Solid-State Lighting Market Expected to Secure Notable Revenue Share during 2018-2023
The global market for solid-state lighting should grow from $62.8 billion in 2018 to $127.5 billion by 2023 with a compound annual growth rate (CAGR) of 15.2% for the period of 2018-2023.
The scope of this report is broad and covers global markets of solid-state lighting used globally in various types of applications. The market is broken down by major types, by application, end-user industries and by region. Revenue forecasts from 2018 to 2023 are presented for each major type, application, and regional markets.
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The report also includes a discussion on the major players in each of the regional markets for solid-state lighting market. It explains the major market drivers of the global solid-state lighting industry, the current trends within the industry, and the regional dynamics of the solid-state lighting market. The report concludes with a special focus on the vendor landscape. It includes detailed profiles of the major vendors in the solid-state lighting industry globally.
– 68 tables
– An overview of the global solid-state lighting (SSL) technology market
– Analyses of global market trends, with data from 2017, 2018, and projections of compound annual growth rates (CAGRs) through 2023
– Discussion of technologies and factors influencing demand
– Coverage of SSL technologies, including LED (light-emitting diodes) and OLED (organic light-emitting diodes), as well as substrate mounts, packaging materials, and manufacturing techniques
– Profiles of major companies in the market, including 3M, Honeywell International Inc., Eaton Corp. Plc., PhotonStar LED Group Plc., Cree Inc. and Samsung Electronics Co. Ltd.
According to studies, lighting accounts for substantial share of total global energy consumption. The increasing demands for environmentally-friendly and energy-saving lighting technologies are key factors driving the growth of the global solid-state lighting market. Moreover, various government initiatives are promoting the use of SSL technologies over conventional lighting. Technological advancements in the lighting industry aim at providing higher lighting output while consuming less power.
Solid-state lighting has the potential to transform the global lighting market with the introduction of energy-efficient light sources. Solid-state lighting is used in many industries for general lighting, backlighting, automotive lighting, among others. The widespread application of solid-state lighting is found in architectural, consumer electronics, commercial and industrial, residential, transportation and automotive industries, among others.
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Solid-state lighting does not contain hazardous substances or ultraviolet radiations, making it environmentally-friendly. Solid-state lighting system devices can function at a lower temperature than conventional light bulbs; this is projected to favorably impact market growth. The demands for solidstate lighting devices are increasing for general lighting along with other applications such as horticulture and healthcare lighting.