Solid State Lighting Market Size was valued at USD 150.9 billion in 2022. The solid-state lighting market industry is projected to grow from USD 159.65 Billion in 2023 to USD 250.64 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2023-2032). Rising awareness about energy conservation and sustainability, increased government regulations for energy-efficient lighting solutions, and rising demand for cost-effective and environmentally friendly lighting technologies are the major market drivers propelling the global solid-state lighting market forward.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Solid-state lighting is considered a more viable alternative as it uses 50% and 85% less electricity than fluorescent bulbs and incandescent lights, respectively, making it more environmentally friendly and cost-effective. It has a longer lifespan than other options on the global market, making it the best choice for commercial purposes like libraries and businesses. These factors have supported the market CAGR growth of solid-state lighting. The demand for reduced energy usage, longer lifespan, fewer maintenance costs, and favorable government programs promoting energy conservation are driving the development of energy-efficient lighting systems. For example, initiatives like Energy Star in the United States and the European Union's Eco-design Directive are increasing demand for energy-efficient lighting solutions, contributing to market growth.
Moreover, solid-state lighting solutions, such as LED lighting, are in line with the Sustainable Development Goals (SDGs) of the United Nations, primarily SDG 7 (Affordable & Clean Energy) and SDG 13 (Climate Action). The IEA (International Energy Agency) estimates that the global LED lighting industry may save up to 1,400 TeraWatt-hours (TWh) of power and cut CO2 emissions by 580 million tons by 2030. This rising commitment to energy efficiency and sustainability will fuel global demand for solid-state lighting solutions.
The global solid-state lighting industry is also shifting toward smart lighting solutions. Smart lighting uses advanced lighting technology such as LED, sensors, and networking to enable intelligent lighting control and management. Smart lighting provides capabilities such as remote control, automated dimming and color change, and interaction with smart home systems, making it a popular choice for modern lighting applications. The rising demands for energy-efficient lighting solutions and the growing acceptance of Internet of Things (IoT) technology propel the demand for smart lighting solutions in residential, commercial, and outdoor lighting applications. Thus, driving the solid-state lighting market revenue.
The global solid-state lighting market segmentation, based on technology, includes light-emitting diodes (LED), organic light-emitting diodes (OLED), and polymer light-emitting diodes (PLED). The light-emitting diodes (LED) segment dominated the market, accounting for 42% of market revenue (63.4 billion). When an electric current passes through a light-emitting diode (LED), it emits light. Light colors differ depending on the band gaps of semiconductor materials. The specific wavelength for a given color can be changed by changing the composition of the light-emitting area. Since they started being employed as a general illumination source, LEDs have constantly increased in efficiency. As per the US Department of Energy, LED has been used by more than 40% of the outdoor lighting sector and 50% of the indoor lighting business. This tendency is expected to accelerate the LEDs demand over the predicted period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The organic light-emitting diodes (OLED) segment is expected to grow at the fastest CAGR in the solid-state lighting industry in the coming years. The expanding consumer awareness of the environment, the longevity of OLEDs, and government mandates for energy conservation are driving the growing usage of OLEDs. Organic LEDs are also becoming more popular in medical equipment and biological implants due to their portability, light weight, thinness, and low power consumption.
Based on application, the global solid-state lighting market segmentation includes transportation, commercial, outdoor lighting, residential, and consumer electronics. The outdoor lighting application category generated the most income (38%). Outdoor lighting comprises roadway lighting, security illumination, recreation lighting, and other types of lighting. Improved outdoor lighting efficiency can benefit both the government and energy utilities greatly. According to the US Department of Energy, increased usage of high-efficiency street lighting will result in yearly savings of USD 1 billion for towns nationally. Demand for more robust light panels and bulbs and brighter light in outdoor applications is expected to fuel market growth. Moreover, LEDs consume less energy than traditional lighting systems, promoting the growth of the solid-state lighting industry.
