Solid State Lighting Market: What are the main applications and challenges?

Solid State Lighting Market is driven by rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

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 solid state lighting market growth.

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Solid state lighting market in automotive segment is poised to grow exponentially in the coming years. Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting.

High upfront costs of LED lamps owing to higher component costs and dependence on manual manufacturing techniques may hamper solid state lighting 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.

The solid state lighting market is driven by increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation.

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Europe Solid State Lighting Market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024. Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting industry in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union.

Global solid state lighting market share is fragmented among several key players including Green Rock Lighting, EtiSSL, Cireon, Philips, OSRAM, and General Electric. Major manufacturers prefer to enter into collaborations to expand market share or develop new products and acquisitions to complement their product portfolio and maximize solid state lighting market.

Table of Contents (ToC):

Solid State Lighting Market By Technology

  • LED
    • By Product
      • Lamps
      • Luminaires
    • By Installation
      • New installation
      • Retrofit
    • By Application
      • Indoor lighting
        • Residential
        • Commercial
          • Office
          • Malls
          • Hospitals
        • Industrial
          • Mining
          • Automotive
          • Construction
          • Others
      • Outdoor lighting
        • Highway
        • Architectural
        • Public places
        • Others
  • OLED
    • By Application
      • Industrial
      • Residential
      • Commercial
      • Automotive
      • Hospital
      • Architectural

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