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U.S. Solid State Lighting Market in OLED segment to surpass USD 90 million by 2024 | Key Venders are TSMC, Veeco, Philips Lighting, Molex, OSRAM, Samsung Electronics, GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation
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 market growth.
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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.
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.
North America led by U.S., Canada and Mexico LED market size from mining applications surpassed USD 600 billion in 2017. The region is witnessing high disposable income and regulations on incandescent bulb use. LEDs offer high durability, safety, are explosion-proof, and high portability which may accelerate solid state lighting market growth. These products comprise of floodlights, spotlights, mountable automotive lights, string lights, towers and light carts which increases their suitability for mining applications.
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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 solid state lighting industry share.
The adoption of solid-state lighting technology has penetrated a slew of industry verticals, including the automotive segment where the demand of LED lamps and indicators has been rising exponentially in solid state lighting market. Manufacturers and consumers are gaining awareness regarding the benefit of SSL-based LED solutions in replacing halogen lamps. LED lamps are also ideal for retrofit vehicle exterior or interior lights and are increasingly being deployed in luxury, sports, as well as some off-road vehicles. The automobile industry is slated to contribute enormously towards the solid-state lighting market, with lamps that offer greater visibility and utilize lower amounts of energy. Statistics indicate that by 2024, the total production of vehicles in North America could surpass 20 million and the U.S. could be expected to lead the regional growth, as 2018 predictions alone show a potential sale of up to 16.7 million light trucks and new cars in the country.
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.
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.
Consequently, an increase in the use of LED lightings for vehicle turn indicators, cockpit and glove box lights, fog lights and other applications will bolster the LED-based solid-state lighting market, anticipated to cross USD 85 billion in revenues by 2024. The ability to provide high brightness using lower voltages has made solid-state lighting LED lights appropriate for being fitted in electric vehicles that are completely run on Li-ion batteries. Not surprisingly, the advent of e-vehicles over the next few years will further transform the solid-state lighting industry to align with requirements of vehicle efficiency standards and development of new functionalities. Additionally, government regulations that outline green-building standards and energy saving guidelines promote the installation of cost-saving lightings for industrial and public infrastructure, inadvertently fueling the augmentation of the solid state lighting market.
With the presence of leading semiconductor manufacturers that offer more efficient solid-state lighting components and the upsurge in spending towards infrastructure upgradation, North America is slated to witness a strong stance in the global landscape. Global Market Insights, Inc. forecasts the regional solid state lighting market to expand at a projected 11.5% CAGR over 2018-2024.
Browse Related Report: https://www.openpr.com/news/1689821/Electronic-Shelf-Label-ESL-Market-is-predicted-to-see-lucrative-gains-over-2018-2024-Asia-Pacific-U-S-Dominated-the-regional-landscape-Key-Players-are-Altierre-Corporation-Displaydata-E-Ink-Corporation-LG-Electronics-Pricer-AB-Samsung-Electroni.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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Global Market Insights, Inc.
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