The solid state lighting market, as per the report published by Market Research Future (MRFR), is likely to gain quick mileage over the next couple of years. The study asserts that the global market is anticipated to expand at 8% CAGR over the evaluation period 2016 to 2022. It has also been estimated in the assessment that the market is likely to achieve a valuation of USD 23 Bn by the end of the forecast period.
The technology is extensively used by LEDs, PLEDs, and OLEDs. It is gaining popularity over traditional lighting technologies owing to its key advantages such as longer life span and higher efficiency. This, in turn, ensures that the solid state lighting market is poised to earn high revenues in the years to come.
Solid state lightings have proven to be a better source of illumination on account of energy consumption. Increasing investments in energy-efficient solutions are anticipated to propel proliferation of the market in the nearby future. In addition, the cost-effectiveness of the product is also projected to support growth of the solid state lighting market over the next few years. These lights are eco-friendly in nature and can operate in low temperatures. Thus, it is prognosticated to witness proliferation applications over the forecast period.
The technology is likely to attract massive investments in the developing regions. Rapid urban migration and industrialization are presumed to boost the demand for technology across the review period. The governments are also investing in the replacement of conventional lights with solid state lighting solutions. It is expected to catalyze growth of the global market in the foreseeable future.
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The segments of the global solid state lighting market, on the basis of technology, are organic light emitting diodes (OLED), light emitting diodes (LEDs), and polymer light emitting diodes (PLED).
The segmental analysis of the solid state lighting market, based on application, covers – residential, commercial, automotive, outdoor lighting, medical, consumer electronics, transportation, and others.
This report includes an exhaustive regional evaluation of the global solid state lighting market, which identifies North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW) as the key regional segments. These regions are further studied on a country-level basis for an in-depth analysis. North America is prognosticated to hold the pole position through the forecast period. Increasing investments in the region for the replacement of the conventional incandescent and fluorescent lightings are likely to drive the expansion of the solid state lighting market in the years to come. The U.S. is poised to play a crucial role in the development of the regional market over the next couple of years. Europe is currently at the second position in the global market place followed by Asia Pacific. These regions are important growth pockets and are anticipated to exhibit considerable growth in the upcoming years.
Royal Philips Electronics N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), Panasonic Corporation (Japan), Acuity brands lighting, Inc. (U.S.), Eaton Corporation PLC (Ireland), Cree, Inc. (U.S.), General Electric (U.S.), Intematix corporation (U.S.), Energy Focus, Inc. (U.S.), and Osram Licht AG (Germany) are few of the top-notch players of the global solid state lighting market. The competitive landscape of the market represents healthy competition among international and regional players. The future trajectory is assessed to attract investment which is presumed to pave the way for new entrants over the next couple of years. The players are also anticipated to invest in regional expansion and increasing production levels to gain competitiveness over others. This, in turn, assures that the solid state lighting market is set to remain lucrative in the years to come.
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