Solid State Lighting Market Size and Share Outlook 2023-2028: Industry Growth Analysis, Sales revenue, CAGR Status, Future Demand and Developments

The new report by Expert Market Research titled, ‘Global Solid State Lighting Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the solid-state lighting market, assessing the market based on its segments like technology, product, application, end use, distribution channel and regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2020): 33.17 billion USD
• Forecast CAGR (2023-2028): 12.2%
• Forecast Market Size (2026): 66.18 billion USD

Due to the dramatic reduction in energy consumption with the usage of solid state lighting, the solid state lighting market is likely to increase throughout the forecast period. Increased general understanding of the significant impact of lighting on human health is predicted to boost the market. The current stage of solid state lighting development has exceptional technological characteristics that are expected to change the solid state lighting industry. Increased government-sponsored industrial consortia propels the sector forward even faster. As a result of these reasons, the solid state lighting industry is anticipated to develop rapidly in the near future.

Solid State Lighting Industry Definition and Major Segments

Lighting is the planned use or placement of lights in a room, shopping complex, street, or other location to create practical or aesthetic effects. The market is flooded with various forms of artificial light sources, such as lamps and light fixtures, among others. Semiconductors transform power into light in solid state lighting equipment. Electroluminescence, a phenomenon in which a carefully formed semiconductor diode lights up when an electric current is sent across it, is used to create visible light in a solid state lighting system. Solid state lighting is employed in a variety of applications because of its numerous advantages, including extended life, higher light quality, inherent safety, compact size, and great durability.

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Based on technology, the global lighting market can be divided into:

• LED
• Fluorescent
• Halogen
• Incandescent
• Others

The various products available in the industry include:

• Bulbs
• Streetlights
• Downlights
• Tube Lights
• Flood Lights
• Others

Based on application, the lighting market is bifurcated into:

• Indoor
• Outdoor

On the basis of end use, the industry is divided into:

• Residential
• Commercial
• Industrial
• Agricultural
• Hospital
• Others

The various distribution channels of the product are as follows:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others

The major regional markets of the solid state lighting market are:

• North America
• Asia Pacific
• Latin America
• Europe
• Middle East and Africa regions

Solid State Lighting Market Trends

The global lighting industry is being driven by increasing lighting demand from end-use sectors and increased consumer awareness of resource sustainability. The industry has seen a tremendous revolution, with the transition from incandescent to light-emitting diodes (LED) contributing greatly to the sector's development. End-users may now pick from a variety of solutions, such as FTLs, CFLs, LEDs, and other possibilities, depending on their needs. In comparison to older lighting technologies, LEDs have become the most common lighting technology because they use less energy, have a longer lifespan, and are more economical. Furthermore, unlike fluorescent or incandescent bulbs, they do not pollute the environment. Due to increased awareness and availability to the product, the lighting market is expected to grow faster in developing markets. The sale of the product has increased as a result of favourable government regulations, such as the usage of LEDs for streetlighting, assisting the broader business. The industry's growth is likely to be aided by increased R&D initiatives aimed at developing improved lighting technology.

Key Market Players

The major players in the market are Signify N.V., OSRAM GmbH, Schneider Electric SE, Nichia Corporation, GE Lighting, Eaton Corporation plc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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