The global solid state lighting system market is expected to generate approximately US$ 89,077.2 million by 2032, up from US$ 36,480.8 million in 2022, with a CAGR of 9.3% over the forecast period.
Solid-state lighting (SSL) are the type of lighting which features semiconductor light-emitting diodes (LEDs), polymer light-emitting diodes (PLED) or organic light-emitting diodes (OLED), as sources of lighting instead of plasma i.e. used in arc lamps such as fluorescent lamps, electrical filaments, , or gas.
Solid state lighting system has the potential to reduce lighting energy consumption globally, as they are ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting.
Some other features which attract consumers for adoption of solid state lighting systems include low power consumption, ability to withstand strong vibrations, no mercury content, no or minimum UV and IR radiation, ultra-long source life and digital controllability. Increasing application of solid state lighting systems in automobiles is a factor that is expected to drive the growth in the coming years.
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Global Solid State Lighting System Market: Drivers and Challenges
Standard regulations and increasing awareness among the population about the key features of solid state lighting systems are the factors expected to encourage the adoption of solid state lighting globally impacting positively to the global solid state lighting systems market during the forecast period.
The innovative new products are compact and have interchangeable modules that addresses few of the barriers to widespread adoption of LED technology that includes precise current and heat management and the necessary optical design for superior illumination.
The unique format allows lighting fixture OEMs to convert their current fixture designs for LEDs and be ready for future LED technology advances. Smart lighting systems, both outdoors in public spaces such as roads and parking lots and indoors in office buildings and warehouses, are essential in moving forward and in which solid state lighting systems is playing a prime role.
With increasing number of offering in the lighting space and rising number of local players in the market it is becoming a challenge for the vendors to offer lighting solutions for the customer at a competitive price featuring all the advanced technologies in it.
Global Solid State Lighting System Market: Regional Outlook
On the basis of regions, global solid state lighting system market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Asia Pacific is likely to continue its lead position over the forecast period. The growth of this regional market is largely fuelled by economic development in China, India, and Indonesia. The continuous penetration of consumer electronics is among the key factors for the healthy pace of growth of the Asia Pacific market. North America holds a notable share in the market as it is home to several key vendors for solid state lighting.
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Global Solid State Lighting System Market: Competition Landscape
Some of the key players for solid state lighting system market are General Electric Company, Osram Licht AG, Seoul Semiconductor Co., Ltd., Intematix Corporation, Bridgelux, Inc., Cree, Inc., Acuity Brands Lighting, Inc., Advanced Lighting Technologies, Inc., Energy Focus, Inc., LED Engin, Inc., Toyoda Gosei Co., Ltd., TCP International Holdings Ltd., Aixtron Se, Samsung Electronics Co. Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Eaton Corporation, NICHIA Corporation, Koninklijke Philips N.V., and Applied Materials Inc., and Bright Light Systems
Key Segments Profiled In The Solid State Lighting System Market Survey
By Technology:
- LEDs
- High Intensity Discharge (HID) Lighting
- Others
By Application:
- General Lighting
- Automotive Lighting
- Others
By Sector:
- Residential
- Commercial
- Industrial
- Outdoor
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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The post Solid State Lighting System Market is expected to hit a revenue of US$ 36.5 Bn in 2022 and cross US$ 89 Bn by the year 2032 end | Get data insights from FMI appeared first on Future Market Insights.
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