A new study by Report Ocean states that the global solid state lighting market is likely to register a high rise in the years to come. The study is titled “Solid State Lighting Market by Type (Light Emitting Diodes (LED), Organic Light Emitting Diodes (OLED), and Polymer Light Emitting Diodes (PLED)), Installation Type (New Installation and Retrofit), and Application (Indoor Lighting, Outdoor Lighting, and Specialty Lighting), and Industry Vertical (Residential, Industrial and Commercial, Medical, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.”
In 2019, the global solid state lighting market stood at US$32.65 bn. Proliferating at a tremendous CAGR of 12.20% during the period from 2020 to 2027, the market is projected to reach US$74.25 bn by the end of the forecast period.
The worldwide solid state lighting market is majorly driven by the efficient energy saving by solid state lighting products. The energy and cost efficiency of solid state luminaries is fueling their demand among consumers across the world. Moreover, unique technical features of these lightings and the increase in governmental initiatives to aid sustainable development are expected to further boost the market over the next few years. However, the lack of control compatibility and heat management issues, owing to small size, may restrict this market in the near future.
Impact of Covid 19 on Global Solid State Lighting Market
The impact of coronavirus pandemic is more or less visible on almost all the markets across the world, including the global solid state lighting market. Due to the economic slowdown, research activities for the development of new and advanced products have also decreased, reflecting negatively on this market over the last few months. However, with the economies reopening, the market is expected to regain its pace soon.
LED and OLED Report High Demand
The report has analyzed the solid state lighting market on the basis of the type, installation type, application, industry vertical, and the region. Based on the type, the market has been classified into LED, OLED, and PLED. The LED and OLED segments are dominating the global market. Based on installation type, it has been bifurcated into new installation and retrofit.
In terms of the application, it has been segmented into indoor lighting, outdoor lighting, and specialty lighting. The indoor lighting and outdoor lighting segments have been surfaced as the key application areas for solid state lighting. By end user, it has been divided into the residential, industrial and commercial, medical, transportation, and several other industries. Region wise, it has been analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players in the market that are analyzed in this report are Cree, Inc., Energy Focus Inc., General Electric Company, Nichia Corporation, Osram Licht AG, Royal Philips Electronics N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co. Ltd., Sharp Corporation, and Toshiba Corporation.
- The LED and OLED segments are dominating the global market.
- The indoor lighting and outdoor lighting segments have been surfaced as the key application areas for solid state lighting.
The global solid state lighting market is segmented into:
- Light Emitting Diodes (LED)
- Organic Light Emitting Diodes (OLED)
- Polymer Light Emitting Diodes (PLED)
By Installation Type
- New Installation
- Indoor Lighting
- Outdoor Lighting
- Specialty Lighting
By Industry Vertical
- Industrial and Commercial
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- Cree Inc.
- Energy Focus Inc.
- General Electric Co.
- Nichia Corp.
- Osram Licht AG
- Royal Philips Electronics N.V.
- Samsung Electronics Co. Ltd.
- Seoul Semiconductor Co. Ltd.
- Sharp Corp.
- Toshiba Corp.
Company Name: Report Ocean
Contact Person: Nishi Sharma
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