What is the global market size of Solid State Lighting Market?

Solid State Lighting Market size was valued at USD 39.35 billion in 2021 and is poised to grow from USD 44.03 billion in 2022 to USD 96.74 billion by 2030, at a CAGR of 11.90% during the forecast period (2023-2030).

Global Solid State Lighting Market Size, Share, Growth Analysis, By Installation Type(New Installation and Retrofit), By Type(LED, OLED) - Industry Forecast 2024-2031

Report ID: SQMIG55F2022 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 61 | Figures: 77

Global Solid State Lighting Market Dynamics

Solid State Lighting Market Drivers

Efficiency in Energy

One of the primary drivers for the adoption of solid state lighting is its superior energy efficiency. LEDs and OLEDs consume significantly less energy than traditional lighting technologies, resulting in reduced electricity bills and lower carbon emissions. The growing global emphasis on energy conservation and sustainability is driving the demand for energy-efficient lighting solutions.

Long Lifespan and Durability

Solid state lighting products have a much longer lifespan compared to traditional lighting technologies. LEDs, in particular, can last up to 50,000 hours or more, leading to reduced replacement and maintenance costs. This characteristic makes solid state lighting highly attractive for applications where frequent bulb replacements are impractical or costly, such as street lighting, high-ceiling installations, and industrial settings.

Solid State Lighting Market Restraints

Quality and Performance Variability

The solid-state lighting market encompasses a wide range of manufacturers and products, leading to variability in quality and performance. Not all LED or OLED products are created equal, and there can be disparities in terms of brightness, color consistency, and lifespan. This variability may create concerns for customers who are seeking reliable and consistent lighting solutions. It is crucial for buyers to carefully assess the quality and performance specifications of solid-state lighting products to ensure they meet their requirements.

Global Solid State Lighting Market Report Snapshots

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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).

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. 'Signify NV (Netherlands)', 'OSRAM GmbH (Germany)', 'Cree, Inc. (United States)', 'Nichia Corporation (Japan)', 'Lumileds Holding B.V. (Netherlands)', 'Samsung Electronics Co., Ltd. (South Korea)', 'LG Innotek Co., Ltd. (South Korea)', 'Seoul Semiconductor Co., Ltd. (South Korea)', 'Eaton Corporation PLC (Ireland)', 'Zumtobel Group AG (Austria)', 'Acuity Brands, Inc. (United States)', 'General Electric Company (United States)', 'Panasonic Corporation (Japan)', 'MLS Co., Ltd. (China)', 'Everlight Electronics Co., Ltd. (Taiwan)', 'Bridgelux, Inc. (United States)', 'TCP International Holdings Ltd. (Switzerland)', 'Cree Hong Kong Limited (Hong Kong)', 'Hubbell Incorporated (United States)', 'Feit Electric Company (United States)', 'Cooper Industries, LLC (United States)', 'Seoul Viosys Co., Ltd. (South Korea)'

One of the primary drivers for the adoption of solid state lighting is its superior energy efficiency. LEDs and OLEDs consume significantly less energy than traditional lighting technologies, resulting in reduced electricity bills and lower carbon emissions. The growing global emphasis on energy conservation and sustainability is driving the demand for energy-efficient lighting solutions.

Focus on Human-centric Lighting: Human-centric lighting, also known as circadian lighting, is gaining attention in the solid-state lighting market. This approach emphasizes the impact of lighting on human health, well-being, and productivity. Solid state lighting technologies, with their controllability and colour tuning capabilities, can mimic natural light cycles and adjust lighting conditions to promote better sleep, mood regulation, and enhanced performance. The integration of sensors and intelligent control systems enables dynamic lighting scenarios that adapt to the needs of individuals or specific environments.

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.

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Global Solid State Lighting Market Size, Share, Growth Analysis, By Installation Type(New Installation and Retrofit), By Type(LED, OLED) - Industry Forecast 2024-2031

Global Solid State Lighting Market Dynamics

Global Solid State Lighting Market Report Snapshots

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