Press release
Solid State Lighting Market to expand US$85bn by 2024, Top Key Vender: GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation, Bridgelux, Inc., TSMC, Veeco, Philips Lighting, Molex, OSRAM, Samsung Electronics
Solid State Lighting Market
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U.S. Solid State Lighting Market 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. TSMC
2. Veeco
3. Philips Lighting
4. Molex
5. OSRAM
6. Samsung Electronics
7. GE
8. Eaton
9. Nichia America Corporation
10. Mitsubishi Electric Corporation
11. Bridgelux, Inc.
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.
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North America solid state lighting market size driven by Mexico, Canada and the U.S. may witness substantial gains at over 11.5% during the forecast timeframe. Reduction in manufacturing cost and rising horticultural applications for plant ignition is likely to stimulate product demand. Moreover, this region is witnessing a rise in the local assembly of SSL products and increasing demand for industrial & commercial LED products such as tunnel, high-bay, panel and troffer lights which in turn may boost regional industry growth.
Europe led by UK, France, Italy, and Germany solid state lighting market demand is expected to surpass USD 20 billion by 2024. Decreasing usage of inefficient lamps coupled with rising LED demand for exterior illumination of vehicles may contribute to market growth. New car registrations in Europe was over 14.5 million in 2017 pertaining to economic recovery and rising demand for electric vehicles which indicates ample growth potential for solid state lighting market in the region.
Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union.
With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.
Browse key industry insights spread across 530 pages with 1284 market data tables & 35 figures & charts from the report, Solid State Lighting Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/solid-state-lighting-market
Global LED-based SSL market size is poised to surpass USD 80 billion by 2024 pertaining to their low power consumption and rising demand for high brightness LEDs. These products are used in panel indicators, automotive lamps and large display screens which may boost solid state lighting market size. Government has mandated various laws or policies regarding product utility and implementation of tariffs of LED component import catering to the domestic market, may stimulate 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.
Owing to the global drift toward energy efficiency and improved energy consumption practices, 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. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.
Global solid state lighting market share is moderately fragmented with major industry players such as ETi Solid State Lighting, Inc., Solid State Luminaires, Green Rock Lightning, TSMC, Veeco, ARC Solid-State Lighting Corporation, Cireon, LLC, Sasaki Associates, Inc., FC | SSL Lighting - US Commercial Lighting Manufacturer, Philips Lighting, MSi,Coolon LED Lighting, Molex, OSRAM, nTact, Samsung Electronics, GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation, and Bridgelux, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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