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Rising Demand For Energy-Efficient Lighting Fuels The Solid-State Lighting Market Growth: Major Factor in the Transformation of the Solid State Lighting Market in 2025
Solid State Lighting Market Size
The solid-state lighting market has seen rapid growth in recent years. It will increase from $44.97 billion in 2024 to $50.09 billion in 2025, at a CAGR of 11.4%. This growth is driven by the increased use of solid-state lighting, industrialization, rising disposable incomes, and increased government initiatives.
The solid-state lighting market is expected to grow rapidly, reaching $76.04 billion by 2029 at a CAGR of 11.0%. This growth is attributed to the rising demand for energy-efficient, environmentally friendly lighting solutions, and government-backed industry consortiums. Major trends include technological advancements, human-centric lighting, mini-LED and micro-LED adoption, horticultural lighting, and silicon-based LED technology.
What Key Elements Are Boosting Growth in the Solid State Lighting Market?
The rising demand for energy-efficient lighting is expected to accelerate the growth of the solid-state lighting market. Energy-efficient lighting refers to systems that require less power while delivering the same illumination level as traditional lighting solutions. By lowering electricity consumption, energy-efficient lighting reduces greenhouse gas emissions, helping mitigate climate change. LED technology, a key component of solid-state lighting, offers superior efficiency over conventional lighting sources, encouraging residential and commercial users to adopt solid-state lighting solutions to meet regulatory standards and reduce energy usage. For instance, in September 2022, the International Energy Agency, a France-based intergovernmental organization, stated that global residential LED sales had risen significantly in recent years, reaching approximately 50% in 2022, with a target of 100% LED lighting sales by 2025. Additionally, new LEDs are projected to improve efficiency by around 30% by 2030, aligning with the Net Zero scenario. Therefore, the growing demand for energy-efficient lighting is boosting the solid-state lighting market.
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Who Are the Major Industry Players Fueling Solid State Lighting Market Expansion?
Major companies operating in the solid state lighting market report are 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
Which Key Developments Are Influencing the Solid State Lighting Market?
Top companies in the solid-state lighting market are investing in material innovations, design enhancements, and manufacturing improvements to develop more efficient LED technologies, such as chip-scale LEDs, to enhance lighting performance and expand market opportunities. A chip-scale LED is a white LED package that provides a horizontal light distribution, addressing the issues of uneven illumination in conventional LED fixtures. For example, in January 2024, Nichia Corporation, a Japan-based LED manufacturer, introduced NFSWL11A-D6. This innovative LED helps create thinner and lighter lighting fixtures, reducing material costs. The horizontal light distribution produces soft, low-glare illumination, enabling new design possibilities while conserving resources and improving building safety.
How Is the Segmentation of the Solid State Lighting Market Defined?
The solid state lighting market covered in this report is segmented -
1) By Type: Light Emitting Diode (LED), Organic Light Emitting Diode (OLED), Polymer Light Emitting Diode (PLED)
2) By Installation Type: New Installation, Retrofit
3) By Applications: Indoor Lighting, Outdoor Lighting, Specialty Lighting
4) By Industry Vertical: Residential, Industrial And Commercial, Medical, Transportation, Other Industry Vertical
Subsegments:
1) By Light Emitting Diode (LED): High-Power LEDs, Mid-Power LEDs, Low-Power LEDs, High-Brightness LEDs
2) By Organic Light Emitting Diode (OLED): OLED Panels, OLED Lighting Fixtures, Flexible OLEDs, Transparent OLEDs
3) By Polymer Light Emitting Diode (PLED): PLED Displays, PLED Lighting Solutions, Flexible PLEDs, Active Matrix PLEDs
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What Is the Leading Region in the Solid State Lighting Market?
Asia-Pacific was the largest region in the solid state lighting market in 2024. The regions covered in solid-state lighting report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Solid State Lighting Global Market Report?
- Market Size Analysis: Analyze the Solid State Lighting Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solid State Lighting Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solid State Lighting Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solid State Lighting Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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