USD 49.27
Solid State Lighting Market Size, Share, Growth Analysis, By Offering(Hardware (Lights & Bulbs, Luminaires, Control Systems), Software), By Type(LEDs, OLEDs, Others), By Communication Technology(Wired Technology (Digital Addressable Lighting Interface, Power-Line Communication, Power Over Ethernet, Wired Hybrid Protocols)), By Installation Type(New Installation, Retrofit Installation), By Application(General Lighting (Residential Lighting, Commercial Lighting, Industrial Lighting, Outdoor Lighting), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2022 |
Region:
Global |
Published Date: September, 2024
Pages:
182
|Tables:
61
|Figures:
77
Solid State Lighting Market Insights
Global Solid State Lighting Market size was valued at USD 49.27 billion in 2022 and is poised to grow from USD 55.13 billion in 2023 to USD 121.12 billion by 2031, at a CAGR of 11.9% during the forecast period (2024-2031).
The market is anticipated to increase as a result of rising consumer awareness of energy-efficient LED (Light Emitting Diode) lights, the use of solid-state lighting in more applications, such as automotive, medical, and outdoor lighting, and the development of smart city technologies. Due to its many advantages, including its long lifespan, superior light output quality, built-in safety, small size, and high durability, solid state lighting is utilized in a variety of applications.
Businesses are spending a lot of money on research and development in an effort to increase the effectiveness and performance of their products while lowering costs in order to stay competitive. In order to reach a larger clientele, they are also concentrating on extending their product lines and distribution networks.
US Solid State Lighting Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Retrofits
Fastest Growth
New Installations
Growth Rate
11.9% CAGR
Solid State Lighting Market ($ Bn)
Country Share for North America Region (%)
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Solid State Lighting Market Segmental Analysis
Solid State Lighting Market is segmented based on offering, type, Communication Technology, Installation type, application, and region. By Offering, the market is segmented into Hardware (Lights & Bulbs, Luminaires, Control Systems), Software, and Services (Pre-Installation, Post-Installation). By Type, the market is segmented into LEDs, OLEDs, and Others. By Communication Technology, the market is segmented into Wired Technology (Digital Addressable Lighting Interface, Power-Line Communication, Power Over Ethernet, Wired Hybrid Protocols), and Wireless Technology (Zigbee, Bluetooth/Bluetooth Low Energy, Enocean, Wi-Fi, 6lowpan, Wireless Hybrid Protocols). By installation type, market is segmented into New Installation, Retrofit Installation. By Application, the market is segmented into General Lighting (Residential Lighting, Commercial Lighting, Industrial Lighting, Outdoor Lighting, Architectural Lighting, Educational Lighting), Backlighting (Consumer Electronics Lighting, Digital Signage Lighting, Defense & Avionics Lighting), Automotive Lighting (Head Lighting, Rear Lighting, Interior Lighting), Medical Lighting (Surgical and Treatment Lighting, General/Mounted Lighting, Examination Lighting & Other), and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis by Installation Type
The segment that specializes in retrofits now has the largest market share and is anticipated to expand at a CAGR of 12.1% over the next few years. Retrofitting is the process of updating outmoded or already-existing lighting fixtures and bulbs to produce more light with a warmer color temperature while consuming less energy. If fixtures need to be updated to support solid-state lighting technology, retrofitting is a highly economical option. It is anticipated that cost-coverage would occur fast because of the reduction in energy demand. Solid-state lighting producers should invest in the creation of innovative retrofit lighting that can be used with a variety of fixtures. Consumers may choose from a variety of lighting options while still using the same fixture thanks to this pattern, which is expected to fuel the demand for solid-state lighting in the years to come.
New solid-state lighting installations can be found in newly built homes, businesses, and lighting infrastructure. Solid-state lighting has a huge market opportunity due to the demand for brand-new dwellings to support the population's exponential increase. Profitable chances for market expansion can also be found in growing new firms and expanding already established ones. Due to recent public infrastructure expansion in a number of nations, there is a growing demand for lighting systems that are energy-efficient, have long service lives, and require less maintenance.
