Solid State Lighting Market by 2024 Key Industry Players: General Electric, Cireon, TSMC, Molex, OSRAM, Philips Lighting Holding B.V., Msi, Coolon Pty, Molex, nTact, Samsung Electronics, Eaton Corporation, NICHIA Corporation, Mitsubishi Electric Corporati

The solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings.

Rapid urbanization & industrialization primarily in Malaysia, and China have increased the focus on energy-efficient lighting to reduce GHG emissions and improve bulbs life may contribute to solid state lighting market demand. These products provide high energy efficiency and less heat generation as compared to incandescent lamps thereby leading to reduction in carbon emissions. The implementation of solid state lighting technology may reduce global lighting CO2 emissions by approximately 1,500 million tons thereby stimulating market growth.

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Phosphides & nitrides of aluminum, gallium and indium are the major raw materials used in manufacturing of solid state lighting products. High manufacturing cost owing to expensive raw materials and low emission efficiency will be a major challenge and may pose a high threat for the solid state lighting industry growth.

The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.

Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years.

Solid State Lighting (SSL) Market was over USD 34.5 billion in 2017 and to hit USD 85 billion by 2024.

Growth drivers

• Emerging business models
• New product launch
• Joint Venture
• Acquisitions

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U.S. LED market size from outdoor applications may witness significant gains at about 12.5% by 2024 owing to declining streetlight LED prices and rising government focus on energy efficient products. The progress of LED outdoor lighting market from a nascent to a mature stage along with replacement of decorative streetlights in various cities such as Las Vegas, Los Angeles and New York to achieve energy & cost reduction will further stimulate market growth.

China OLED based solid state lighting market revenue from architectural applications may witness significant gains over the foreseeable timeframe. They are mainly used for decoration purpose, buildings structure illumination and signage backlighting owing to its diffused output and low luminance.

Global solid state lighting market share is moderately fragmented with major industry players such as General Electric, Cireon, TSMC, Molex, OSRAM, ETi Solid State Lighting, Solid State Luminaires, Green Rock Lightning, Veeco, ARC Solid State Lighting, Cireon, Sasaki Associates, FC Lighting, Philips Lighting Holding B.V., Msi, Coolon Pty Ltd, Molex, nTact, Samsung Electronics, Eaton Corporation, NICHIA Corporation, Mitsubishi Electric Corporation.

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Germany LED based solid state lighting market share from industrial applications is poised to exceed USD 2.5 billion over the foreseeable time period. They are widely used in the automotive sector due to its cutting-edge design which in turn enhances car’s aesthetic look and style.

Browse Related Report:

LED Lamp Market By Product, Application and Region-Forecasts, 2024

Companies operating in the industry include GE, Philips, Osram, Cree, etc.

https://www.gminsights.com/industry-analysis/led-lamp-market

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