Solid State Lighting Market Analysis

Solid State Lighting Market Analysis

Global LED based solid state lighting market will register over 12% growth by 2024 pertaining to increasing substitution of incandescent lamps in indoor, outdoor, display and industrial lighting sectors.  These products offer various desirable features such as high efficiency, light emission in desired colors without filter usage, and low power consumption. Rising demand for cost-effective, energy saving lighting and smart lighting products in commercial and industrial sectors should further stimulate market size.
 

Global LED-based luminaires market surpassed USD 10.5 billion in 2017 on account of significant technological advancements allowing the use of high-grade raw materials. They are available in high product quality, color quality, longer lifetimes and offer familiar look to conventional lamps for consumer convenience. Growing lighting requirement owing to increasing urbanisation and industrialization is likely to boost market growth.
 

Global OLED-based lighting market from industrial applications should surpass USD 700 million by the end of the predicted period on account of rising adoption in TV and smartphone display technology. These products offer several benefits such as reduced operational costs, shorter ROI, energy efficiency and durability. Increasing investment in manufacturing technology, efforts to replace traditional lighting and rising government incentives to reduce energy consumption are likely to boost solid state lighting market revenue.
 

Global outdoor LED lighting market size exceeded USD 5.5 billion in 2017 and should grow significantly by 2024 owing to rising safety concerns, infrastructure development and modernization. They find widespread usage in traffic lights, street & parking lot lamps, vehicle lights, building exteriors, and locomotive classification lights. Growing demand for streetlamps with smart controls and rising consumer awareness regarding energy conservation should fuel market growth.
 

North America solid state lighting market size, led by the U.S., Canada and Mexico surpassed USD 6.5 billion in 2017 and should witness significant growth by 2024 pertaining to the high demand for horticulture products over traditional agriculture products. These products are beneficial in farming and horticulture applications owing to high energy efficiency, spectral control, beam control, low maintenance and low heat generation. Growing adoption of urban farming and increasing demand for healthier & safe food should boost market growth.
 

Europe driven by France, UK, and Germany market should surpass USD 20.5 billion by the end of the foreseeable timeframe pertaining to rising EU legislations encouraging LED use for exterior automotive applications. They offer low power consumption, optimum luminosity, the ability to fit into small spaces, and improved aesthetic appeal. Growing technological innovation in automotive lighting sector and driver safety concerns at night & during extreme weather are likely to stimulate market growth.
 

Asia Pacific solid state lighting industry, led by India, Japan, and China should register over 12% gains by 2024 pertaining to growing population and rising demand for smart cities. They exhibit ease of control, optimum integration with processors, sensors and network interfaces which increases their suitability for Internet of Things (IoT), a major component of smart city projects. Rising construction of power plants and energy substations should stimulate lighting requirements in energy & utilities sector and further promote market growth.