Analysis by Application
The market's biggest contributor, General lighting, is anticipated to expand at a CAGR of 12.2% over the forecast period. Offices, schools, supermarkets, retail malls, hotels, sports stadiums, and warehouses are examples of indoor facilities that have lighting. LEDs' customizable design, high level of energy economy, and long lifespan are what fuel demand for indoor lighting solutions. In light of the fast-growing retail and hotel industries, it is predicted that the solid-state lighting market would grow. A huge opportunity for market expansion exists due to the faster usage of LEDs in interior lighting applications.
Automotive lighting is expected to grow at the highest rate during the forecast period. Solid-state and other energy-efficient lighting technology is providing benefits such as high efficiency and long battery life to automotive manufacturers. Owing to these benefits, the automotive sector is largely adopting this technology for use in vehicles.
Solid State Lighting Market By Installation Type
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Solid State Lighting Market Regional Insights
The largest market participant globally, North America is anticipated to develop at a CAGR of 13% over the forecast period. The market for solid-state lighting in the Asia-Pacific region is dominated by governmental legislation and regulations, which encourages long-term financial investments in the industry. A potential opportunity for market expansion is also created by the rising popularity of smart lighting in Asia-Pacific. Thanks to technical developments, the LED industry in Asia-Pacific is expanding. The advantages of LEDs, such as their long durability, dependability, and tiny size, are driving the market's expansion. The rising demand for low-power lighting options will present numerous opportunities for the market's top competitors.
Asia Pacific is expected to expand considerably throughout the course of the projection period. The North American market study includes the three nations of Mexico, Canada, and the United States. In order to encourage the adoption of solid-state lighting that is energy efficient, the governments of these countries are investing heavily. To take advantage of potential business chances in the area, players in the solid-state lighting industry are anticipated to diversify their clientele. As a result of technological developments, innovations, and investments in the industry, North America is one of the biggest revenue providers to the global market. In addition, it is expected that the market for solid-state lighting would expand at a rapid rate due to the growing popularity of smart lighting options.
Solid State Lighting Market By Region
- Largest
- Fastest
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Solid State Lighting Market Dynamics
Solid State Lighting Market Drivers
Efficiency in Energy
- One of the primary drivers for the adoption of solid state lighting is its superior energy efficiency. LEDs and OLEDs consume significantly less energy than traditional lighting technologies, resulting in reduced electricity bills and lower carbon emissions. The growing global emphasis on energy conservation and sustainability is driving the demand for energy-efficient lighting solutions.
Long Lifespan and Durability
- Solid state lighting products have a much longer lifespan compared to traditional lighting technologies. LEDs, in particular, can last up to 50,000 hours or more, leading to reduced replacement and maintenance costs. This characteristic makes solid state lighting highly attractive for applications where frequent bulb replacements are impractical or costly, such as street lighting, high-ceiling installations, and industrial settings.
Solid State Lighting Market Restraints
Quality and Performance Variability
- The solid-state lighting market encompasses a wide range of manufacturers and products, leading to variability in quality and performance. Not all LED or OLED products are created equal, and there can be disparities in terms of brightness, color consistency, and lifespan. This variability may create concerns for customers who are seeking reliable and consistent lighting solutions. It is crucial for buyers to carefully assess the quality and performance specifications of solid-state lighting products to ensure they meet their requirements.
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Solid State Lighting Market Competitive Landscape
Due to ongoing research and development, as well as the efforts of value chain actors, the global solid state lighting market is extremely competitive. Significant firms are also putting various corporate growth strategies into practice in order to strengthen their presence on a regional and global level.