By Region, the study provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World. The North American solid-state lighting market accounted for USD 69.11 billion in 2022 and will likely exhibit a significant CAGR growth in the study period. North America has a growing need for smart lighting solutions with increased control and energy management capabilities. As organizations and consumers focus on sustainability and environmental impact, there is a growing regional demand for energy-efficient lighting solutions. Moreover, government rules and incentives promoting energy-efficient lighting encourage using solid-state lighting technologies. Technological improvements and innovation in the region, particularly in LED technology, smart lighting solutions, and IoT-enabled systems, are opening new market potential.
Also, the major countries studied in the market report are The U.S., German, Canada, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The European solid-state lighting market accounts for the second-largest global market share. European customers increasingly prefer eco-friendly lighting sources over traditional ones, with Germany dominating the market. Developing smart infrastructure and cities across the region drives the market's growth over the forecast period. Solid-state lighting is commonly used in automotive, street lighting, and backlighting. Further, the German solid-state lighting market held the largest market share, and the UK solid-state lighting market was the fastest-growing market in the European region.
The Asia-Pacific Solid State Lighting Market is expected to grow at the fastest CAGR from 2023 to 2032. Government rules and regulations dominate the Asia-Pacific solid-state lighting market, supporting long-term investments in the industry. In addition, the growing popularity of smart lighting in the region brings up significant potential for market expansion. The LED sector in Asia-Pacific is expanding as a result of technological improvements. LEDs' extended durability, dependability, and tiny size drive industry growth. Moreover, China’s solid-state lighting market held the largest market share, and the Indian solid-state lighting market was the fastest-growing market in the Asia-Pacific region.
Leading market players in solid-state lighting actively invest in research and development to expand their product portfolios, driving the market's growth. These firms also engage in strategic actions such as new product releases, contractual agreements, mergers & acquisitions, increased investments, and collaborations with other organizations to grow their global footprint and acquire a competitive advantage in the market. Key market developments in the solid-state lighting industry include advancements in light-emitting diodes (LED) techniques, increasing adoption of energy-efficient lighting solutions, and growing demand for smart lighting systems.
Manufacturers in the global solid-state lighting industry are implementing business strategies such as local manufacturing to reduce operational costs, improve cost-effectiveness, and meet the needs of their customers. LED technology has made significant advances in the solid-state lighting industry, providing advantages in terms of efficiency, durability, and versatility. Major players in the solid-state lighting market, including General Electric, Panasonic Corp., Eaton Corporation PLC, Samsung Electronics, Philips, and others, are attempting to increase market demand by investing in R&D operations.
Panasonic Holdings Corporation (Panasonic), initially Panasonic Corp., develops, manufactures, sells, and services electrical and electronic equipment. Panasonic's product portfolio includes room air conditioners, televisions, fixed phones, digital cameras, video equipment, home audio equipment, solid-state lighting, wiring devices, rice cookers, air-conditioning equipment, air purifiers, and bicycles. It also provides electronic components, mounting machines, welding equipment, PCs and tablets, projectors, batteries, electric motors, electronic materials, semiconductors, and LCD panels. The corporation manages and runs facilities and R&D centers in Japan, Asia, the Americas, and Europe. Panasonic's headquarters are in Kadoma-shi, Osaka, Japan. Panasonic Corporation's newest development in the solid-state lighting industry is introducing its 'EverFit' series of LED floodlights in July 2022. These floodlights are intended for outdoor lighting applications such as stadiums, sports arenas, and large commercial buildings, and they provide exceptional brightness, energy efficiency, and durability. The EverFit series LED floodlights are built to resist varied weather conditions and integrate Panasonic's sophisticated LED technology, making them perfect for outdoor lighting.
Energy Focus Inc is a major developer of environmentally friendly, energy-efficient LED lighting management systems and products for various applications, including commercial, military, maritime, and consumer industries. The EnFocusTM Power Line Controlled commercial LED lighting system upgrade was one of Energy Focus Inc's latest developments in the solid-state lighting sector. This 2020 update reduced the system's cost and made installing, commissioning, and running easier than comparable dimming and color-tuning systems. The EnFocusTM Power Line Controlled lighting system provides advanced lighting control capabilities, energy-efficient LED technology, and increased cost-effectiveness, making it a significant advancement in the solid-state lighting market.
