Solid State Lighting Dynamics and Key Factors That Will Drive The Market's Growth, Global Opportunity and Industry Forecast 2028 - Valuates Reports

The global solid state lighting market was valued at $32.65 billion in 2019 and is projected to reach $74.25 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027.

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Report Scope
Solid state lighting devices comprise semiconductors that convert electricity into light. A solid state lighting device generates visible light through electroluminescence, a phenomenon wherein a specially formulated semiconductor diode glows on passing electric current through it. Solid state lighting is used in a wide range of applications due to various benefits offered by it such as long life, better quality of light output, intrinsically safe, small size, and high durability. Therefore, these factors are anticipated to boost the solid state lighting market during the forecast period.

The solid state lighting market is expected to witness growth during the forecast period due to drastic reduction in energy consumption with the use of solid state lighting. The market is expected to be driven by increase in awareness among population on the profound influence of lighting on human health. The ongoing development of solid state lighting offers remarkable technical features, which are estimated to revolutionize the solid state lighting industry. Increase in government-sponsored industry consortia further accelerates the industry growth. Therefore, attributed to these factors, the solid state lighting market is expected to experience steep growth in the near future.

Key Segmentations
By Company
• CREE, INC.,
• ENERGY FOCUS INC.,
• GENERAL ELECTRIC COMPANY,
• NICHIA CORPORATION,
• OSRAM LICHT AG,
• SIGNIFY HOLDING,
• SAMSUNG ELECTRONICS CO., LTD,
• SEOUL SEMICONDUCTOR CO. LTD.,
• SHARP CORPORATION,
• TOSHIBA CORORATION

Segment by Type
• LED
• OLED
• PLED

Segment by Application
• Indoor Lighting
• Outdoor Lighting
• Specialty Lighting

Consumption by Region
• North America (United States, Canada)
• Europe (Germany, France, UK, Italy, Russia)
• Asia-Pacific (China, Japan, South Korea, Taiwan)
• Southeast Asia (India)
• Latin America (Mexico, Brazil)

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This release was published on openPR.