Solid State Lighting Market Size

Solid State Lighting Market Size

Solid State Lighting Market size valued at USD 34.5 billion in 2017 and is slated to exceed demand of 10 billion units by 2024. 

Increasing government initiatives to promote adoption of energy efficient lighting, smart city initiatives and rising demand from automotive industry should stimulate solid state lighting market growth. Global automotive market demand witnessed a consumption of over 95 million vehicles in 2018 and should witness significant gains in the forecasted timeframe owing to economic growth and rising consumer incomes which represents ample growth potential. These products offer various advantages such as longer life, improved light quality, energy efficiency, reduced fixture size and durability. Rising demand for warehouse lighting owing to growing industrialisation and expansion of automotive sector in China, South Korea and India should accelerate the market growth.

Rising product innovation resulting in increased light output, energy efficiency and product development should promote market growth. Organic LEDs find growing adoption in medical devices and biological implants owing to their high portability, light weight, low thickness and less power consumption. Global implants market size should surpass USD 105 billion by 2024 on account of rising prevalence of spinal, orthopaedic and cardiovascular diseases which indicates healthy growth opportunities. Growing demand for flexible LEDs in smartphones and the development of white LEDs with software controllable brightness & color are likely to accelerate market growth.

The cost of these products is presently thrice that of conventional lamps owing to high raw materials cost and limited economies of scale compared to that of incandescent bulb production which should hinder market growth. However, various manufacturers are increasing production capacity and achieving technological advancements by offering several diodes under a single phosphor-covered lens, which is likely to provide significant cost reduction and fuel industry growth.