Global Solid State Lighting Market Size is Estimated to Reach USD 120.12 billion by 2031, Growing at a CAGR of 11.80%: Straits Research

In Asia-Pacific, solid-state lighting market is driven by government policies, smart lighting trends, and technological advancements in LEDs, expected to grow at a CAGR of 13%. In Europe, the market is fueled by consumer preference for environmentally friendly lighting, with Germany leading the region. Smart infrastructure development and various applications like automotive and street lighting contribute to Europe's 11.7% CAGR growth. Both regions offer opportunities for market expansion driven by sustainability, reduced emissions, and low energy consumption in solid-state lighting solutions.

New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Solid-state lighting uses semiconductors to convert electricity into light. A solid-state lighting system generates visible light through electroluminescence, in which an electric current is passed through a semiconductor diode specially formulated to glow. Solid-state lighting is used in many applications because of its many advantages, such as its prolonged lifespan, increased light output, inherent safety, compact design, and high durability.

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Rising Government-Supported Industry Consortiums Drives the Global Market

According to Straits Research, “The Solid-State Lighting Market size was valued at USD 44.02 billion in 2022. It is expected to reach USD 120.12 billion by 2031, growing at a CAGR of 11.80% during the forecast period (2023–2031).” The emergence of efficient solid-state lighting has brought about a paradigm shift in lighting technology. In Europe, Japan, South Korea, and Taiwan, energy conservation was one of the original founding principles of government-sponsored industry consortia. Additionally, several consortiums—including the Open Connectivity Foundation, the TALQ Consortium, oneM2M, Bluetooth SIG, the Industrial Internet Consortium, and the Zigbee—are cooperating to create typical specifications and standards to support interoperability among different solid-state lighting products. As a result of more government-sponsored industry consortiums, the market is expanding.

Technological Advancements Creates Tremendous Opportunities

Solid-state luminaires sold for residential use typically have an efficacy of over 100 lumens per watt, depending on the model. They must be increased to an average of 160 lumens per watt by 2030 to meet the objectives outlined in the Sustainable Development Scenario. LED efficacy is already at its highest compared to halogens (less than 20 lm/W) and compact fluorescent lights (around 60 lm/W). However, it is anticipated that fostering innovations to increase the efficacy of solid-state lighting will open profitable market expansion opportunities.

Regional Analysis

Asia-Pacific's solid-state lighting industry share is expected to grow at a CAGR of 13% during the forecast period. The Asia-Pacific solid-state lighting market is dominated by government regulations and policies, which promote long-term investments in the sector. The growing acceptance of smart lighting in Asia-Pacific also creates significant market expansion opportunities. In Asia-Pacific, the LED market is expanding due to technological advancements. The market is expanding as a result of the advantages of LEDs, such as their long durability, dependability, and small size. The market's top competitors will also benefit significantly from the increased demand for low-power lighting solutions.

Europe is expected to grow at a CAGR of 11.7% during the forecast period. European consumers favor more environmentally friendly lighting sources over conventional ones due to Germany's dominance. Solid-state lighting is frequently used in automotive, street lighting, and backlighting. The European Street light market is an oligopoly with few products and a largely reliable supply chain. The European market for solid-state lighting is expanding due to its benefits, including sustainability, low emissions, and efficient energy use. In addition, it is expected that the supply of low-tech components from developing countries for producing high-tech solutions will present profitable opportunities for the market's growth.

Key Highlights

• Based on type, the global solid-state lighting market is bifurcated into LED, OLED, and PLED. The LED segment is the highest contributor to the market and is expected to grow at a CAGR of 12% during the forecast period.
• Based on installation type, the global solid-state lighting market is bifurcated into new installation and retrofit. The retrofit segment owns the highest market share and is expected to grow at a CAGR of 12.1% during the forecast period.
• Based on application, the global solid-state lighting market is bifurcated into indoor lighting, outdoor lighting, and specialty lighting. The indoor lighting segment is the highest contributor to the market and is expected to grow at a CAGR of 12.2% during the forecast period.
• Based on industry verticals, the global solid-state lighting market is bifurcated into residential, industrial and commercial, medical, and transportation. The industrial and commercial segment owns the highest market and is expected to grow at a CAGR of 12.1% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global solid-state lighting market and is expected to grow at a CAGR of 13% during the forecast period.

Competitive Players

The global solid state lighting market’s major key players are Cree, Inc., Energy Focus, Inc., General Electric Company, Nichia Corporation, Osram Licht AG, Signify Holding, Samsung Electronics Co., Ltd, Seoul Semiconductor Co., Ltd., Sharp Corporation, and Toshiba Corporation.

Market News

• In November 2022, The J Series® 2835 3V G Class LEDs and XLamp® XP-G3 LEDs from Cree LED, an SGH company, are available with PhotophyllTM Select LEDs, an advanced horticulture spectrum. Manufacturers of luminaires can easily alter the blue/green/red spectral ratios of their products to meet the needs of each type of plant since Photophyll Select LEDs are the first LEDs on the market to be fully characterized in horticulture metrics.
• In August 2022, EnFocusTM Power Line Controlled commercial LED lighting system was updated by Energy Focus, Inc., a leader in sustainable, energy-efficient LED lighting control systems and products for the commercial, military, maritime, and consumer markets. It is less expensive and easier to install, commission, and operate than other dimming and color-tuning systems.

Global Solid State Lighting Market: Segmentation

By Type

• LED
• OLED
• PLED

By Installation Type

• New Installation
• Retrofit

By Applications

• Indoor Lighting
• Outdoor Lighting
• Specialty Lighting

By Industry Vertical

• Residential
• Industrial and Commercial
• Medical
• Transportation
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @  https://straitsresearch.com/report/solid-state-lighting-market/segmentation

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