Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Solid state lighting (SSL) is a type of lighting that uses semiconductor light-emitting diodes (LEDs), organic light-emitting diodes (OLEDs), or polymer light-emitting diodes (PLEDs) instead of electrical filaments, plasma (used in arc lamps such as fluorescent lamps), or gas as sources of illumination. Over the forecast period, the global solid state lighting market is expected to develop significantly. The global solid state lighting market is growing due to increased demand for environmentally friendly and energy-saving lighting solutions. Illumination sector technological advancements seek to provide more lighting output with reduced power usage. Growing consumer awareness about energy efficient LED lights, high growth potential in applications such as automotive, medical, and outdoor lighting due to the use of solid state lighting, and emerging smart city technology are among the major factors driving the growth of the global solid state lighting market. Solid state lighting is utilized in a wide range of applications because of its various benefits, including extended life, higher light output quality, inherent safety, compact size, and great durability. As a result, over the forecast period, these factors are likely to enhance the global solid state lighting market. For instance, the net sales of Acuity Brands, a commercial and industrial lighting manufacturer, peaked in the fiscal year of 2018. In the 2020 fiscal year, Acuity Brands generated net sales around US$ 3.3 billion.
The global solid state lighting market is expected to grow as several lighting firms paying attention towards improvement of white LED performance and pricing, LED-based fixture designs will become more efficient, and solid-state lighting products will get a greater share of the mainstream general illumination market. The use of high-brightness (HB) LEDs for lighting applications is gaining traction, especially as HB LED performance (lumen output, efficiency) has improved substantially in the last year, allowing for a larger range of lighting applications. The term "solid-state lighting" has become a widely recognized terminology for the use of LEDs in lighting. Solid state luminaries are very energy-efficient and cost-effective, the solid state lighting industry is primarily driven by energy savings. Furthermore, the global solid state lighting market is anticipated to grow due to significant recent advantages of this form of lighting, an increase in governmental measures to help sustainable development, and a rise in population knowledge about the impacts of lighting on human health. Moreover, the concept of smart lighting and the development of technologies to improve the efficiency of solid state luminaries present attractive growth prospects. Technology investment in the solid state lighting industry are required to drive market growth. As growing consumer awareness about energy efficient LED lights, high growth potential in applications such as automotive, medical, and outdoor lighting due to the use of solid state lighting, and emerging smart city technology are among the major factors driving the growth of the global solid state lighting market.
Global Solid State Lighting Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of them have announced lockdown. COVID-19 has a significant impact on the supply-side as well as the demand side of the manufacturing industry. Companies are quickly evaluating impacts on three fronts: supply chain, market demand, and workforce. COVID-19 crisis has impacted nearly every business, and its long-term consequences are expected to have an influence on industry growth during the forecast period. The COVID-19 outbreak had a negative impact on the solid state lighting source business, with manufacturing activities being temporarily halted throughout key manufacturing centers, and supply chain resulting in a significant output slowdown. In addition to affecting manufacturing, the ongoing pandemic has impacted customer demand for display-integrated products, which has likely been increased by the lockdown conflict.
Asia Pacific held dominant position in the global solid state lighting market in 2020.
Asia Pacific held dominant position in the global solid state lighting market in 2020, accounting for 28.6% share in terms of value, followed by Europe and North America.
Solid State Lighting Market Report Coverage
||Market Size in 2020:
||US$ 39.9 Bn
|Historical Data for:
||2017 to 2019
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 98.5 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia & New Zealand, South Korea, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Type: LED, OLED, and PLED
- By Application: Indoor Lighting and Outdoor Lighting
- By Installation Type: New Installation and Retrofit
- By End User: Commercial, Residential, Industrial (Automotive, Healthcare, Entertainment, and Others)
Acuity Brands, Cree, Inc., Eaton, GE Lighting, Philips Lighting/Signify, Osram Group, Nichia Corporation, Seoul Semiconductor, Zumtobel Group, Everlight Electronics, GE Lighting, General Electric, Mitsubishi Electric Pvt. Ltd, Intematix, BRIGHT LIGHT SYSTEMS, AIXTRON, Applied Materials, Bridgelux, and Energy Focus Inc.
- Increase in demand of cost effective and energy saving system
- Government initiatives in solid state lighting industry
- New technological opportunities in the industry
- Growing Industrialization is expected to drive the solid state light market
|Restraints & Challenges:
- High initial cost of solid state lighting systems
- lack of awareness among the customers
Figure 1: Global Solid State Lighting Market Share (%), By Region, 2020
Asia Pacific is expected to account for the largest market share during the forecast period, owing to the presence of major key players such as Nichia Corporation, Everlight Electronics, Mitsubishi Electric Pvt. Ltd, and many others in the region. Furthermore, Japan's solid state lighting sector continues to get Japan government’s backing and investment. The Japanese initiatives aimed to take advantage of the massive energy savings and greenhouse gas reductions that have resulted from the development of high-performance white LEDs.
North America is expected to exhibit significant growth during the forecast period, owing to the increasing adoption of solid state lighting in various industries. Most companies are preferring solid state lighting as it is very popular in various industries such as healthcare, commercial, automotive, and many others.
Automotive industry segment is expected to drive the market growth during the forecast period.
Among end user, the automotive segment is expected to hold dominant position in the global solid state lighting market during the forecast period. Automotive manufacturers benefit from solid-state and other energy-efficient lighting technologies because of its high efficiency and extended battery life. The automobile industry is rapidly integrating solid state lighting technology for vehicle application.
Figure 2: Global Solid State Lighting Market Value (US$ Bn) Analysis and Forecast, 2021 - 2028
The global solid state lighting market was valued at US$ 39.9 Bn in 2020 and is expected to reach US$ 98.5 Bn by 2028 at a CAGR of 12.4% between 2021 and 2028.
Major players operating in the global solid state lighting market include Acuity Brands, Cree,Inc., Eaton, GE Lighting, Philips Lighting/Signify, Osram Group, Nichia Corporation, Seoul Semiconductor, Zumtobel Group, Everlight Electronics, GE Lighting, General Electric, Mitsubishi Electric Pvt. Ltd, Intematix, BRIGHT LIGHT SYSTEMS, AIXTRON, Applied Materials, Bridgelux, and Energy Focus Inc.