Solid-State Lighting Source Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid-State Lighting Source Market Analysis
The solid-state lighting source market is expected to register a CAGR of 14.4% over the forecast period 2021 - 2026. The solid state lighting source market is expected to experience significant growth over the forecast period. This growth can be attributed to increasing demand for eco-friendly and energy-saving lighting technology.Technological developments in the lighting industry aim at providing higher lighting output at less power consumption.
- The major factor that drives the growth of Solid State Lighting market is growing awareness about energy efficient LED lights among consumers, high growth potential in application such as automotive, medical, outdoor lighting due to use of solid state lighting and emerging smart city technology among others.
- Better quality light output, smaller and flexible light fixtures, robust weather proof design combined with intrinsic safety are expected to exponentially augment the demand for solid state lighting system.Solid state lighting system neither contains hazardous substances nor ultra violet radiations, making it eco-friendly. Solid state lighting system application device can function at a lower temperature than a typical CFL, which is expected to favorably impact market growth.
- However,the primary factor hampering the growth of solid state lighting is its high costs. Additionally, the inefficiency of solid state lighting in heat sensitive applications also acts a restraint for solid state lighting market.
- The ongoing COVID-19 outbreak has adversely affected the solid-state lighting source market with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries.
- Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the industry will occur. However ,on the other side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for solid-state lighting source market in the coming months.
Solid-State Lighting Source Market Trends
This section covers the major market trends shaping the Solid-State Lighting Source Market according to our research experts:
LED Technology to Occupy the Maximum Share
- LED Technology is expected to occupy the maximum share as by transitioning to energy-efficient LEDs, an estimated savings of USD 18 billion in electricity costs can be achieved. Furthermore, more than 160 million metric ton of carbon dioxide emissions can be avoided every year.
- The growing consumer awareness about the environment and the durability of LEDs, along with the government mandates for energy efficiency, are the drivers for the growing adoption of LEDs. Moreover, 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 desire to save energy, high efficiency, reliability, and longer life span are the driving factors for LED adoption in commercial buildings. Also, building energy codes are beginning to increase adoption with the requirement of more advanced control strategies in more commercial spaces.These lights can be paired with motion sensors, photocells, and timers to offer a lighting control system for efficient usage in commercial segment.
- Further, organic LEDs find growing adoption in medical devices and biological implants owing to their high portability, light weight, low thickness and less power consumption.Smart lighting is expected to be the future of LED lighting, with various companies, like Philips, Magiclight, and Xiaomi, investing in the technology. Philips is one of the market leaders with its product, Philips Hue, which can be integrated with voice assistants.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to gain a significant market growth in the forecast period. Vendors of the market based on Japan and China are making major investments in line with the expanding applications of LEDs, like disinfection and sterilization, in addition to their expansion activities in the region. Also increasing manufacturing of semiconductors, and expansion of the same are boosting the market growth in the region.
- The increasing adoption of solid-state lighting in indoor and outdoor lighting in developing countries such as India and China is driving the growth of the market in APAC. Rising demand for warehouse lighting owing to growing industrialisation and expansion of automotive sector in China and India to accelerate the market growth.
- One of the major vendors, Nichia Corporation, is headquartered in Japan, and in April 2019, the company launched its 280 nm UVC NCSU334A “deep blue” ultraviolet-outputting LED, intended to address mass-market needs for air sterilization and water purification using solid-state lighting. Additionally, the company had a considerable success with the development of UVA LEDs, specifically designed for resin curing applications.
Solid-State Lighting Source Industry Overview
The solid-state lighting source market is moderately fragmented. Overall, the competitive rivalry among existing competitors is high. Moving forward, the new innovation strategies of large and small enterprise companies are expected to drive the market growth. Some of the key developments in the market are:
- March 2020 - Samsung Electronics introduced its first 'human-centric' LED packages, collectively known as LM302N. Engineered with carefully created light spectra, the LM302N family helps human bodies adjust melatonin levels indoors, making people feel more energetic or relaxed depending on their daily life patterns.
- January 2020 - GE Lighting added several new C by GE technologies to its expanding portfolio of smart home products. This includes advanced lighting switch and dimmer technologies along with new comfort, safety, and security solutions.
Solid-State Lighting Source Market Leaders
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Koninklijke Philips N.V.
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OsRam Licht AG
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Samsung Electronics Co. Ltd.
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GE Lighting
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Mitsubishi Electric Corporation
*Disclaimer: Major Players sorted in no particular order
Solid-State Lighting Source Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Greater Energy Savings Compared to Other Forms of Lighting
- 4.2.2 Growing Adoption of LEDs in the Automotive Industry
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4.3 Market Restraints
- 4.3.1 High Implementation and Equipment Cost
- 4.4 Value Chain Analysis
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4.5 Porters Five Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Assessment of Impact of Covid-19 on the Solid-State Lighting Source Market
5. MARKET SEGMENTATION
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5.1 Technology
- 5.1.1 Light Emitting Diodes (LEDs)
- 5.1.2 Organic Light Emitting Diodes (OLED)
- 5.1.3 Polymer Light Emitting Diodes (PLED)
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5.2 End-User
- 5.2.1 Residential
- 5.2.2 Commercial
- 5.2.3 Automotive
- 5.2.4 Medical
- 5.2.5 Consumer Electronics
- 5.2.6 Other End-Users
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5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Koninklijke Philips N.V.
- 6.1.2 OsRam Licht AG
- 6.1.3 Samsung Electronics Co. Ltd.
- 6.1.4 GE Lighting
- 6.1.5 Mitsubishi Electric Corporation
- 6.1.6 Eaton Corporation Inc.
- 6.1.7 Bridgelux Inc.
- 6.1.8 Toshiba Lighting
- 6.1.9 Acuity Brands Lighting Inc.
- 6.1.10 Nichia Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySolid-State Lighting Source Industry Segmentation
Solid state technology is an energy efficient technology which uses LEDs, OLEDs or PLEDs technology for its sources of illumination. It converts electricity into light with the support of semiconductors includes in it. It has been used in various applications due to its number of benefits such as long life, energy efficiency, low power consumption, and small & flexible size among others.
| Technology | Light Emitting Diodes (LEDs) |
| Organic Light Emitting Diodes (OLED) | |
| Polymer Light Emitting Diodes (PLED) | |
| End-User | Residential |
| Commercial | |
| Automotive | |
| Medical | |
| Consumer Electronics | |
| Other End-Users | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Solid-State Lighting Source Market Research FAQs
What is the current Solid-State Lighting Source Market size?
The Solid-State Lighting Source Market is projected to register a CAGR of 14.40% during the forecast period (2024-2029)
Who are the key players in Solid-State Lighting Source Market?
Koninklijke Philips N.V. , OsRam Licht AG, Samsung Electronics Co. Ltd. , GE Lighting and Mitsubishi Electric Corporation are the major companies operating in the Solid-State Lighting Source Market.
Which is the fastest growing region in Solid-State Lighting Source Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Solid-State Lighting Source Market?
In 2024, the North America accounts for the largest market share in Solid-State Lighting Source Market.
What years does this Solid-State Lighting Source Market cover?
The report covers the Solid-State Lighting Source Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Solid-State Lighting Source Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solid-State Lighting Source Industry Report
Statistics for the 2024 Solid-State Lighting Source market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solid-State Lighting Source analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
