Solid State Lighting Market Size, Share, Growth, and Industry Analysis, By Type (White Type, Fluorescent Light Type and Other), By Application (Residential Sector, Commercial Sector and Industrial Sector), Regional Insights, and Forecast To 2032

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SOLID STATE LIGHTING MARKET REPORT OVERVIEW

The global solid state lighting market size was valued at USD 65.66 billion in 2022 and is projected to touch USD 91.73 billion by 2032, exhibiting a CAGR of 3.4% during the forecast period.

LEDs are used in the solid-state lighting (SSL) technology to replace traditional incandescent and fluorescent lamps for general lighting. Electroluminescence, a phenomenon whereby an electric current passing through a specially designed semiconductor diode causes the semiconductor material to glow, is how an SSL device generates visible light. Indicator lamps were the original purpose of LEDs in electronic equipment like radio transmitters and various domestic goods like clock radios and television sets. Later, as more brilliant LEDs were created, SSL lamps were used in electronic billboards, traffic lighting, and car headlamps. These days, we can find them in a variety of places, including flashlights, searchlights, cameras, indoor and outdoor lighting setups, and many other things.

SSL lights have a higher energy conversion efficiency than incandescent and fluorescent lamps, which is their main advantage. For instance, a typical incandescent bulb used in a home only emits around 10% of the electrical energy it receives as visible light and emits the remaining 90% as infrared (IR) radiation, often known as heat. An SSL device, in comparison, transforms around 90 percent of the provided energy into visible light, and only 10 percent into IR. The lengthy lifespans of SSL devices are another benefit of the technology. A typical SSL lamp has a lifespan of 35,000 to 50,000 hours, which is nearly six times longer than that of a compact fluorescent light bulb and more than 20 times longer than that of an incandescent bulb (CFL).

When dropped, solid-state bulbs do not break and do not contain any harmful materials like CFLs do (as all other common types of lamps do). Unlike fluorescent or CFL lighting, a standard SSL lamp is fully dimmable like an incandescent bulb. Additionally, SSL lamps do not emit ultraviolet (UV) light, which can have a variety of negative effects, from drawing insects to degrading wallpaper and artwork. A top-notch SSL device can operate at temperatures lower than a standard CFL. To accommodate everyone's preferences, SSL light manufacturers offer colour colours ranging from "cold blue" to "warm yellow."

COVID-19 Impact: Decline in Consumers Income to Hamper Market Growth

The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with solid state lighting market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A once-in-a-lifetime health and economic catastrophe, COVID-19 has irrevocably altered how people work and live. We won't be returning to the familiar world as a result of the significant and long-lasting effects on the consumer products business. The consumer goods business is undergoing significant structural changes as a result of the crisis, which is fundamentally altering how and what customers buy. Consumers had been forced off their regular routines due to the outbreak. New habits and behaviours were adopted by consumers, many of which are expected to last over time. Consumers were more cautious when making purchases.

Consumers wanted to reduce food waste, shop more wisely, and use more environmentally friendly products. In addition, consumers are less likely to increase their spending due to the economic effects of the coronavirus epidemic, and many anticipate that their household income will continue to decline in the following months. However, spending more on groceries and home entertainment has increased as a result of greater time spent indoors. This is anticipated to affect United States solid state lighting market growth.

LATEST TRENDS

"Stringent Regulations on Power Consumption by the Government to Stir Market Growth"

The market for solid state lightning is anticipated to be driven by the government's strict limits on power use. Consumers' growing knowledge of environmental sustainability and energy efficiency is also boosting the market, which is why the government decided to enact these restrictions. The effectiveness of solid state lighting increased product sales as a result of power consumption requirements.

SOLID STATE LIGHTING MARKET SEGMENTATION

• By Type

Based on type; the market is divided into white type, fluorescent light type and other.

In terms of product, white type is the largest segment.

• By Application

Based on application; the market is divided into residential sector, commercial sector and industrial sector.

In terms of application, residential sector is the largest segment.

DRIVING FACTORS

"Increased Use of LED Technology to Improve Market Growth"

The market is expanding as a result of the widespread use of LED technology in a variety of sectors, including the automotive, healthcare, and retail industries. Solid state lighting has several applications, which is why it is employed in a variety of industries. It is produced on an industrial basis and shipped to a number of places. End users and designers are growing more and more accustomed to SSL. Small size, simplicity of control, unidirectional distribution, cool beam, colour rendering that can be extremely high and comparable to high colour rendering index (CRI) fluorescent lamps, lower energy use compared to incandescent lamps, high performance in cold environments, long life, and new form factors are just a few of the benefits of solid state lightning.

"Energy Efficient Features of the Semiconductor to Boost Market Growth"

For illumination, solid state lighting uses organic light emitting diodes (OLED), light emitting diodes (LED), and polymer light-emitting diodes as opposed to gas or filaments. One of the key factors fuelling the expansion of the worldwide solid state lighting market is the rising need for energy-efficient lighting solutions. Users anticipate that SSL quality will be on par with that of conventional lighting solutions.

RESTRAINING FACTORS

"Difficulty in Maintaining Power Density to Impede Market Growth"

Since the material's conductivity is low, boosting power density is challenging. Large-capacity monomers are challenging to make. Intensive research is still being done on the positive and negative film forming technique for mass production. The internal resistance is comparatively high at low temperatures.

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SOLID STATE LIGHTING MARKET REGIONAL INSIGHTS

"Affordable Products to Foster Growth in North America"

North America is expected to dominate the global U.S. solid state lighting market share during the forecast period owing to their high efficiency and low cost. Additional uses for solid state lighting include general illumination, car headlights, traffic lights, streetlights, and outdoor area lighting. Due to their high luminous effectiveness and low power consumption, which make them appropriate for usage in small devices like smartphones or tablets, OLEDs are also gaining popularity in the region.

KEY INDUSTRY PLAYERS

The report gives a thorough overview of the analysis of key characteristics of Solid state lighting market, including sales value, sales volume, market revenue, and demand size, as well as sales growth, pricing analysis, and shifting regional market growth factors. The report includes information on market participants and their relative standings within the machinable ceramic market. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being acquired and made available. Data on manufacturers, regions, types, applications, sales channels, and distributors are included in the study on materials.

List Of Top Solid State Lighting Companies

• Osram (Germany)
• Philips (Netherlands)
• GE Electric (U.S.)
• Acuity Brands Lighting (U.S.)
• Cree (U.S.)
• Sharp Corporation (Japan)
• Panasonic (Japan)
• Schneider Electric (France)
• Stanley Electric (Japan)
• Sanken Electric (Japan)

REPORT COVERAGE

The report examines market channels of Solid state lighting market and provides information on the elements affecting probable future global development. Additionally, the report looks at market size and share, regional trends, end-use categories, and market segments. It emphasises the importance of outlining an exhaustive regional analysis. The Global study also carried out a sector analysis to comprehend the key driving factors and entry barriers of the market. The paper also offers suggestions on how businesses might strengthen their market positions in light of significant alterations in the market dynamics.