USD 44.03 billion
Report ID:
SQMIG55F2022 |
Region:
Global |
Published Date: April, 2024
Pages:
182
|
Tables:
61 |
Figures:
77
Global Solid State Lighting Market size was valued at USD 44.03 billion in 2022 and is poised to grow from USD 49.27 billion in 2023 to USD 121.12 billion by 2031, at a CAGR of 11.9% during the forecast period (2024-2031).
The market is anticipated to increase as a result of rising consumer awareness of energy-efficient LED (Light Emitting Diode) lights, the use of solid-state lighting in more applications, such as automotive, medical, and outdoor lighting, and the development of smart city technologies. Due to its many advantages, including its long lifespan, superior light output quality, built-in safety, small size, and high durability, solid state lighting is utilized in a variety of applications.
Businesses are spending a lot of money on research and development in an effort to increase the effectiveness and performance of their products while lowering costs in order to stay competitive. In order to reach a larger clientele, they are also concentrating on extending their product lines and distribution networks.
US Solid State Lighting Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 44.03 billion
Largest Segment
Retrofits
Fastest Growth
New Installations
Growth Rate
11.9% CAGR
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Global Solid State Lighting Market is segmented on the basis of type, installation type, application and region. by type, the market is segmented into led, oled, pled. by installation type, market is segmented into new installation and retrofit. by application, the market is segmented into indoor, outdoor, specialty. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Solid State Lighting Market Analysis by Installation Type
The segment that specializes in retrofits now has the largest market share and is anticipated to expand at a CAGR of 12.1% over the next few years. Retrofitting is the process of updating outmoded or already-existing lighting fixtures and bulbs to produce more light with a warmer color temperature while consuming less energy. If fixtures need to be updated to support solid-state lighting technology, retrofitting is a highly economical option. It is anticipated that cost-coverage would occur fast because of the reduction in energy demand. Solid-state lighting producers should invest in the creation of innovative retrofit lighting that can be used with a variety of fixtures. Consumers may choose from a variety of lighting options while still using the same fixture thanks to this pattern, which is expected to fuel the demand for solid-state lighting in the years to come.
New solid-state lighting installations can be found in newly built homes, businesses, and lighting infrastructure. Solid-state lighting has a huge market opportunity due to the demand for brand-new dwellings to support the population's exponential increase. Profitable chances for market expansion can also be found in growing new firms and expanding already established ones. Due to recent public infrastructure expansion in a number of nations, there is a growing demand for lighting systems that are energy-efficient, have long service lives, and require less maintenance.
Solid State Lighting Market Analysis by Application
The market's biggest contributor, indoor lighting, is anticipated to expand at a CAGR of 12.2% over the forecast period. Offices, schools, supermarkets, retail malls, hotels, sports stadiums, and warehouses are examples of indoor facilities that have lighting. LEDs' customizable design, high level of energy economy, and long lifespan are what fuel demand for indoor lighting solutions. In light of the fast-growing retail and hotel industries, it is predicted that the solid-state lighting market would grow. A huge opportunity for market expansion exists due to the faster usage of LEDs in interior lighting applications.
Outdoor lighting consists of illumination in public areas including streets, security lighting, leisure lighting, and other lighting. A key benefit of more effective outdoor lighting is for the government and electric utilities. The increased use of high-efficiency street lighting is expected to save cities across the country, according to the U.S. Department of Energy, $1 billion annually. The need for brighter light in outdoor applications and more robust light panels and bulbs is predicted to drive market growth. The solid-state lighting business is growing because LEDs consume less energy than conventional lighting systems.
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The largest market participant globally, Asia-Pacific is anticipated to develop at a CAGR of 13% over the forecast period. The market for solid-state lighting in the Asia-Pacific region is dominated by governmental legislation and regulations, which encourages long-term financial investments in the industry. A potential opportunity for market expansion is also created by the rising popularity of smart lighting in Asia-Pacific. Thanks to technical developments, the LED industry in Asia-Pacific is expanding. The advantages of LEDs, such as their long durability, dependability, and tiny size, are driving the market's expansion. The rising demand for low-power lighting options will present numerous opportunities for the market's top competitors.
North America is expected to expand considerably throughout the course of the projection period. The North American market study includes the three nations of Mexico, Canada, and the United States. In order to encourage the adoption of solid-state lighting that is energy efficient, the governments of these countries are investing heavily. To take advantage of potential business chances in the area, players in the solid-state lighting industry are anticipated to diversify their clientele. As a result of technological developments, innovations, and investments in the industry, North America is one of the biggest revenue providers to the global market. In addition, it is expected that the market for solid-state lighting would expand at a rapid rate due to the growing popularity of smart lighting options.
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Solid State Lighting Market Drivers
Efficiency in Energy
Long Lifespan and Durability
Solid State Lighting Market Restraints
Quality and Performance Variability
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Due to ongoing research and development, as well as the efforts of value chain actors, the global solid state lighting market is extremely competitive. Significant firms are also putting various corporate growth strategies into practice in order to strengthen their presence on a regional and global level.
Solid State Lighting Market Top Player’s Company Profiles
Solid State Lighting Market Recent Developments
In March 2024, Semilux International Ltd. (NASDAQ: SELX), a company specializing in application-specific integrated circuit (ASIC), LiDAR, and ADB components and solutions, revealed the commencement of a research and development (R&D) program. The program involves collaboration with academics and scholars from universities in Taiwan to jointly develop an advanced domestic solid-state LiDAR module tailored for automotive applications.
In October 2023, GRE Alpha chose Global Lighting and Controls as their marketing partner following a thorough evaluation process. Global Lighting and Controls stood out for their deep understanding of the LED component marketplace and their strong organizational capabilities.
In April 2023, SK and Korea Hydro & Nuclear Power (KHNP) forged a strategic collaboration agreement with TerraPower, a US-based company specializing in small modular reactor (SMR) designs. This partnership aims to lead the market for SMRs, which are considered the next-generation of the energy sector.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global solid state lighting market has been experiencing significant growth and transformation in recent years. Solid state lighting technologies, primarily LEDs and OLEDs, have revolutionized the lighting industry by offering numerous advantages over traditional lighting solutions. These technologies provide energy efficiency, long lifespan, environmental sustainability, and versatile design possibilities. The market has witnessed increased adoption of solid-state lighting across various applications, including residential, commercial, industrial, and outdoor lighting. The residential segment has seen substantial growth due to the emphasis on energy conservation and the increasing demand for smart lighting solutions. In the commercial and industrial sectors, solid state lighting is favoured for its energy savings, maintenance cost reduction, and improved lighting quality. One of the key drivers of the solid-state lighting market is the push for energy efficiency and sustainability. Governments worldwide are implementing regulations and incentives to encourage the adoption of energy-efficient lighting solutions, driving the market's growth. Additionally, the growing awareness of environmental issues and the need to reduce carbon emissions have further accelerated the demand for solid state lighting.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 44.03 billion |
Market size value in 2031 | USD 121.12 billion |
Growth Rate | 11.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Solid State Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solid State Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Solid State Lighting Market:
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Product ID: SQMIG55F2022