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Solid State Lighting Market Size, Share, Trends, Growth And Outlook By 2033
Solid State Lighting Market Size
According to The Business Research Company's, The solid state lighting market size has grown rapidly in recent years. It will grow from $40.54 billion in 2023 to $44.97 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increased use of solid-state lighting, growth in industrialization, a surge in disposable income, and increased governmental initiatives.
The solid state lighting market size is expected to see rapid growth in the next few years. It will grow to $68.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to increasing demand for energy-efficient lighting, increasing demand for energy-saving lighting solutions, increasing demand for environmentally friendly lighting solutions, and rising government-supported industry consortiums. Major trends in the forecast period include technological advancements, a focus on human-centric lighting, the adoption of mini-LED and micro-LED, horticultural lighting, and silicon-based LED technology.
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Market Drivers and Trends:
The increasing demand for energy-efficient lighting is expected to propel the growth of the solid-state lighting market going forward. Energy-efficient lighting refers to lighting systems that consume less energy to provide the same amount of illumination as traditional lighting solutions. Energy-efficient lighting reduces greenhouse gas emissions and helps mitigate climate change by lowering electricity consumption. LED technology, a crucial component of solid-state lighting, provides higher energy efficiency when compared to traditional lighting sources, prompting both residential and commercial customers to use solid-state lighting solutions to satisfy regulatory criteria and minimize energy usage. For instance, in September 2022, according to the International Energy Agency, a France-based intergovernmental organization, globally, residential LED sales have increased substantially in recent years, reaching about 50% in 2022 and targeting 100% of LED lighting sales by 2025. Moreover, new LEDs are expected to increase their efficacy by approximately 30% by 2030, aligning with the Net Zero scenario. Therefore, the increasing demand for energy-efficient lighting is driving the growth of the solid-state lighting market.
Major companies operating in the solid-state lighting market are focused on innovations in materials, designs, and manufacturing processes, resulting in more efficient LED technologies such as chip-scale LEDs to provide a better lighting environment and expand their market reach and potential sales opportunities. A chip-scale LED is a type of white LED package that realizes a horizontal light distribution designed to solve the issue of coarse-emitting surfaces and insufficient illumination patterns found in standard LED lighting fixtures. For instance, in January 2024, Nichia Corporation, a Japan-based company specializing in manufacturing and distributing light-emitting diodes, launched NFSWL11A-D6. This creative product helps to make lighting fixtures thinner and lighter, which saves resources on lighting fixture design and building materials. Furthermore, the solid horizontal light produces a soft, low-glare light that envelops the entire surroundings, opening up new design possibilities for lighting fixtures and adding value to solid-state lighting by conserving resources and enhancing building safety.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd , General Electric Company, Panasonic Holdings Corporation, Mitsubishi Electric Pvt. Ltd., Toshiba Corporation, Everlight Electronics Co. Ltd., Koninklijke Philips N.V., Signify Holding B.V., Energy Focus Inc., OSRAM GmbH, Hubbell Incorporated, Acuity Brands Inc, Stanley Electric Co., Zumtobel Group, Seoul Semiconductor Co. Ltd., Cree LED, Lumileds Holding B.V., Cooper Lighting LLC, Bridgelux Inc., TCP Lighting, Sanken Electric Co. Ltd., Intematix Corporation, Seoul Viosys Co. Ltd., Phoenix Products LLC, Nichia Corporation
Solid State Lighting Market 2024 Key Insights:
• The solid state lighting market size is expected to see rapid growth in the next few years. It will grow to $68.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Rising Demand For Energy-Efficient Lighting Fuels The Solid-State Lighting Market Growth
• Advancements In Chip-Scale LEDs Transform Solid-State Lighting Landscape
• Asia-Pacific was the largest region in the solid state lighting market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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