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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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/solid-state-lighting-market-4582

Browse 150 market data tables* and 90 figures* on “Solid State Lighting Market- Global forecast to 2028”

Key Trends and Analysis of the Global Solid State Lighting Market:

  • Growing demand of solid state lighting in Asia Pacific region, led by India, Japan, and China, due to expanding population and need for smart cities will boost the market growth of solid state lighting industry. Solid state lights are easy to operate and integrate with processors, sensors, and network interfaces, making them ideal for the Internet of Things (IoT), which is a key component of smart city initiatives. Increased development of power plants and energy substations could boost lighting demand in the energy and utilities sector, boosting market growth.
  • North America is expected to exhibit significant growth during the forecast period. Due to the government initiatives in the North America to adopt energy-efficient and eco-friendly technologies for illumination, such as banning incandescent bulbs, and widespread adoption of solid state lighting systems across various industries is expected to drive the solid state lighting market.
  • Europe is ranked second in terms of demand for solid state lighting. By 2028, this region will see the significant changes and growth, resulting in greater market size. Solid state lighting, especially the usage of LEDs and OLEDs for general illumination, is a promising technology with a lot of room for expansion in Europe. The European Commission's Green Paper on SSL (Solid state Lighting) lays forth a roadmap for the development of SSL in Europe. The present research backs up the green paper's recommendation for SSL adoption.
  • Major players operating in the global solid state lighting market include Acuity Brands, Cree, 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.
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