Market Overview

Solid State Lighting Market to Observe More Than 14% CAGR to 2024

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Solid State Lighting Market to Observe More Than 14% CAGR to 2024

Asia Pacific solid state lighting market driven by China, South Korea and Japan is expected to grow at over 12% CAGR to exceed USD 8.5 billion by 2024.

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SELLBYVILLE, Del., Aug. 16, 2018 /PRNewswire-iReach/ -- The global growth report says, "Solid State Lighting Market is predicted to be valued USD 85 billion by 2024." Rising R&D initiatives to improve solid state lighting (SSL) product efficiency and performance may stimulate product demand. Increasing government endorsement and funding along with focus on R&D may accelerate solid state lighting market demand. These products increase energy efficiency, reduce heat dissipation and reduce energy costs which may drive overall industry growth.

Researchers have been able to increase indium content in blue LEDS which enabled the generation of white light by using red, blue and green LEDs. Similarly, the use of halide perovskite nanoparticles was found to improve light generation efficiency which may accelerate growth of solid state lighting market.

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High upfront costs of LED lamps owing to higher component costs and dependence on manual manufacturing techniques may hamper solid state lighting market. Moreover, technological advancement in bulb manufacture has resulted in high-efficiency incandescent bulbs production which are much cheaper and offer better white-light emission which may drive solid state lighting market growth.

North America led by U.S., Canada and Mexico LED market from mining applications surpassed USD 600 billion in 2017. The region is witnessing high disposable income and regulations on incandescent bulb use. LEDs offer high durability, safety, are explosion-proof, and high portability which may accelerate SSL market growth. These products comprise of floodlights, spotlights, mountable automotive lights, string lights, towers and light carts which increases their suitability for mining applications.

Europe solid state lighting market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024. LEDs consist of various products for commercial lighting such as entry & exit signs, shop lights, and flat panels which increase energy efficiency, provide higher lumen output and lifespans exceeding 200,000 hours which is predicted to boost solid state lighting market growth.

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Asia Pacific led by Japan, India, New Zealand and China LED market from automotive applications is poised to exceed USD 8.5 billion up to 2024. These products offer several advantages for automotive lighting such as vibration resistance, long life, moisture-proof encasing, compactness, and various color emissions. Rapid economic improvement, rising infrastructure, favorable government regulations and declining LED prices may stimulate solid state lighting market growth in the region.

U.S. industrial OLED market demand may surpass USD 90 million in the predicted timeframe. These products find use in various industrial applications such as lighting, mobile phone & media-player displays, digital cameras, lighting panels and portable devices. Various product advantages such as flexibility, light weight, suitability for use in large display panels along with increasing government funding for promoting OLED research may boost solid state lighting market (SSL) market growth.

Global solid state lighting market share is fragmented among several key players including Green Rock Lighting, EtiSSL, Cireon, Philips, OSRAM, and General Electric. Major manufacturers prefer to enter into collaborations to expand market share or develop new products and acquisitions to complement their product portfolio and maximize solid state lighting market.

Buy this industry insights spread across 530 pages with 1284 market data tables & 35 figures & charts from the report, "Solid State Lighting Market Size By Technology (LED {By Product [Lamps, Luminaires], By Installation [New, Retrofit], By Application [Indoor  (Residential, Commercial ( Office, Malls, Hospitals), Industrial (Mining, Automotive, Construction), Outdoor (Highway & Roadway, Architectural, Public)}, OLED {By Application [Industrial, Residential, Commercial, Automotive, Hospital, Architectural]}) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Poland, Denmark, Netherlands, China, India, Japan, South Korea, Australia, Malaysia, Thailand, Brazil, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024" in detail along with the table of contents:

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Chapter 3    Solid State Lighting Industry Insights

3.1    Industry segmentation

3.2    Industry size and forecast, 2013 – 2024

3.3    Industry ecosystem analysis

3.3.1   Vendor matrix

3.3.2   Distribution channel analysis

3.3.2.1   Collaborations/Partnerships

3.3.2.2   Acquisitions

3.3.2.3   E-commerce (Online)

3.3.2.4   Distributors

3.4    Regulatory Landscape

3.4.1   U.S.

3.4.2   Europe

3.4.3   China

3.5    Materials for solid state lighting

3.5.1   Inorganic materials

3.5.2   Organic materials

3.5.3   Hybrid materials

3.6    Cost structure analysis

3.6.1   Operating cost estimation

3.6.2   Capital cost estimation

3.6.3   Ownership cost of light

3.7    Pricing analysis

3.7.1   LED

3.7.2   OLED

3.8    Industry impact forces

3.8.1   Growth drivers

3.8.1.1   North America

3.8.1.1.1   Importance of LED technology in horticulture application

3.8.1.2   Increasing R&D and government spending

3.8.1.3   Europe

3.8.1.3.1   Increasing usage in automotive lighting sector

3.8.1.3.2   Ban on incandescent bulbs

3.8.1.4   Asia Pacific

3.8.1.4.1   Government initiatives for the development of smart cities

3.8.1.4.2   Government endorsement of energy-efficient lights

3.8.2   Industry pitfalls & challenges

3.8.2.1   High cost

3.7.2.2    Low brightness and efficiency

3.9    Innovation and sustainability

3.10   Comparison

3.10.1   LED lighting vs Conventional lighting

3.10.2   LED lighting vs Incandescent lighting

3.11   Growth potential analysis, 2017

3.11.1   Emerging business models

3.11.1.1    New product launch

3.11.1.2    Joint Venture

3.11.1.3    Acquisitions

3.12   Porter's analysis

3.13   Competitive landscape, 2017

3.13.1   Strategy dashboard

3.14   PESTEL analysis

3.15   Patent landscape

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/solid-state-lighting-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights, Inc.

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