The market for solid state lighting systems is anticipated to grow at a compound annual growth rate (CAGR) of 9.3% over the course of the forecast period, from US$ 36,480.8 million in 2022 to US$ 89,077.2 million by 2032.
When light is produced by semiconductors, polymers, or organic light-emitting diodes (OLEDs) rather than plasma, as in arc lamps like fluorescent lights, electrical filaments, or gas, the lighting system is referred to as solid-state lighting (SSL). Because solid-state lighting systems are twice as efficient as fluorescent lighting and 10 times more efficient than incandescent lighting, they have the potential to lower world lighting energy consumption.
Some other features that attract consumers to the adoption of solid-state lighting systems include low power consumption, the ability to withstand strong vibrations, no mercury content, no or minimum UV and IR radiation, ultra-long source life, and digital controllability. The increasing application of solid state lighting systems in automobiles is a factor that is expected to drive 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 the global solid state lighting systems market during the forecast period. The innovative new products are compact and have interchangeable modules that address a few of the barriers to the widespread adoption of LED technology including 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 are playing a prime role.
With an increasing number of offerings in the lighting space and a 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.
Global Solid State Lighting System Market: Regional Outlook:
Based on regions, the global solid state lighting system market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the 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 of the market as it is home to several key vendors for solid-state lighting.
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
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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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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