Solid State Lighting Market Top Manufacturers, Industry Growth Analysis and Forecast 2027
Summary
A New Market Study, titled “Solid State Lighting Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
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Solid state lighting is a process of generating light with the use of semiconductor LEDs, PLED and etc. Solid state lightings are widely adopted, and it is used in traffic lights, remote controls, vehicle lights, parking lot lights, and train marker lights. Increasing government initiatives to boost the adoption of energy-efficient lighting and lighting in the streets of smart cities is increasing the demand for the solid state lighting industry. The solid state lighting industry has witnessed huge growth with economic growth, the need for lighting systems, raising the income of the consumer.
These products offer so many benefits such as long life, energy efficiency, small size, great light quality. The rising demand for warehouse lighting due to the expansion of the automotive sector all over the world boosting solid state lighting market size. The growing adoption of LEDs in medical devices due to their high portability, low thickness, great light quality, and lightweight is also one of the reasons behind the growth of the solid state lighting industry. The increasing demand for LEDs with software-controllable brightness, LEDs in smartphones, white LEDs boost the solid state lighting market size.
The global solid state lighting industry is growing rapidly with the need for long-life LED lights. The need for energy-efficient lighting in industries like medical, automotive, traffic lighting, and outdoor lighting is one of the major drivers of the solid state lighting industry. In the future, the need for good lighting will increase, and with that, there will be an increase in the demand for solid state lighting technology. The solid state lighting market size is expected to grow with a rate of 8% in the forecast period of 2016-2022.
Market Segmentation
The global solid state lighting market is divided into four segments such as on the basis of installation type, according to the offering, by application, and by region. The installation segment of the solid state lighting industry is divided into two types one is retrofit installation and new installation. The solid state lighting industry segment, according to the offering, includes software, hardware, and other services. The solid state lighting market Segmentation by application includes backlighting, medical lighting, general lighting, and automotive lighting. The solid state lighting market segmentation by region includes North America, Asia Pacific, Europe, and other regions in the world.
Regional overview
The major regions in the solid state lighting industry include North America, Asia Pacific, Europe, and other regions across the globe. North America’s solid state lighting market size led by the United States, Canada is expected to see significant growth by 2024 due to the high demand for horticulture products over traditional products. These products will be very beneficial in farming due to their high efficiency, low maintenance, and low heat generation. The growing need for urban farming in this region is driving the market growth. Asia Pacific region will also have a huge demand for solid-state lighting industry due to increasing population, loT, and smart cities. In Europe, the solid state lighting market size is rising due to the use of LEDs in automotive applicants.
Industry news
The covid-19 pandemic has affected so many business organizations, and it includes solid-state solutions as well. As many industries such as automotive, multiple private and business organizations are closed, they are getting lower revenue. People don’t want to invest any money due to the financial crisis, and it has badly affected the solid state lighting market size. Production is on halt in many industries, due to which the demand for solid state lighting is also decreasing worldwide. After the covid-19 pandemic is over, it is expected that the market will see huge growth in demand.
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