting, Inc., Cree, Inc., Eaton corporation PLC, General electric, Energy Focus, Inc., Intematix corporation, Osram Licht AG, Aixtron AG, Automotive Lighting LLC, Bridgelux Inc., Data Display Products Inc., Nichia Group, Royal Philips Electronics, Toshiba Lighting Products, Mitsubishi Electric Corporation.

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