Solid State Lighting Market is Rising by Growing Demand for LED Products | Key Players are Royal Philips Electronics N.V. (Netherlands), Panasonic corporation (Japan), Samsung electronics Co. Ltd. (South Korea), Acuity brands lighting, Inc. (U.S.), Cree,

Solid State Lighting Market Research Report- Forecast till 2023

Market Highlights

Market Overview

The growing inclination towards energy effective technology in the production of consumer electronics is likely to spur the global solid state lighting (SSL) market growth, states Market Research Future (MRFR), in its latest "Solid State Lighting Market" report. In recent years, solid state lighting is emerging as a new, promising lighting technology that is altering lighting system for better. Their contribution in saving energy is measured to be immense, and is expected to gain high profit for the worldwide solid state lighting market. It was observed that as the CFL technology plateaued, it marked the emergence of LED. Currently, the SSL technology market is observed to hold great potential to proliferate due to the growing demand for LED products. At the same time, benefits offered by solid state lighting technology, such as less power consumption, prolong shelf life, and compactness, are highly likely to surge the market. Increase in the demand for SSL for settling domestic and commercial light requirements are is expected to contribute significantly to the market surge.

Industry Update

December 2019

In the MJBizCon event, the Marijuana Business Conference where connections with cannabis professionals are established, in Las Vegas, GE Current, the US-based energy industry company, announced the upcoming solid-state lighting (SSL) product evolution for horticultural.

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Segmentation:

The segmentation of the global solid state lightening is done on the basis of technology and application. Light Emitting Diodes (LEDs), Organic Light Emitting Diodes (OLED), and others are segments of the market that are based on technology. The LED segment is likely to dictate the course of the market progress. The growing popularity of OLED is also noted to contribute to the promising future of the solid state lighting technology market. The application-based segments of the market are residential, outdoor lighting, commercial, transportation, medical, automotive, consumer electronics, and others. The consumer segment is expected to win large profits for the global solid state lightening technology. Solid state electronics are compact, sturdier, and affordable. These benefits are expected to propel the solid state technology market in the years to come.

Regional Outlook

MRFR's solid state technology market analysis reveals, the North America to hold superiority in the global market. In the US, the inclination of people towards energy efficient technology is making solid state lighting technology across different verticals. It is likely to explain the expansion of the market in North America. The prohibition of incandescent bulbs in the region is creating scope for the market to surge, as the sales of LED items are increasing. In addition, rapid growth of the semiconductor industry is also likely to propel the regional market growth. Similar growth boosters are observed in Europe. The EU solid state lightening market is expected to rank second position in the global market, reveals MRFR. In the Asia Pacific, the upscaling sale of LED products is observed to be significant to the growing solid state lighting market size in APAC.

Key Players

Royal Philips Electronics N.V. (Netherlands), OSRAM Licht AG (Germany), General Electric Company (U.S.), Seoul Semiconductor Co., Ltd. (South Korea), AIXTRON SE (Germany), Nichia Corporation (Japan), Applied Science and Technology Research Institute Company Limited (Hong Kong), Applied Materials, Inc. (U.S.), Cree, Inc. (U.S.), Bridgelux, Inc. (U.S.), Advanced Lighting Technologies, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Intematix Corporation (U.S.), Energy Focus, Inc. (U.S.), Toyoda Gosei Co., Ltd. (Japan), LED Engin, Inc. (U.S.), Topanga Technologies, Inc. (U.S.), TCP International Holdings Ltd. (Switzerland), Bright Light Systems, Inc. (Georgia), and Ceravision Ltd (U.K.) are some major players of the solid state lighting market that are listed by MRFR.

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Global Solid State Lighting Market, by Technology (Light emitting diode (LED), Organic light emitting diode (OLED)), Application (Commercial, Transportation, Outdoor Lighting, Residential, Consumer Electronics) - Forecast 2022

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