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Solid State Lighting Market in Europe to surpass USD 20 billion by 2024 | Global Companies are TSMC, Veeco, Philips Lighting, Molex, OSRAM, Samsung Electronics, GE, Eaton, Nichia America Corporation, Bridgelux, Inc.

Solid State Lighting Market

Solid State Lighting Market

Europe solid state lighting market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024. LEDs consist of various products for commercial lighting such as entry & exit signs, shop lights, and flat panels which increase energy efficiency, provide higher lumen output and lifespans exceeding 200,000 hours which is predicted to boost solid state lighting industry growth.

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U.S. industrial OLED market demand may surpass USD 90 million in the predicted timeframe. These products find use in various industrial applications such as lighting, mobile phone & media-player displays, digital cameras, lighting panels and portable devices. Various product advantages such as flexibility, light weight, suitability for use in large display panels along with increasing government funding for promoting OLED research may boost solid state lighting 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.

Asia Pacific led by Japan, India, New Zealand and China LED market size from automotive applications is poised to exceed USD 8.5 billion up to 2024. These products offer several advantages for automotive lighting such as vibration resistance, long life, moisture-proof encasing, compactness, and various color emissions. Rapid economic improvement, rising infrastructure, favorable government regulations and declining LED prices may stimulate solid state lighting market growth in the region.

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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 ssl market share.

High upfront costs of LED lamps owing to higher component costs and dependence on manual manufacturing techniques may hamper SSL market. Moreover, technological advancement in bulb manufacture has resulted in high-efficiency incandescent bulbs production which are much cheaper and offer better white-light emission which may drive solid state lighting market growth.

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

Rising R&D initiatives to improve solid state lighting (SSL) product efficiency and performance may stimulate product demand. Increasing government endorsement and funding along with focus on R&D may accelerate solid state lighting market demand. These products increase energy efficiency, reduce heat dissipation and reduce energy costs which may drive overall industry growth.

In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting market in the forthcoming years.

Researchers have been able to increase indium content in blue LEDS which enabled the generation of white light by using red, blue and green LEDs. Similarly, the use of halide perovskite nanoparticles was found to improve light generation efficiency which may accelerate growth of solid state lighting market size.

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.

Browse Related Report: https://www.openpr.com/news/1668202/LED-Lamp-Market-in-residential-sector-is-anticipated-to-exhibit-a-considerable-industry-share-to-2024-owing-to-the-heavy-adoption-across-the-sector-Top-Key-Players-are-Philips-Lighting-Everlight-Electronics-Cree-Eaton-GE-OSRAM.html

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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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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