Press release
Brightening Tomorrow: Solid State and Other Energy Efficient Lighting Industry's Decadal Surge
According to estimates, the global market for solid state and other energy-efficient lighting will be valued US$ 152.6 billion in 2022, growing by US$ 153.4 billion in absolute terms.
The Solid State and Other Energy Efficient Lighting market is poised to flourish as industries and consumers embrace the need for sustainable lighting solutions with enhanced energy efficiency. In recent years, there has been a notable shift towards energy-efficient lighting technologies, driven by environmental concerns and the desire to reduce energy consumption and carbon emissions.
Solid-state lighting, which includes light-emitting diodes (LEDs) and organic light-emitting diodes (OLEDs), has emerged as a frontrunner in the energy-efficient lighting market. These technologies offer numerous benefits, including longer lifespan, lower energy consumption, and reduced maintenance costs compared to traditional incandescent and fluorescent lighting systems.
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The adoption of energy-efficient lighting solutions is not limited to the commercial and industrial sectors. Consumers worldwide are also embracing the benefits of LED lighting for residential applications. As energy-efficient LED bulbs become more affordable and widely available, households are making the switch to reduce their electricity bills and contribute to a more sustainable future.
Moreover, energy-efficient lighting plays a pivotal role in achieving energy conservation goals set by governments and regulatory bodies. The implementation of energy-efficient lighting technologies on a large scale has the potential to significantly reduce overall energy demand and contribute to global efforts in mitigating climate change.
In addition to energy efficiency, solid-state lighting offers other advantages, such as instant illumination, controllability, and design flexibility. The ability to adjust the intensity and color of LED lights opens up possibilities for smart lighting systems that can enhance productivity, well-being, and comfort in various environments.
Furthermore, energy-efficient lighting solutions align with the ongoing trend of building green and sustainable infrastructure. As businesses and organizations seek LEED (Leadership in Energy and Environmental Design) and other green building certifications, the demand for energy-efficient lighting technologies is expected to grow significantly.
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In conclusion, the Solid State and Other Energy Efficient Lighting market is set to flourish as societies recognize the importance of sustainable lighting solutions with enhanced energy efficiency. Solid-state lighting technologies, particularly LEDs, are leading the way in providing environmentally friendly and economically viable lighting solutions for residential, commercial, and industrial applications. As the world strives towards a greener future, the widespread adoption of energy-efficient lighting will continue to illuminate the path towards a sustainable and energy-conscious tomorrow.
Companies Covered in This Report -
• Wolfspeed Inc.
• Energy Focus Inc.
• Ge Lighting
• Koninklijke Philips N.V.
• Mitsubishi Electric Corporation
• Osram Licht Ag
• Samsung Electronics Co. Ltd.
• Seoul Semiconductor Co. Ltd.
• Sharp Corporation
• Toshiba Corporation
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Key Segments Profiled in the Global Solid State And Other Energy Efficient Lighting Market:
By Country
• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East and Africa
By Application
• Oil and Gas
• Chemical, Mining
By Installation
• New Installation
• Retrofit Installation
By Technology
• Hid Lighting
• Plasma
• Induction Lighting
• Solid-State Lighting
• Fluorescent Lighting
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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