Solid State Lighting Market is Expected to Hit $74.25 Billion by 2027

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Solid State Lightng Market

“The solid state lighting market for the industrial and commercial segment is expected to grow at the highest rate during the forecast period, owing to implementation of stringent rules & regulations for sustainable development.

Moreover, growth of industrialization and introduction of industry 4.0 are anticipated to influence the growth of the market.�

Ankit Prajapat Lead Analyst, Semiconductor and Electronics Download PDF Sample

Solid State Lightng Market

According to a new report published by Allied Market Research, titled, “Solid State Lightng Market by Type, Installaton Type, Applicaton, and Industry Vertcal: Opportunity Analysis and Industry Forecast, 2020–2027,” the solid state lighting industry was valued at $32.65 billion in 2019, and is projected to reach $74.25 billion by 2027, growing at a CAGR of 12.2% from 2020 to 2027. Asia-Pacific is expected to be the leading contributor to the global market, followed by Europe and North America.

Solid state lighting uses a specially formulated semiconductor material that produces visible light on passage of electric current through it. Solid state lighting reduces the energy consumption almost by 50% percent, and cuts down carbon dioxide emission. It also offers controllability of spectral power distribution, temporal modulation, color temperature, spatial distribution, and polarization properties. It spurs the evolution of a completely new lighting industry. As a result, the demand for solid state lighting is gaining momentum globally.

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Solid State Lightng Market

Energy saving majorly drives the growth of the solid state lighting market as solid state luminaries are highly energyefficient and cost-effective. Moreover, remarkable technical features of this type of lighting, increase in governmental initiatives to aid sustainable development, and rise in awareness among population about effects of lighting on human health are expected to further boost the solid state lighting market growth. Furthermore, emergence of smart lighting and fostering innovations to increase efficacy of solid state luminaries offer lucrative growth opportunities. However, lack of control compatibility and heat management issues due to small size are some of the prominent factors that hinder the growth of the market. Consequently, the solid state lighting industry necessitates technological investments to accelerate the growth in new applications.

The LED segment was the highest contributor to the market in 2019. The LED and OLED segments collectively accounted for around 97% market share in 2019. The increase in number of government-sponsored consortia is anticipated to enhance the solid state lighting market growth.

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Solid State Lightng Market The qualitative data in the report aims on the Solid State Lighting Market trends, dynamics, and developments in the industry while the quantitative data provides information regarding the market share and market size in terms of revenue and volume.

Key findings of the study In 2019, the LED segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 11.9% during the forecast period.

The indoor and outdoor lighting segments together accounted for around 70.0 % of the solid state lighting market share in 2019.

The industrial and commercial segment contributed major share of 40.0% in the during 2019.

China was the major shareholder in the Asia-Pacific solid state lighting market, accounting for more than 15.0% share in 2019.

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Solid State Lightng Market

Major Companies:          

Cree, Inc. Energy Focus Inc. General Electric Company Nichia Corporation Osram Licht AG Royal Philips Electronics N.V. Samsung Electronics Co., Ltd. Seoul Semiconductor Co. Ltd. Sharp Corporation Toshiba Corporation.

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Solid State Lightng Market Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1503-894-6022, +1-503446-1141 UK: +44-845-528-1300 Hong Kong: +852-30184916 India (Pune): +91-2066346060 Fax: +1⟨855⟩550-5975

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