At 12.2% CAGR, Solid State Lighting Market to Reach $74.25 Billion by 2027 | Cree, Inc., Energy Focus Inc., General Electric Company, Nichia Corp, Osram Licht AG, Royal Philips Electronics N.V., Samsung Electronics, Seoul Semiconductor Co. Ltd., Sharp Cor

Their ability to reduce energy consumption, high-end technical features, and increasing awareness of profound influence of lighting on human health drive the growth of the global solid state lighting market. On the other hand, lack of controls compatibility impedes the growth to some extent. However, emergence of smart lighting and constant innovations to perk up efficacy of solid state lighting are expected to create multiple opportunities in the industry.

Allied Market Research published a report, titled, "Solid State Lighting Market by Type (Light Emitting Diodes (LED), Organic Light Emitting Diodes (OLED), and Polymer Light Emitting Diodes (PLED)), Installation Type (New Installation and Retrofit), and Application (Indoor Lighting, Outdoor Lighting, and Specialty Lighting), and Industry Vertical (Residential, Industrial and Commercial, Medical, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global solid state lighting industry was estimated at $32.65 billion in 2019, and is anticipated to hit $74.25 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027.

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Various leading manufacturers, such as Cree, Inc., Energy Focus Inc., General Electric Company, Nichia Corporation, Osram Licht AG, Royal Philips Electronics N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co. Ltd., Sharp Corporation, and Toshiba Corporation, occupy a prominent revenue share in the solid state lighting market. The key market players are anticipated to face cutting-edge competition in terms of technologies and products. Considering the various makeshifts in the lighting industry, the solid state lighting market is projected to witness growth exponentially.

Key benefits for stakeholders

• This study comprises analytical depiction of the global solid state lighting market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall solid state lighting market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current forecast of the solid state lighting market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the solid state lighting market.
• The report includes the revenue share of key vendors and market trends.

Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –

Based on region, Asia-Pacific, followed by Europe and North America, garnered the major share in 2019, generating more than two-fifths of the global solid state lighting market. The same region would also portray the fastest CAGR of 12.9% till 2027. Rapid industrialization in the province fuels the market growth.

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The LED segment to dominate by 2027-

Based on type, the LED segment accounted for more than three-fourths of the global solid state lighting market share in 2019 and is expected to rule the roost by the end of 2027, due to the presence wide range of product portfolio serving an array of applications. The OLED segment, on the other hand, would grow at the fastest CAGR of 15.6% throughout the forecast period. This is attributed to the improved characteristics of OLEDs with respect to conventional LEDs.

The retrofit segment to maintain the dominant share-

Based on installation type, the retrofit segment contributed to nearly two-thirds of the global solid state lighting market revenue in 2019 and is anticipated to lead the trail by 2027, due to increased adoption of solid state lighting in the recent years. At the same time, the new installation segment would register the fastest CAGR of 13.1% from 2020 to 2027, owing to rising investments in the development of infrastructure across the world.

Covid-19 scenario-

• During the pandemic, there's been a sharp decline in demand for solid state lighting from various sectors. Also, the supply chain and production disruptions have impacted the market negatively.
• However, government bodies are now coming up with relaxations on the existing regulations, and the market is expected to get back to its position soon.

Get detailed COVID-19 impact analysis on the Solid State Lighting Market: https://www.alliedmarketresearch.com/request-for-customization/2563?reqfor=covid

Key market segments

By Type

• Light Emitting Diodes (LED)
• Organic Light Emitting Diodes (OLED)
• Polymer Light Emitting Diodes (PLED)

By Installation Type

• New Installation
• Retrofit

By Application

• Indoor Lighting
• Outdoor Lighting
• Specialty Lighting

By Industry Vertical

• Residential
• Industrial and Commercial
• Medical
• Transportation
• Others

By Region

• North America

o U.S.
o Canada
o Mexico

• Europe

o UK
o Germany
o France
o Italy
o Rest of Europe

• Asia-Pacific

o China
o India
o Japan
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa

Report Summary:

Chapter 1: Introduction
Chapter 2: Executive summary
Chapter 3: MARKET OVERVIEW
Chapter 4: solid state lighting Market, By type
Chapter 5: solid state lighting Market, BY INSTALLATON TYPE
Chapter 6: solid state lighting Market, BY APPLICATION
Chapter 7: solid state lighting Market, BY INDUSTRY VERTICAL
Chapter 8: solid state lighting Market, BY Region
Chapter 9: COMPETITIVE LANDSCAPE
Chapter 10: COMPANY PROFILES

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