Solid State Lighting Market, by Type, by Application, by Installation Type, by End User, and by Region - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Solid state lighting (SSL) is a type of lighting that includes semiconductor light-emitting diodes (LEDs), organic light-emitting diodes (OLEDs), or polymer light-emitting diodes (PLEDs). Solid state lighting has a number of advantages over traditional thin plastic tubes/bulbs, including greater stress and vibration resistance, higher quality light output, smaller and more flexible lighting fixtures, and a longer product life span. Solid state light is mostly used in traffic lights, car lights, street and parking lot lights, railway lights, building exteriors, and remote controls. Solid state lighting is gaining popularity among end users such as industrial, commercial, and others. The growing usage of ultraviolet light, along with government initiatives, are boosting growth of global solid state lighting market. The industry's major driving forces include technical progress and reduced maintenance costs. At the same time, the solid lighting industry is constrained by expensive equipment costs, high implementation costs, and a lack of awareness.

Market Dynamics

Solid state lighting refers to an LED light that is a full lighting component designed for a specific application. Due to the smaller size of the LEDs, these systems are usually more compact than classic "lamp" powered lighting systems. In several lighting applications, solid state lighting (SSL) has developed to the point where the light-emitting diode (LED) is now the dominant light source.

For instance, according to International Energy Agency (IEA) report, LED sales surpassed a significant milestone in 2019, with more than 10 billion units sold worldwide, including both light sources (bulbs, tubes, modules) and luminaires. LED deployment is progressing in both residential and commercial settings, and LED sales has already surpassed fluorescent light sales. LED use has risen dramatically in recent years, from 5% of global lighting sales in 2013 to almost half of global lighting sales in 2019, with integrated LED luminaires accounting for a growing percentage. LEDs were originally employed in signal devices such as traffic lights and exit signs, then in select limited illumination applications such as flashlights, and finally in most general illumination applications, from residences to business spaces to outdoor lighting, due to technological advancements.

Solid state lights are more energy efficient than any other lighting sources. LEDs are the ideal lighting choice for public areas because of their extended life. This factor has a significant influence since end consumers choose lighting systems and technologies that consume less energy. With continuous improvements in light efficacy, quality, and operational life, demand for solid state lighting technology is expected to grow rapidly. High-brightness LEDs, which are utilized for traffic lights, signs, and automobile backlights, have boosted solid state lighting technology.

Solid state lighting and LED are more widely used in the automobile sector. LED adoption is driving development and enhanced functionality in automotive lighting, which is beginning to filter down from high-end vehicles to mid-range and low-end vehicles. The demand for variety also drives the use of solid-state lighting (SSL). For instance, in developed nations, such as North America, Canada, Finland, and Denmark, lighting patterns established with daytime running lights (DRL) and rear light designs are increasingly becoming a must-have.

The costs of implementation and equipment of SSL are high. While solid-state and other energy-efficient lighting can save money in the long term, the cost of implementation and equipment is quite expensive at first. LED bulbs are more expensive than traditional incandescent lighting. When the extended lifespan of the SSL lamp is considered, as well as the long-term decrease in energy usage, customers may find that utilizing SSL lights in as many settings as feasible saves the money.

The market of solid state lightning in Asia Pacific is growing because of the rising usage of solid-state lighting in both indoor and outdoor lighting in emerging nations such as India and China. Increasing demand for warehouse lighting as a result of China's and India's rising industrialization and expansion of the automotive industry is expected to propel the market forward.

Key features of the study:

• This report is a comprehensive and in-depth research of the global solid state lighting market, with an emphasis on global market trend analysis
• The report's goal is to give clients a high-level overview of the solid state lighting, as well as extensive market segmentation by type, end user, application, installation type and region. During the forecast period, the global solid state lighting market is predicted to rise rapidly.
• The research covers major trends and opportunities in the global solid state lighting, as well as critical information on the market position of the major solid-state lighting industry companies
• This report includes market size and forecast estimates for five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America, from 2021 to 2028. The Solid-State Lighting market is further segmented by nations and segments in each region.
• The study explores demand and supply side factors driving the global solid state lighting market, as well as key dynamics impacting the market throughout the projected period, such as drivers, restraints, opportunities, and future trends
• With the increased demand for solid-state lighting in the worldwide industry, key participants in the global solid state lighting market are expected to benefit from attractive growth prospects in the future.
• Companies covered as a part of this study 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 System, AIXTRON, Applied Materials, Bridgelux, and Energy Focus Inc.
• Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics

Detailed Segmentation:

Global Solid State Lighting Market, By Type:

• LED
• OLED
• PLED

Global Solid State Lighting Market, By Application:

• Indoor Lighting
• Outdoor Lighting

Global Solid State Lighting Market, By Installation Type:

• New Installation
• Retrofit

Global Solid State Lighting Market, By End User:

• Commercial
• Residential
• Industrial
• Automotive
• Healthcare
• Entertainment
• Others

Global Solid State Lighting Market, By Region:

• North America

By Country:

• U.S.
• Canada
• Asia Pacific

By Country:

• China
• India
• Japan
• Australia & New Zealand
• South Korea
• Rest of Asia Pacific
• Europe

By Country:

• Germany
• Italy
• U.K.
• France
• Spain
• Russia
• Rest of Europe
• Latin America

By Country:

• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East and Africa

By Country/Region:

• GCC Countries
• South Africa
• Rest of Middle East and Africa

Company Profiles:

• Acuity Brands*
• Company Overview
• Product Portfolio and Specifications
• Financial Performance
• Strategic Overview
• Recent Developments/Updates
• 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
• Energy Focus Inc.

“*” marked represents Key Pointers are applicable to other companies as well