The
global solid state lighting market is progressive despite its nascent
state. The increasing demand for energy efficient lighting
technologies that conform to high durability and improved
productivity stipulations for reducing greenhouse gases is the key
factor driving growth of this market. The trend is notable in
developing economies that are witnessing rapid industrialization and
urbanization and are being responsible to adopt energy efficient
technologies to reduce emissions that are detrimental to the planet.
Apart
from this, the increasing acceptance of LED lighting solutions in the
residential sector for energy efficiency and cost effectiveness is
also driving adoption of solid state lighting solutions.
The
shift of manufacturing to Asia Pacific on account of its rising
technical expertise and favorable cost structure is stoking demand
for solid state lighting solutions. The integration of Internet of
Things with solid state lighting is a strong driver of this growth of
this market.
Browse
The Report:
http://www.transparencymarketresearch.com/solid-state-lighting-display-market.html
As
per a report by Transparency Market Research, the global solid state
lighting market, which stood at US$14.48 bn in 2016 is expected to be
worth US$30.38 bn by 2025, rising at a CAGR of 8.7% between 2017 and
2025.
Energy Efficiency Drives up Demand for LED Lighting Solutions
The
global solid state lighting market is classified into residential,
commercial, industrial, and outdoor lighting depending on sector. The
commercial sector segment dominated the solid state lighting market
in 2016 and is likely to stay dominant over the forecast period.
In
terms of technology, the solid state lighting market is divided into
LED, OLED, and others. LED, among them, is expected to hold a
significant share over other segments vis-à-vis growth in the solid
state lighting market because of the rising popularity of LED
lighting solutions across all sectors of the economy.
By
end-user, the segments of the solid state lighting market are
conventional lighting, consumer electronics, automotive and
transport, healthcare, media and entertainment, and others. The
segment of automotive and transport is expected to clock considerable
growth in the forthcoming years on account of introduction of new and
efficient forms of lighting technology.
Smart
Cities Developmental Projects Ramps up Asia Pacific Market
From
a geographical standpoint, the segments into which the global solid
state lighting market is divided are North America, Europe, Asia
Pacific, the Middle East and Africa, and Latin America. North
America, among these, stood as a key market for solid state lighting
in 2016 and it is expected to hold a decent share during the forecast
period. The region accounts for significant contribution to the
global market as it is home to several top vendors for solid state
lighting solutions.
Europe
is also expected to hold a significant position in the market over
the forecast period. The growth of this regional market is backed by
the advancement of the healthcare sector, which displays a high
demand for solid state lighting for medical lighting needs. Apart
from this, growth of the outdoor lighting segment due to changing
lifestyle and increasing purchasing power is stoking growth of this
regional market.
Holding
40% of the market in 2016, Asia Pacific stood as an attractive market
for solid state lighting. The region is expected to continue its
dominance over the forecast period. The growth of this regional
market is backed by government initiatives for the development of
smart cities.
Leading
players operating in the global solid state lighting market include
General Electric, Samsung Electronics Co. Ltd., Panasonic
Corporation, OSRAM Licht Group, Mitsubishi Electric Corporation,
Eaton Corporation, NICHI Corporation, Koninklijke Philips N.V., Seoul
Semiconductor Co. Ltd., and Applied Materials Inc.
About
Us
Transparency
Market Research (TMR) is a next-generation provider of syndicated
research, customized research, and consulting services. TMR’s
global and regional market intelligence coverage includes industries
such as pharmaceutical, chemicals and materials, technology and
media, food and beverages, and consumer goods, among others. Each TMR
research report provides clients with a 360-degree view of the market
with statistical forecasts, competitive landscape, detailed
segmentation, key trends, and strategic recommendations
U.S. Office
Transparency
Market Research
90
State Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-618-1030
USA
- Canada Toll Free: 866-552-3453
Email:
sales@transparencymarketresearch.com
Website:
www.transparencymarketresearch.com
No comments:
Post a Comment