Cree Inc (U.S.)
Royal Philips Electronics N.V. (Netherlands)
Panasonic Corporation (Japan)
Eaton Corporation PLC (Ireland)
Samsung Electronics Co. Ltd (South Korea)
Acuity Brands Lighting
Osram Licht AG (Germany)
General Electric (U.S.)
Energy Focus Inc (U.S.)
Intematix Corporation (U.S.)
August 2023- ETi Solid State Lighting Inc. (ETi), an industry-leading developer of LED lighting systems and luminaires, has formed a strategic alliance with Metra Associates to serve as the sole agent of ETi's lighting portfolio in Florida (US). This relationship between ETi Solid State Lighting and Metra Associates represents a strong synergy between two industry leaders, set to transform the lighting environment in Florida (US) and provide consumers with unrivalled solutions.
August 2023- ETi Solid State Lighting Inc. (ETi) has announced the release of its latest collection, a comprehensive range of outside LED lighting devices that have been precisely created to improve safety, security, and usefulness in outside environments. The expanded portfolio demonstrates ETi's constant commitment to lighting innovation and quality. This line covers a varied variety of outdoor lighting solutions to fulfil the individual demands and preferences of Commercial, Industrial, and Residential clients, with eight cutting-edge products, each created with accuracy and enthusiasm.
October 2021- GE Current, a Daintree firm, acquired Hubbell Inc.'s commercial and industrial (C&I) division. Current will pay USD 350 million for Hubbell Lighting, which includes all of Hubbell Inc.'s lighting-centric businesses except Progress Lighting, subject to regulatory and governmental approvals. Area Architectural Lighting, Beacon, Litecontrol, Kim, Columbia, Prescolite, Alera, Dual-Lite, Compass, Hubbell Outdoor Lighting, and Hubbell Controls Solutions will be included in the agreement.
Light Emitting Diodes (LED)
Organic Light Emitting Diodes (OLED)
Polymer Light Emitting Diodes (PLED)
Transportation
Commercial
Outdoor Lighting
Residential
Consumer Electronics
North America
The U.S.
Canada
Europe
Germany
France
The U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 150.9 billion |
| Market Size 2023 | USD 159.65 billion |
| Market Size 2032 | USD 250.64 billion |
| Compound Annual Growth Rate (CAGR) | 5.8% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Cree Inc (U.S.), Royal Philips Electronics N.V. (Netherlands), Panasonic Corporation (Japan), Eaton Corporation PLC (Ireland), Samsung Electronics Co. Ltd (South Korea), Acuity Brands Lighting, Osram Licht AG (Germany), General Electric (U.S.), Energy Focus Inc (U.S.), Intematix Corporation (U.S.) |
| Key Market Opportunities | Increasing government initiatives and the usage of plasma lights in horticulture |
| Key Market Dynamics | Increased need for cost-effective and energy-saving systems |
Solid State Lighting Market Highlights:
Frequently Asked Questions (FAQ) :
The global solid-state lighting market size was valued at USD 150.9 Billion in 2022.
The global market is projected to grow at a CAGR of 5.8% during the forecast period, 2023-2032.
North America had the largest revenue share of the global market.
The key players in the market are Cree Inc (U.S.), Royal Philips Electronics N.V. (Netherlands), Panasonic Corporation (Japan), Eaton Corporation PLC (Ireland), Samsung Electronics Co. Ltd (South Korea), Acuity Brands Lighting, Osram Licht AG (Germany), General Electric (U.S.), Energy Focus Inc (U.S.), and Intematix Corporation (U.S.).
The light-emitting diodes (LED) category dominated the market in 2022.
Outdoor lighting had the largest share of the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
