Global Solid State Lighting Market: Snapshot
The growth of the global solid-state lighting market is gaining traction due to the increasing demand for energy efficient lighting technologies. The energy efficient lighting technologies conform to durability and improved productivity for reducing the level of greenhouse gases (GHG) is fuelling the growth of the global solid state lighting market. The rising awareness about the environment in developed and developing economies are witnessing higher demand for these energy-efficient technologies. Additionally, growing industrialization in the developing countries such as India and China are demanding energy efficient and cost-effective technologies is propelling the growth of the global solid state lighting market.
The increasing adoption of LED lighting solutions mainly in the residential sector for energy efficiency and its cost-effectiveness is driving adoption of LED is bolstering the growth of the global solid state lighting market. The consumers in the developing countries of Asia Pacific due to rising technical expertise and favorable cost structure is bolstering the growth of the solid state lighting market.
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Introduction of Efficient Lighting to be Beneficial for Growth
On the basis of the sector, the global solid-state lighting market is segmented into residential, commercial, industrial, and outdoor lighting. In 2016, the commercial sector is dominating the global market for state lighting.
High Energy Efficiency and Emission to Desirable Colors of Light to Shape Contours of the Market
Product innovation that results in higher light production, energy efficiency, and product creation can help the market expand. Organic LEDs are increasingly being used in medical devices and biological implants due to their portability, light weight, thinness, and low power consumption. Because of the increasing prevalence of cardiovascular, orthopaedic, and spinal diseases, the global implants industry is expected to observe high growth in the near future. The creation of white LEDs with software controllable color and brightness, as well as rising demand for flexible LEDs in smartphones, are expected to propel growth of the said market.
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Growing Government Initiatives to Bolster Market Growth
On the basis of region, the global solid-state lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for solid-state lighting owing to the presence of numerous key players in the region. However, the Asia Pacific region accounted for 40% shares of the overall market in 2016. This growth is attributable to growing government initiatives for the development of smart cities.
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Key players operating in the solid state lighting market include General Electric, Samsung Electronics Co. Ltd., Panasonic Corporation, OSRAM Licht Group, and Mitsubishi Electric Corporation. The state lighting market is witnessing growth with the moderate rate from the past few years. This is the emerging market in numerous regions; thus, the numerous new players are trying to enter into the market. These new entrants are expected to intensify the competition in the coming years.
Global Solid State Lighting Market to Observe Growth in Rising Smart City Initiatives
Rising number of smart city initiatives, government policies to encourage the implementation of energy efficient lighting solutions, and skyrocketing demand from the automotive industry is likely to support growth of the global solid state lighting market in the years to come. Due to overall economic growth and growing customer incomes, the demand for automotives across the globe has been observing a massive rise and is predicted to increase significantly in the forecast timeframe, indicating sufficient growth potential. These products are more energy efficient, come with a longer lifetime, have better quality of light, smaller fixture size, and are more durable. All these benefits are likely to work in favor of the global solid state lighting market in the years to come. Because of the expansion of the automotive sector and rapid industrialization in countries like India, South Korea, and China, the demand for warehouse lighting is expected to expand at a faster pace.