What is the global market size of Solid State Lighting Market?

Solid State Lighting Market size was valued at USD 39.35 billion in 2021 and is poised to grow from USD 44.03 billion in 2022 to USD 96.74 billion by 2030, at a CAGR of 11.90% during the forecast period (2023-2030).

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

Q: Which region accounted for the largest share in Solid State Lighting Market?

The largest market participant globally, Asia-Pacific 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.

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.

Solid State Lighting Market Report Snapshots

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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. '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)'

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.

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.

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.

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Solid State Lighting Market Insights

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