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Navigating the Future: Solid State Lighting Market Trends and Forecast Insights, 2025 Edition
Solid State Lighting
Solid State Lighting Market Size Growth Forecast: What to Expect by 2025?
Over the past few years, the solid state lighting market size has experienced rapid growth. The market is projected to expand from $44.97 billion in 2024 to $50.09 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.4%. Factors such as the rising adoption of solid-state lighting, industrial growth, an increase in disposable income, and governmental initiatives have contributed to the growth observed in prior years.
How Will the Solid State Lighting Market Size Evolve and Grow by 2029?
The market size for solid state lighting is anticipated to witness rapid expansion over the coming years, with projections predicting its rise to $76.04 billion by 2029, representing a compound annual growth rate (CAGR) of 11.0%. The surge in growth during the projected period is attributed to factors such as rising demand for energy-efficient lighting and lighting solutions that save energy and are in line with environmental sustainability. The growth is further fueled by increased support through government-backed industry consortiums. The forecast period is also expected to witness key trends, including technological evolution, the emphasis on a human-centric approach to lighting, the utilization of mini-LED and micro-LED, horticultural lighting, and silicon-based LED technology.
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What Drivers Are Propelling the Growth of Solid State Lighting Market Forward?
The rising need for energy-efficient illumination is anticipated to bolster the expansion of the solid-state lighting sector. Energy-efficient lighting denotes lighting systems that utilize less power while offering the same level of light as traditional lighting options. It aids in reducing greenhouse gas emissions and combatting climate change by decreasing electricity consumption. LED technology, an essential element of solid-state lighting, offers greater energy efficiency than conventional lighting sources, encouraging both residential and commercial consumers to adopt solid-state lighting solutions to meet regulatory standards and cut down on energy consumption. For example, as per the International Energy Agency, a France-based governmental body, the global sales of residential LEDs have seen significant growth in recent years, achieving approximately 50% in 2022 with a goal of 100% LED lighting sales by 2025. Furthermore, upcoming LEDs are projected to enhance their efficacy by about 30% by 2030, in line with the Net Zero scenario. Consequently, the growing demand for energy-efficient lighting is steering the growth of the solid-state lighting market.
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Which Emerging Trends Are Transforming the Solid State Lighting Market in 2025?
Leading businesses in the solid-state lighting sector are concentrating their efforts on innovating with new materials, designs, and production practices, which has resulted in the development of more energy-efficient LED technologies, such as chip-scale LEDs. This allows them to improve lighting conditions, extend their market penetration, and unlock potential sales. The chip-scale LED, a white LED package variant, attains a lateral light distribution engineered to address the problems of raw-emitting surfaces and inadequate illumination patterns that are usually observed in typical LED lighting fixtures. Take for instance, Nichia Corporation, a Japanese firm known for manufacturing and supplying light-emitting diodes, launched the NFSWL11A-D6 in January 2024. This innovative product contributes to making lighting fixtures more compact and lighter, saving resource expenditure on lighting fixture design and construction materials. Additionally, the uniform horizontal light emits a gentle, low-glare light that covers the entire area, paving the way for new design potentials for lighting fixtures. This not only adds value to solid-state lighting by saving resources, but also enhances building safety.
What Are the Key Segments in the Solid State Lighting Market?
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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Who Are the Key Players Shaping the Solid State Lighting Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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.
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