Solid-State Lighting (SSL) Market Report Overview
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The global solid-state lighting (SSL) market size was US$ 112150 million in the year 2022 and is projected to touch US$ 345031.97 million by 2031, exhibiting a CAGR of 13.3% during the forecast period.
Due to the rising need for lighting solutions that are both environmentally friendly and energy-efficient, the global solid state lighting market is predicted to expand. It is projected that the technical developments in the lighting industry would increase illumination output while consuming less power. For instance, to meet the need for lighting solutions based on solid state lighting in the mass market, Nichia Corporation, a company specializing in LED technology, introduced COB and SMD LEDs in March 2020. This aided the business in expanding its selection of solid-state lighting solutions for use in medical settings.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The global COVID-19 pandemic has been unprecedented and staggering, with the Global Solid-State Lighting (SSL) Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Growth of the market in recent years"
Over the forecast period, the LED sector is expected to continue to dominate the worldwide solid state lighting market. Due to their numerous benefits, including energy efficiency, longevity, durability, and environmental advantages, LEDs now dominate the global market. Additionally, general illumination, automobile lighting, signs, and other applications have all seen a significant increase in the adoption of LED lighting. In the upcoming years, it is anticipated that this will contribute to the market's sustained dominance in solid state lighting worldwide. Due to growing acceptance and new product innovations for solid state lighting solutions, North America is anticipated to experience considerable growth throughout the projected period.
Solid-State Lighting (SSL) Market Segmentation
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- By Type
Based on type the global solid-state lighting (SSL) market is classified as incandescent lamp, fluorescent lamp, xenon lamp, other.
- By Application
Based on application the global solid-state lighting (SSL) market is classified as residential sector, commercial sector, industrial sector.
DRIVING FACTORS
"The Utilization as a Catalyst to Boost the Market Growth "
The global solid state lighting market is anticipated to expand as more lighting companies pay attention to the efficiency of LED-based fixture designs and the enhancement of white LED performance and affordability. Utilisation of high-brightness (HB) LEDs for lighting applications is rising, especially as HB LED performance (lumen output, efficiency) has significantly increased in the past year and is now becoming a viable option in a variety of lighting applications. The usage of LEDs in lighting is known as "solid state lighting." The solid state lighting business is driven by the ability to save energy since solid state luminaries are economical and energy-efficient.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
The global solid state lighting market is anticipated to expand as more lighting companies pay attention to the efficiency of LED-based fixture designs and the enhancement of white LED performance and affordability. Utilization of high-brightness (HB) LEDs for lighting applications is rising, especially as HB LED performance (lumen output, efficiency) has significantly increased in the past year and is now becoming a viable option in a variety of lighting applications. The usage of LEDs in lighting is known as "solid state lighting." The solid state lighting business is driven by the ability to save energy since solid state luminaries are economical and energy-efficient.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market"
Solid state lighting systems demand larger initial investments than more conventional lighting options like fluorescent lights. For some users, the high initial cost of solid state lighting systems has become a barrier to entrance. The automotive industry is anticipated to dominate the worldwide solid state lighting market among end users during the projected period. Due to their great efficiency and prolonged battery life, solid state lighting and other energy-efficient lighting technologies are advantageous to automotive makers. For use in vehicles, the automotive sector primarily uses solid state lighting technology in the headlights and interior lights, among other applications.
Solid-State Lighting (SSL) Market Regional Insights
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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
Due to the presence of several prominent market players in the region, such as Nichia Corporation, Everlight Electronics, Mitsubishi Electric Pvt. Ltd., and others, Asia Pacific held the biggest market share of over 29% during the forecast period. The Japanese government also supports and invests in the solid-state lighting industry. The objectives of the Japanese projects were to benefit from the significant energy savings and greenhouse gas reductions. High-performance white LED development is to blame for this. Additionally, over the past five years, LED distribution in India has significantly risen. For instance, 368.6 million LED lights were distributed to Indian households in December 2022, according to statistics from the Indian Ministry of Power.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- Osram (Germany)
- Philips (Netherland)
- GE Electric (US)
- Acuity Brands Lighting (US)
- Cree (US)
- Sharp Corporation (Japan)
- Panasonic (Japan)
- Schneider Electric (France)
- Stanley Electric (Japan)
- Sanken Electric (Japan)
- Sumitomo (Japan)
- Universal Display (US)
- Siemens (Germany)
- Showa Denko (Japan)
- Brother Industries (Japan)
- Seoul Semiconductor (South Korea)
- Toshiba (Japan)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 112150 Million in 2022 |
Market Size Value By |
US$ 345031.97 Million by 2031 |
Growth Rate |
CAGR of 13.3% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the solid-state lighting (SSL) market expected to touch by 2031?
The global solid-state lighting (SSL) Market is expected to USD 345031.97 million by 2031.
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What CAGR is the solid-state lighting (SSL) market expected to exhibit by 2031?
The solid-state lighting (SSL) market is expected to exhibit a CAGR of 13.3% by 2031.
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Which are the driving factors of the solid-state lighting (SSL) market?
The solid state lighting business is driven by the ability to save energy since solid state luminaries are economical and energy-efficient.
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Which are the key players functioning in the solid-state lighting (SSL) market?
Osram, Philips, GE Electric, Acuity Brands Lighting, Cree, Sharp Corporation, Panasonic, Schneider Electric, Stanley Electric, Sanken Electric, Sumitomo, Universal Display, Siemens, Showa Denko, Brother Industries, Seoul Semiconductor, Toshiba are the key players functioning in the solid-state lighting (SSL) market.
