According to a recent study report published by Market Research Future, The global market of solid state lighting is booming and expected to gain prominence over the forecast period. The solid state lighting market share is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
Top Drivers and Main Restraints
The global solid-state lighting market is gaining significant traction across the globe, thanks to the mounting demand for energy efficient lighting technologies. The energy efficient lighting technologies are highly durable and help elevate the productivity to reduce the greenhouse gases (GHG) level, which is anticipated to induce growth of the solid-state lighting market in the following years.
Increasing awareness about the environment in developed as well as developing countries has pushed the growth of the solid-state lighting market to a great extent. Also, rising industrialization in emerging countries like India and China is leading to massive demand for energy efficient and cost-effective technologies, which is bound to foster the market growth in the subsequent years.
LED lighting solutions are being extensively used in the residential sector to conserve energy and save money, which is stimulating the growth of the solid-state lighting market. Consumers across the world are gaining technical expertise, which also helps with the market growth.
The solid-state lighting industry is quite expansive and has been thoroughly studied by MRFR experts. The report offers an extensive market segmentation, which includes installation type, offering and application.
Segmentation depending on the Installation Type covers New Installation and Retrofit Installation
Offering-based market segments are Software, Services and Hardware. The services segment can note a substantial growth rate in the years ahead, given the rising urbanization and the expansion of city projects. Also, accelerated demand for energy efficient lighting is boosting the market growth.
Application-wise, the market has been segregated into Backlighting, General Lighting, Medical Lighting, Automotive Lighting, and Others. The automotive application-based segment dominates the global market for state lighting, given the emergence of new and efficient forms of lighting technology.
Asia Pacific is expected to witness a significant growth and hold the largest market share during the forecast period. Germany, China, Japan and India are anticipated to drive the growth of the solid state lighting market in Asia Pacific owing to the presence of a large number of established key players such as OSRAM Licht AG, Seoul Semiconductor Co., Ltd., Nichia Corporation (Japan), and AIXTRON SE among others. The increasing adoption of solid-state lighting in indoor and outdoor lighting applications in developing countries such as India and China is responsible for driving the growth of solid state lighting market. Solid state lighting market in Rest of the World is expected to grow at a substantial CAGR during 2017 to 2023 due to increasing demand for energy saving lighting applications and growing demand for HID lighting in the region. Also, increasing infrastructure development in Middle East & Africa is another major factor fueling the growth of solid state lighting market.
Top Industry Participants
Top industry participants covered in the MRFR report are Osram Licht AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Intematix corporation (U.S.), Royal Philips Electronics N.V. (Netherlands), Panasonic Corporation (Japan), Eaton Corporation PLC (Ireland), Acuity brands lighting, Inc. (U.S.), Energy Focus, Inc. (U.S.), General Electric (U.S.), Cree, Inc. (U.S.), among others.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/solid-state-lighting-market-1781