DUBLIN--(BUSINESS WIRE)--The "Solid State Lighting Market by Type, Installation Type, and Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global solid state lighting market was valued at $32. 65 billion in 2019 and is projected to reach $74. 25 billion by 2027, registering a CAGR of 12. 2% from 2020 to 2027.
Solid state lighting depends on the conversion of electricity into visible light with the use of solid materials. It offers unprecedented high conversion efficiency of direct electricity-to-light. It is highly effective in terms of energy consumption compared to the traditional incandescent and fluorescent lighting. Moreover, solid state lighting is gaining popularity globally due to increase in demand for energy-efficient lighting systems.
Energy saving majorly drives the growth of the solid state lighting market as solid state luminaries are highly energy-efficient and cost-effective. Moreover, remarkable technical features of this type of lighting, increase in governmental initiatives to aid sustainable development, and The rise in awareness among population about effects of lighting on human health are expected to further boost the solid state lighting market growth. Furthermore, emergence of smart lighting and fostering innovations to increase efficacy of solid state luminaries offer lucrative growth opportunities. However, a lack of control compatibility and heat management issues due to small size are some of the prominent factors that hinder the growth of the solid state lighting market. Consequently, the solid state lighting market necessitates technological investments to accelerate the market growth in new applications.
The solid state lighting market is segmented by type, installation type, application, industry vertical, and region. Based on type, the market is classified into LED, OLED, and PLED. Based on installation type, it is bifurcated into new installation and retrofit. By application, it is segmented into indoor lighting, outdoor lighting, and specialty lighting. By end user, it is divided into residential, industrial and commercial, medical, transportation, and others. Region-wise, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Market Dynamics
Drivers
- Solid State Lighting Drastically Reduces Energy Consumption
- Increasing Government-Sponsored Industry Consortia
- Remarkable Technical Features Augment of Solid State Lighting Market
- Growing Awareness of Profound Influence of Lighting on Human Health
Restraints
- Lack of Controls Compatibility
- Heat Management of Solid State Luminaries
Opportunity
- Emergence of Smart Lighting Creates Potential Opportunities
- Fostering Innovations to Increase Efficacy of Solid State Lighting
Key Players
- Cree, Inc.
- Energy Focus Inc.
- General Electric Company
- Nichia Corporation
- Osram Licht AG
- Royal Philips Electronics N. V.
- Samsung Electronics Co., Ltd.
- Seoul Semiconductor Co. Ltd.
- Sharp Corporation
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/mf8wtk
