The solid state lighting market, as per the report published by Market Research Future (MRFR), is likely to gain quick mileage over the next couple of years. The study asserts that the global market is anticipated to expand at 8% CAGR over the evaluation period 2016 to 2022. It has also been estimated in the assessment that the market is likely to achieve a valuation of USD 23 Bn by the end of the forecast period.
There has been a sharp rise in adoption of fluorescent lighting across the globe, which is opening new growth avenues for the market. MRFR’s projects the global solid state lighting market will demonstrate a healthy compound annual growth rate (CAGR) between 2017 and 2023. Companies such as Royal Philips Electronics N.V., General Electric Company, AIXTRON SE, OSRAM Licht AG, Nichia Corporation and Seoul Semiconductor Co., Ltd. Have emerged as major market players. These companies are implementing aggressive growth strategies to strengthen their market position.
The global solid state lighting market is also benefiting from the increased government support towards adoption of energy-efficient technologies. At the same time, tremendous technological advances have led to induction of a slew of low maintenance lighting solution. Nevertheless, market impediments such as lack of standardization and high implementation and equipment costs are yet to fully addressed. Moreover, the high installation cost of solid state lighting continues to hamper its market prospects.
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The segments of the global solid state lighting industry, on the basis of technology, are organic light emitting diodes (OLED), light emitting diodes (LEDs), and polymer light emitting diodes (PLED).
The segmental analysis of the solid state lighting market, based on application, covers - residential, commercial, automotive, outdoor lighting, medical, consumer electronics, transportation, and others.
The market has been covered across Europe, the Middle East & Africa (MEA), North America, South America and Asia Pacific (APAC). Of these, the market is APAC is expected to remain highly attractive during the assessment period. In APAC, countries such as Japan, China and India are expected to make important contributions to the market in terms of revenue. Moreover, APAC is home to some of the leading market players, which puts it on a favourable spot. In addition, quick uptake of solid state lighting in outdoor and indoor lighting application in fast-developing countries such as China and India is viewed as a major market driver in the region. The Middle East & Africa (MEA) is also expected to present attractive market opportunities during the forecast period. Factor such as growing need for energy-efficient lighting technologies and rapid adoption of HID lighting are providing an impetus to the market in MEA.
Global Solid State Lighting Market: Competition Analysis
Key companies mentioned in MRFR’s report include Royal Philips Electronics N.V. (Netherlands), General Electric Company (U.S.), AIXTRON SE (Germany), Applied Science and Technology Research Institute Company Limited (Hong Kong), Cree, Inc. (U.S.), Advanced Lighting Technologies, Inc. (U.S.), Intematix Corporation (U.S.), Toyoda Gosei Co., Ltd. (Japan), Topanga Technologies, Inc. (U.S.), OSRAM Licht AG (Germany), Bright Light Systems, Inc. (Georgia), Seoul Semiconductor Co., Ltd. (South Korea), Energy Focus, Inc. (U.S.), Nichia Corporation (Japan), Bridgelux, Inc. (U.S.), Ceravision Ltd (U.K.), Applied Materials, Inc. (U.S.), Acuity Brands, Inc. (U.S.), TCP International Holdings Ltd. (Switzerland) and LED Engin, Inc. (U.S.)