Solid State Lighting Global Market – Overview
Solid state lighting is gaining traction owing to its energy-saving benefits. OLED, PLED or LED are the commonly used tube/bulb technology in solid state lighting system. These lighting systems are integrated with special semiconductors that assist in converting electricity into light. Benefits such as low power consumption, long life, and small & flexible size are prompting consumers to switch to solid state lighting system from other conventional lighting systems. Rising global trends of finding energy sustainability and clean energy usage is also expected to drive the sales of solid state lighting in the forthcoming years. Market Research Future (MRFR)’s in its latest report has revealed that the global market for solid state lighting will exhibit a CAGR of 8% during the forecast period (2016-2022).
The advance structural design of solid state lighting devices make them more durably and shock-resistant than conventional filament wires and brittle glass based bulbs. In addition, absence of filament evaporation issues, further increase the product life cycle. The swelling demand for energy efficient lighting solutions, which conform to greater productivity and high durability requirements along with environmental implications, is playing an important role in propelling the growth of the solid state lighting market. Such lighting systems are witnessing incredible among success in developing countries were the need for sustainable power and lighting system is more.
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Latest Industry Trend and News:
Acuity Brands, Inc. recently revealed that location-powered mobile specialist Verve(TM) is partnering with the company in its Atrius(TM) IoT ecosystem. This will allow verve to bolster its out-of-store and in-store shopper data and engagement solution for brands and retailers.
Leading technology firm Osram Licht AG has reportedly agreed to acquire BAG Electronics GmbH, a light component manufacturer for an undisclosed amount. The move will allow Osram to expand its electronic component business.
Global Market for Solid State Lighting – Competitive Dashboard
Osram Licht AG (Germany), Panasonic corporation (Japan), Acuity brands lighting, Inc. (U.S.), Eaton corporation PLC (Ireland), Energy Focus, Inc. (U.S.), Royal Philips Electronics N.V. (Netherlands), Samsung electronics Co. Ltd. (South Korea), Cree, Inc. (U.S.), General electric (U.S.), and Intematix corporation (U.S.). are some key market participants profiled in MRFR’s report.
Global Market for Solid State Lighting – Segmental Analysis
On the basis of technology, the global solid state lighting market has been segmented into organic light emitting diode (OLED) and light emitting diode (LED). On the basis of application, the market has been segmented into transportation, residential, commercial, consumer electronics, and outdoor lighting. By application, the market has been segmented into commercial, automotive, transportation, consumer electronics, outdoor lighting, residential and medical.
Solid state lighting market in North America is expected to remain highly lucrative throughout the assessment period. This is primarily owing to increased government efforts to adopt energy efficient technologies such as OLED and LED. The use of incandescent bulb has dropped in countries such the US and Canada, which supporting the growth of the market. Meanwhile, Europe is expected to retain it second position over 2022. Increased demand for solid state lighting in both commercial and residential sectors is driving the sales of solid state lighting in Europe. During the forecast period, Asia Pacific (APAC) is also expected to witness a health growth.
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- Consumer electronics vendors
- Transportation LED vendors
- Research & consultants
- Distributors and resellers
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