Solid State Lighting Market Top Player’s Company Profiles
- Signify NV (Netherlands)
- ams OSRAM GmbH (Germany)
- Wolfspeed (United States)
- Nichia Corporation (Japan)
- Lumileds Holding B.V. (Netherlands)
- Samsung Electronics Co., Ltd. (South Korea)
- LG Innotek Co., Ltd. (South Korea)
- Seoul Semiconductor Co., Ltd. (South Korea)
- Eaton Corporation PLC (Ireland)
- Zumtobel Group AG (Austria)
- Acuity Brands, Inc. (United States)
- General Electric Company (United States)
- Panasonic Corporation (Japan)
- MLS Co., Ltd. (China)
- Everlight Electronics Co., Ltd. (Taiwan)
- Bridgelux, Inc. (United States)
- TCP International Holdings Ltd. (Switzerland)
- Hubbell Incorporated (United States)
- Feit Electric Company (United States)
- Seoul Viosys Co., Ltd. (South Korea)
Solid State Lighting Market Recent Developments
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In March 2023, Samsung announced the launch of its new line of LED light bulbs. The new line includes a variety of shapes and sizes, and is designed to provide energy-efficient and long-lasting lighting.
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In 2024, brass and black metal lighting fixtures are essential for those looking to add a touch of elegance and sophistication to their interiors. Brass, with its warm golden hue, exudes luxury and glamour, while black metal provides a sleek, contemporary look. These materials are perfect for creating a stylish and refined atmosphere in any space.
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In 2024, materials like stone, ceramics, and natural fibers are becoming increasingly popular. Lighting fixtures made from these materials blend aesthetic appeal with eco-friendliness, helping to lower carbon footprints and minimize waste, all while creating a warm, natural ambiance.
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In 2024, a growing trend is the use of statement lighting fixtures. These pieces, more akin to fine art than mere furniture, capture attention and introduce a "wow" factor to any room, often transforming the overall tone and ambiance of the space.
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In March 2024, Semilux International Ltd. (NASDAQ: SELX), a company specializing in application-specific integrated circuit (ASIC), LiDAR, and ADB components and solutions, revealed the commencement of a research and development (R&D) program. The program involves collaboration with academics and scholars from universities in Taiwan to jointly develop an advanced domestic solid-state LiDAR module tailored for automotive applications.
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In October 2023, GRE Alpha chose Global Lighting and Controls as their marketing partner following a thorough evaluation process. Global Lighting and Controls stood out for their deep understanding of the LED component marketplace and their strong organizational capabilities.
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In April 2023, SK and Korea Hydro & Nuclear Power (KHNP) forged a strategic collaboration agreement with TerraPower, a US-based company specializing in small modular reactor (SMR) designs. This partnership aims to lead the market for SMRs, which are considered the next-generation of the energy sector.
Solid State Lighting Key Market Trends
- Focus on Human-centric Lighting: Human-centric lighting, also known as circadian lighting, is gaining attention in the solid-state lighting market. This approach emphasizes the impact of lighting on human health, well-being, and productivity. Solid state lighting technologies, with their controllability and colour tuning capabilities, can mimic natural light cycles and adjust lighting conditions to promote better sleep, mood regulation, and enhanced performance. The integration of sensors and intelligent control systems enables dynamic lighting scenarios that adapt to the needs of individuals or specific environments.
Solid State Lighting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global solid state lighting market has been experiencing significant growth and transformation in recent years. Solid state lighting technologies, primarily LEDs and OLEDs, have revolutionized the lighting industry by offering numerous advantages over traditional lighting solutions. These technologies provide energy efficiency, long lifespan, environmental sustainability, and versatile design possibilities. The market has witnessed increased adoption of solid-state lighting across various applications, including residential, commercial, industrial, and outdoor lighting. The residential segment has seen substantial growth due to the emphasis on energy conservation and the increasing demand for smart lighting solutions. In the commercial and industrial sectors, solid state lighting is favoured for its energy savings, maintenance cost reduction, and improved lighting quality. One of the key drivers of the solid-state lighting market is the push for energy efficiency and sustainability. Governments worldwide are implementing regulations and incentives to encourage the adoption of energy-efficient lighting solutions, driving the market's growth. Additionally, the growing awareness of environmental issues and the need to reduce carbon emissions have further accelerated the demand for solid state lighting.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 49.27 billion |
| Market size value in 2031 | USD 121.12 billion |
| Growth Rate | 11.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solid State Lighting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solid State Lighting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solid State Lighting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solid State Lighting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solid State Lighting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solid State Lighting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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