The solid-state lighting market is an energy-efficient technology that uses multiple technologies like LSD, PLED, etc. This technology is used to convert electricity into light. It converts the light with the help of semiconductors. This technology is used in various applications because of the long expectancy life and energy efficiency methods. It is popular among the global market because of its low power consumption and small, flexible size.
Multiple major factors drive market growth. These factors include energy-efficient lights and high growth potential. Sectors or industries like medical, automotive, and outdoor lightning also use solid-state lighting technology. The emerging opportunity in smart city technology drives the growth of this industry. The market for solid-state lighting market is expected to grow with a rate of 8% in the forecast period of 2016-2022.
The global Solid-State Lighting Industry is showing immense growth in the global market because of the growing need for long-life HID lights. The increasing demand for high efficiency of lightning is the major factor for the growth in solid-state marketing. The increasing adaption in fluorescent light is the major factor of growing market revenue in the solid-state lighting market. There are major investors in the solid-state lighting market that includes OSRAM Licht AG, Seoul semiconductor, Nichia corporation, General electric company, Aixtron SE, etc.
Overall market scenario report:
According to the global market report, the Solid State Lighting Market Size is segmented into various segments. These segments include hardware, software, and services. The service segment is expected to become grow in the forecast period of 2022. The popularity of this market is growing because of the increasing demand for energy efficiency. According to a recent study report, the market is expected to grow to gain prominence over the forecast period. According to the analyst, the market rate is expected up to 8% from 2016 to 2022. The increasing use of plasma light and the multiple governmental initiatives increases the factors of growth. The other driving factors of this industry are technological advancement and the low maintenance cost. At the same time, the restraint factors of the solid lightning market are the high equipment cost, high implementation, and the lack of awareness. The high initial cost of solid-state lighting products is another factor restraining the market growth.
Key players of solid-state lighting market:
Some of the major prominent players of Solid-State Lighting Market Growth are Panasonic Corporation (Japan), Royal Philips Electronics N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), Eaton Corporation PLC (Ireland), Acuity brands lighting, General Electric (U.S.), Osram Licht AG (Germany), Energy Focus, Inc. (U.S.), Cree, Inc. (U.S.) and Intematix corporation (U.S.) others.
Among the above-discussed lightning market industry, the OSRAM Licht A.G. was ranked in the number 1 position. The company holds the number one position because they focus on the strategies that contain new product launches and acquisitions of the global market. The company signed the agreement with LEDVANCE to expand the market value and revenue of the solid-state lighting market. The company has diversified business operations along with a strong portfolio of lighting solutions in the solid-state lighting market.
The segmental market analysis:
The regional analysis of global lightning market:
The Asia Pacific regions are expected to grow for the significant growth that holds the largest market share of solid-state lighting applications. The market share is calculated for the forecast period. There are multiple players for regional analysis that includes China, Germany, India, and Japan. There are some key players of the market Seoul semiconductor, Osram Licht AG, Aixtronse, etc., that play a key role in the regional analysis of the market report. The increasing adoption of solid-state led lighting presents indoor and outdoor lighting applications. The developing countries are responsible for the growth of the solid-state lighting market that has an expected growth of CAGR up to2017 TO 2023. Because of the increasing popularity of the energy-saving application, the growing demand of the solid-state lighting market is increasing. The increasing infrastructure in the region of the middle east and Africa plays a major factor in the growth of the solid-state lighting market.
The study objective of the global solid-state lighting market:
The covid 19 analysis on the market:
Because of the increasing covid 19 pandemics, various industries, including solid-state lighting solutions, are going through a halt, multiple private and government organizations are getting lower revenue. Most people don't want to invest their money in this field. It already influences numerous lives and organizations. The pandemic affects the market in terms of difficulties like lack of hardware, deficiency in labor, and difficulties for wellbeing and security. But still, the global market key players are performing these things by making the team.
The growing opportunity of global solid-state lighting market:
The automotive solid-state lighting devices have made tremendous changes in the last few years. There are m, any innovations and adaptive technologies occurred penetrated the market. The first growing opportunity of the market growth is occurred due to ambient lighting. The evolution of microcontrollers and LED light has an adaptable modular format. The cost of LED products is expected to drop down in the next five years. The LED lights are used for the exterior light, daytime lights, and indicators. These LED lights are also used in the instrument and ambient lighting.
Multiple challenges in the market of solid-state lighting market:
With the increasing number of product variations, various key players are entering the market. The rapidly rising factors cost more in the development that becomes an important issue for manufacture. Product testing plays a critical role in increasing the confidence of quality buyers and sellers. To meet the needs of the lighting market, testing costs will have to decrease to allow faster and more efficient lighting product line development of solid-state lighting design.
The recent developments of this market:
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Panasonic Corporation (Japan), Royal Philips Electronics N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), Eaton Corporation PLC (Ireland), Acuity brands lighting, General Electric (U.S.), Osram Licht AG (Germany), Energy Focus, Inc. (U.S.), Cree, Inc. (U.S.) and Intematix corporation (U.S.)|
|Key Market Opportunities||Increasing initiatives from government and increasing use of plasma lights in horticulture.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The North American region is expected to encouraged by the potential in the region.
The automotive lighting and medical lighting are anticipated to push the growth momentum of the market.
The expected solid-state lighting market is expected to be increased to a CAGR of 8%
The market challenges are named Eaton Corporation PLC (Ireland), Cree, Inc. (U.S.), The challengers in the market Cree, Inc. (U.S.), Energy Focus, Inc. (U.S.), Eaton Corporation, PLC Samsung Electronics Co. Ltd. (South Korea) and Acuity brands lighting, Inc. (U.S.), General Electric (U.S.).
The factors inspiring the solid-state factors are the energy-efficient LED lights and increasing demand for market growth.