What Has Been the Growth of the Solid State Lighting Market So Far?
The solid state lighting market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant increase in the size of the solid-state lighting market. The market projections indicate an escalation from $44.97 billion in 2024 to $50.09 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.4%.
This exceptional growth during the historic period can be credited to factors like the extensive utilization of solid-state lighting, industrialization growth, a rise in disposable income, and intensified government initiatives.
How Will the Solid State Lighting Market?
The solid state lighting market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of solid state lighting is projected to witness a robust expansion in the upcoming years, with an estimation to reach $76.04 billion by 2029, surging at a compound annual growth rate (CAGR) of 11.0%.
Key factors aiding the projected growth during this period include a surge in demand for energy-efficient and energy-saving lighting solutions, escalating demand for sustainable lighting options, and the support from industry consortiums backed by the government. The major trends that are likely to shape the market during the forecast period encompass technological progress, a shift towards human-centric lighting, adoption of mini-LED and micro-LED, horticultural lighting, and silicon-based LED technology.
Which Factors Are Boosting Growth In The Solid State Lighting Market?
Growth in the solid-state lighting market is projected to surge due to the escalating demand for energy-efficient lighting. This form of lighting uses less energy to offer the same level of light as conventional solutions, thereby decreasing greenhouse gas emissions and contributing to climate change mitigation through reduced electricity use. LED technology, an integral part of solid-state lighting, provides superior energy efficiency compared to traditional light sources, encouraging both residential and commercial users to adopt solid-state lighting solutions to meet regulatory requirements and decrease energy consumption. For example, data from the International Energy Agency, an intergovernmental organization based in France, showed that in September 2022, global residential LED sales have been rising significantly, accounting for roughly 50% in 2022 and projected to represent 100% of LED lighting sales by 2025. Furthermore, emerging LEDs are predicted to improve their efficiency by about 30% by 2030, aligning with the Net Zero scenario. Hence, the growing demand for energy-efficient lighting is fueling the expansion of the solid-state lighting market.
What Key Areas Define The Segmentation Of The Global Solid State Lighting Market?
The solid state lighting market covered in this report is segmented –
1) By Type: Light Emitting Diode (LED), Organic Light Emitting Diode (OLED), Polymer Light Emitting Diode (PLED)
2) By Installation Type: New Installation, Retrofit
3) By Applications: Indoor Lighting, Outdoor Lighting, Specialty Lighting
4) By Industry Vertical: Residential, Industrial And Commercial, Medical, Transportation, Other Industry Vertical
Subsegments:
1) By Light Emitting Diode (LED): High-Power LEDs, Mid-Power LEDs, Low-Power LEDs, High-Brightness LEDs
2) By Organic Light Emitting Diode (OLED): OLED Panels, OLED Lighting Fixtures, Flexible OLEDs, Transparent OLEDs
3) By Polymer Light Emitting Diode (PLED): PLED Displays, PLED Lighting Solutions, Flexible PLEDs, Active Matrix PLEDs
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What New Trends Are Influencing The Solid State Lighting Market?
A key strategy of leading enterprises in the solid-state lighting sector is to innovate in terms of materials, designs, and production methods. This strategy is aimed at building more efficient LED technologies such as chip-scale LEDs that offer superior lighting, thereby extending their market influence and possible sales leads. Chip-scale LEDs are a variant of white LED packages that achieve a flat light dispersal configured to address the problem of rough-emitting surfaces and inadequate light patterns seen in regular LED lights. For example, in January 2024, Nichia Corporation, a Japan-based firm with expertise in the manufacture and sale of light-emitting diodes, introduced NFSWL11A-D6. This imaginative product facilitates the creation of slimmer and lighter lighting fixtures, leading to resource conservation in the design and construction of lighting fixtures. Moreover, the even horizontal lighting provides a soft, minimum-glare light that transforms the entire environment, creating unprecedented design opportunities for lighting fixtures. This product not only conserves resources but also enhances building safety, thereby adding value to the solid-state lighting market.
Who Are the Key Players In The Solid State Lighting Market?
Major companies operating in the solid state lighting market report are:
• Samsung Electronics Co. Ltd
• General Electric Company
• Panasonic Holdings Corporation
• Mitsubishi Electric Pvt. Ltd.
• Toshiba Corporation
• Everlight Electronics Co. Ltd.
• Koninklijke Philips N.V.
• Signify Holding B.V.
• Energy Focus Inc.
• OSRAM GmbH
• Hubbell Incorporated
• Acuity Brands Inc
• Stanley Electric Co.
• Zumtobel Group
• Seoul Semiconductor Co. Ltd.
• Cree LED
• Lumileds Holding B.V.
• Cooper Lighting LLC
• Bridgelux Inc.
• TCP Lighting
• Sanken Electric Co. Ltd.
• Intematix Corporation
• Seoul Viosys Co. Ltd.
• Phoenix Products LLC
• Nichia Corporation
What Is The Most Dominant Region In The Solid State Lighting Market?
Asia-Pacific was the largest region in the solid state lighting market in 2024. The regions covered in solid-state lighting report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
