Steady Expansion Forecast for Solid State Lighting Market, Projected to Reach $71.46 Billion by 2029

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Solid State Lighting Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a significant expansion in the size of the solid state lighting market. It is predicted that this growth trend will escalate from $44.97 billion in 2024 to a higher value of $49.32 billion in 2025, thanks to a compound annual growth rate (CAGR) of 9.7%. Several factors contributed to this growth in the past including greater utilization of solid-state lighting, industrial growth, a rise in disposable income, and the initiation of more governmental programs.

Solid State Lighting Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, it is anticipated that the solid state lighting market will experience robust growth, reaching $71.46 billion in 2029 and growing at a compound annual growth rate (CAGR) of 9.7%. This prospective growth in the given period is due to the escalating demand for energy-efficient lighting, the growing need for energy-saving lighting solutions, heightened requests for eco-friendly lighting options, and the increase in government-back industry consortiums. Technological advancements, emphasis on human-centric lighting, incorporation of mini-LED and micro-LED, horticultural lighting, and the use of silicon-based LED technology amount to the key trends during the forecast period.

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What Are the Drivers Transforming the Solid State Lighting Market?
The solid-state lighting market is projected to expand due to the rising need for energy-efficient illumination. This refers to lighting systems that deliver similar brightness levels as traditional solutions but use less energy. Through reducing power use, energy-efficient lighting aids in the decrease of greenhouse gas emissions and tackling climate change. A key aspect of solid-state lighting is LED technology, which offers better energy efficiency than traditional light sources. This has led both households and businesses to adopt solid-state lighting to comply with regulations and reduce energy consumption. In September 2022, the International Energy Agency, a French intergovernmental body, noted that worldwide residential LED sales have made significant jumps recently, achieving around 50% in 2022 with a goal of 100% LED lighting sales by 2025. Furthermore, upcoming LEDs are anticipated to improve their efficiency by roughly 30% by 2030, in harmony with the Net Zero plan. Hence, there is more demand for energy-efficient solutions which is fueling the growth of the solid-state lighting market.

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What Long-Term Trends Will Define the Future of the Solid State Lighting Market?
Leading companies in the solid-state lighting industry are concentrating on innovations in materials, designs, and fabricating procedures to enhance LED technologies like chip-scale LEDs. This focus aims at improving the lighting environment, increasing their market reach, and potential sales openings. Chip-scale LED is a white LED package variant that offers a horizontal light spread, addressing the problem of rough-emitting surfaces and unsatisfactory lighting patterns in traditional LED fixtures. For instance, Nichia Corporation, a Japan-based firm renowned for manufacturing and selling light-emitting diodes, introduced NFSWL11A-D6 in January 2024. This groundbreaking product assists in making lighting fixtures slimmer and lighter, conserving resources on lighting fixture design and construction materials. Additionally, the firm, horizontal light generates a mild, low-glare light that encircles the whole area, presenting new design choices for lighting fixtures. It also adds value to solid-state lighting through resource conservation and boosting building safety.

Which Segments in the Solid State Lighting Market Offer the Most Profit Potential?
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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Which Firms Dominate the Solid State Lighting Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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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