The global solid state lighting market was valued at US$ 39.9 Billion in 2020 and is expected to surpass US$ 98.5 Billion by 2028, registering a CAGR of 12.4% during the forecast period (2021-2028), according to Global Solid State Lighting Market report, 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)), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) published by Coherent Market Insights.
Solid state technology is a rapidly developing lighting technology that sources its illumination functionality from existing LED, PLED, OLED, and other similar technologies. The system of solid-state lighting includes a huge number of semiconductors as semiconductors are able to turn electricity into light. Its usefulness is improved since it can run on high efficiency even with a low power source. Global solid-state lighting consumes significantly less energy and has a longer life span. Solid state lighting devices are available in a variety of sizes to satisfy the demands and requirements of a wide range of clients. Due to its excellent characteristics and global demand, the global solid state lighting market is anticipated to develop in the coming years. The market for solid state lighting systems is anticipated to grow rapidly due to improved light quality, smaller and more flexible light, and weatherproof design combined with inherent safety. Solid state lighting emits no harmful chemicals or ultraviolet radiation, therefore it is safe for the environment.
The high cost of solid state lighting is the main drawback to its worldwide adoption and market expansion. Furthermore, the inefficiency of solid state lighting in heat-sensitive applications is a restriction on the market for solid state lighting. Due to the pandemic, it is difficult to predict how and when the industry will recover. However, rising demand for displays in medical equipment, such as ventilators and respirators, is likely to keep the global solid state lighting market growing in the coming months.
Policy initiatives of various governments to promote the use of energy efficient lighting, smart city projects, and growing demand from the automotive industry are some of the factors driving the global solid state lighting market forward. Product innovation that results in higher light output, energy efficiency, and product development could help the market to expand. LEDs are increasingly being used in medical devices and biological implants due to their mobility, light weight, thinness, and low power consumption. The development of white LEDs with software controlled brightness and color, as well as rising demand for flexible LEDs in smartphones, are anticipated to accelerate market expansion.
Solid State Lighting Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has become a global epidemic and disrupting a variety of sectors throughout the world. This epidemic has negatively impacted various industries such as automobile, entertainment, and manufacturing industry. The expected slowdown in end user verticals such as industrial, commercial, and automotive industry growth might have a major direct impact on the solid state lighting industry. The current COVID-19 epidemic had a negative impact on the solid state lighting source business, with manufacturing, supply chain activities being temporarily halted in major manufacturing centers, resulting in a significant slowdown in output. Moreover, pandemic has made a negative influence on consumer demand and consumers buying pattern is also changed due to COVID-19 pandemic.
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