Global Solid
State Lighting Market: Snapshot
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.
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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.
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.
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