Global Solid State Lighting System Market - Industry Trends and Forecast to 2029

Market Analysis and Size

For general lighting, solid state lighting systems have mostly supplanted traditional incandescent and fluorescent lights. With the emergence of energy-efficient light sources, solid state lighting has the potential to transform the lighting sector. With the introduction of high-brightness LEDs, traditional incandescent bulbs are likely to become obsolete.

Data Bridge Market Research analyses that the solid state lighting system market value which was USD 22.73 million in 2021, is expected to reach the value of USD 45.97 million by 2029, at a CAGR of 9.20% during the forecast period. “Automotive and Transport” is predicted to dominate the worldwide solid state lighting market throughout the forecast period among end users. Solid-state and other energy-efficient lighting technologies assist automotive manufacturers because of their high efficiency and long battery life. Solid state lighting technology is being rapidly integrated into automotive applications by the automobile industry.

Market Definition  

Solid-state lighting is a method of producing light by using semiconductor LEDs, OLEDs, and other light-emitting diodes as a source of illumination. Solid state lighting has a number of advantages over traditional brittle glass tubes/bulbs, including greater stress and vibration resistance, higher quality light output, smaller and more flexible lighting fixtures, and a longer product life term.

Report Scope and Market Segmentation

Solid State Lighting System Market Dynamics

Drivers:

• Rise in the research and development.

Market growth should be aided by product innovation that results in enhanced light output, energy efficiency, and product development.

• Increase in the of LED technology in horticulture application.

Growing products that are helpful in farming and horticulture applications due to the increased energy efficiency, spectral control, beam control, low maintenance and low heat generation.

• Growing in the use in the automotive lighting sector.

Rise in the product innovation which is resulting in growing light output, energy efficiency and product development which is estimated to cushion the growth of the solid state lighting system market.

Opportunities

In addition, the growing consumer incomes will further provide potential opportunities for the growth of the solid state lighting system market in the coming years.

Restrains/Challenges

On the other hand, the increased cost is further projected to impede the growth of the solid state lighting system market in the timeline period. However, the inefficiency of solid state lighting in heat sensitive applications might further challenge the growth of the solid state lighting system market in the near future.

This solid state lighting system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solid state lighting system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Post COVID-19 Impact on Solid State Lighting System Market

COVID-19 has affected the majority of countries throughout the world, and the majority of them have declared a state of emergency. COVID-19 has a major impact on both the supply and demand sides of the manufacturing business. The COVID-19 outbreak had a major impact on the solid state lighting source market, with production temporarily halted in key manufacturing hubs and a significant output slowdown in the supply chain. The ongoing epidemic has had an impact on customer demand for display-integrated items, which has likely been boosted by the lockdown dispute.

Recent Development

• Samsung Electronics released its first "human-centric" LED packages, the LM302N, in March 2020. The LM302N series is designed with precisely developed light spectra to assist people adapt their melatonin levels indoors, making them feel more active or calm based on their daily life routines.

Global Solid State Lighting System Market Scope

The solid state lighting system market is segmented on the basis of technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Light Emitting Diodes (LED)
• Organic Light Emitting Diodes (OLED)

On the basis of technology, the solid state lighting system market has been segmented into light emitting diodes (LED), and organic light emitting diodes (OLED).

Application

• Residential
• Commercial
• Industrial
• Outdoor Lighting

On the basis of application, the solid state lighting system market has also been segmented into residential, commercial, industrial, outdoor lighting.

End User

• Conventional Lighting
• Automotive and Transport
• Consumer Electronics
• Healthcare
• Media and Entertainment

On the basis of end user, the solid state lighting system market is segmented into conventional lighting, automotive and transport, consumer electronics, healthcare, media and entertainment.

Solid State Lighting System Market Regional Analysis/Insights

The solid state lighting system market is analysed and market size insights and trends are provided by country, technology, application and end user as referenced above.

The countries covered in the solid state lighting system market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

North America dominates the solid state lighting system market due to the rise in the demand for horticulture products over traditional agriculture products. Furthermore, the increasing adoption of urban farming and growing need demand for healthier and safe food will further boost the growth of the solid state lighting system market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth in the solid state lighting system market due to the rise in the need for smart cities and increase in the population. Moreover, the growing construction of power plants and energy substations is further anticipated to propel the growth of the solid state lighting system market in the region in the coming years.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solid State Lighting System Market Share Analysis

The solid state lighting system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solid state lighting system market.

Some of the major players operating in the solid state lighting system market are:

• AIXTRON (Germany)
• Bridgelux, Inc. (US)
• Visual Communications Company, LLC (US)
• Energy Focus. (US)
• General Electric Company (US)
• NICHIA CORPORATION (Japan)
• Koninklijke Philips N.V. (Netherlands)
• Toshiba Lighting France (TLF) S.A. (France)

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