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.
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