Solid State Lighting Market - Growing Government Initiatives to Bolster Market Growth

The growth of the global solid-state lighting market is gaining traction due to the increasing demand for energy efficient lighting technologies. The energy efficient lighting technologies conform to durability and improved productivity for reducing the level of greenhouse gases (GHG) is fuelling the growth of the global solid state lighting market. The rising awareness about the environment in developed and developing economies are witnessing higher demand for these energy-efficient technologies. Additionally, growing industrialization in the developing countries such as India and China are demanding energy efficient and cost-effective technologies is propelling the growth of the global solid state lighting market.

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The increasing adoption of LED lighting solutions mainly in the residential sector for energy efficiency and its cost-effectiveness is driving adoption of LED is bolstering the growth of the global solid state lighting market. The consumers in the developing countries of Asia Pacific due to rising technical expertise and favorable cost structure is bolstering the growth of the solid state lighting market.

According to the report by TMR, the global market for solid-state lighting was valued at around US$14.48 bn in 2016 and is anticipated to expand at a CAGR of around 8.7% from 2017 to 2025 to attain a value of US$30.38 bn by the end of 2025.

On the basis of region, the global solid-state lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for solid-state lighting owing to the presence of numerous key players in the region. However, the Asia Pacific region accounted for 40% shares of the overall market in 2016. This growth is attributable to growing government initiatives for the development of smart cities.

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Key players operating in the solid state lighting market include General Electric, Samsung Electronics Co. Ltd., Panasonic Corporation, OSRAM Licht Group, and Mitsubishi Electric Corporation. The state lighting market is witnessing growth with the moderate rate from the past few years. This is the emerging market in numerous regions; thus, the numerous new players are trying to enter into the market. These new entrants are expected to intensify the competition in the coming years.

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This release was published on openPR.