Solid State Lighting Market is driven by rising demand for energy efficient lamps primarily for residential applications on account of increasing conventional bulbs replacement. These products have lower energy consumption, longer life and less space requirements which increases their suitability for lighting applications. SSL technology comprises of various products such as lamps, luminaires, high & low-bay lights, flood & downlights and under-cabinet lamps providing benefits such as high thermal management, optimized lumen production and cost efficiency which may further boost industry growth.
Rising R&D initiatives to improve solid state lighting (SSL) product efficiency and performance may stimulate product demand. Increasing government endorsement and funding along with focus on R&D may accelerate solid state lighting market demand. These products increase energy efficiency, reduce heat dissipation and reduce energy costs which may drive overall industry growth.
Researchers have been able to increase indium content in blue LEDS which enabled the generation of white light by using red, blue and green LEDs. Similarly, the use of halide perovskite nanoparticles was found to improve light generation efficiency which may accelerate growth of solid state lighting market.
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High upfront costs of LED lamps owing to higher component costs and dependence on manual manufacturing techniques may hamper SSL market. Moreover, technological advancement in bulb manufacture has resulted in high-efficiency incandescent bulbs production which are much cheaper and offer better white-light emission which may drive solid state lighting market growth.
North America led by U.S., Canada and Mexico LED market from mining applications surpassed USD 600 billion in 2017. The region is witnessing high disposable income and regulations on incandescent bulb use. LEDs offer high durability, safety, are explosion-proof, and high portability which may accelerate SSL market growth. These products comprise of floodlights, spotlights, mountable automotive lights, string lights, towers and light carts which increases their suitability for mining applications.
Europe solid state lighting market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024. LEDs consist of various products for commercial lighting such as entry & exit signs, shop lights, and flat panels which increase energy efficiency, provide higher lumen output and lifespans exceeding 200,000 hours which is predicted to boost solid state lighting market growth.
Asia Pacific led by Japan, India, New Zealand and China LED market from automotive applications is poised to exceed USD 8.5 billion up to 2024. These products offer several advantages for automotive lighting such as vibration resistance, long life, moisture-proof encasing, compactness, and various color emissions. Rapid economic improvement, rising infrastructure, favorable government regulations and declining LED prices may stimulate solid state lighting market growth in the region.
U.S. industrial OLED market demand may surpass USD 90 million in the predicted timeframe. These products find use in various industrial applications such as lighting, mobile phone & media-player displays, digital cameras, lighting panels and portable devices. Various product advantages such as flexibility, light weight, suitability for use in large display panels along with increasing government funding for promoting OLED research may boost SSL market growth.
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