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Solid State Lighting Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2024

Author : Ronak Bora | Published Date : 2020-09-09 

As per reliable estimates, the global LED-based solid state lighting market is slated to garner more than USD 80 billion in revenue by 2024. The 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.

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.

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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 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.

The solid state lighting has been 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. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.

In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting market in the forthcoming years.

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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) of the report:

Chapter 1    Methodology & Scope

1.1    Methodology

1.2    Market definitions

1.3    Market estimation & forecast parameters

1.4    Data Sources

1.4.1   Primary

1.4.2   Secondary

1.4.2.1   Paid Sources

1.4.2.2   Public Sources

Chapter 2    Executive Summary

2.1    Solid state lighting industry 3600 synopsis, 2018 - 2024

2.1.1   Business trends

2.1.2   Regional trends

2.1.3   Technology trends

Chapter 3    Solid State Lighting Market Insights

3.1    Industry segmentation

3.2    Industry size and forecast, 2013 – 2024

3.3    Industry ecosystem analysis

3.3.1   Vendor matrix

3.3.2   Distribution channel analysis

3.3.2.1   Collaborations/Partnerships

3.3.2.2   Acquisitions

3.3.2.3   E-commerce (Online)

3.3.2.4   Distributors

3.4    Regulatory Landscape

3.4.1   U.S.

3.4.2   Europe

3.4.3   China

3.5    Materials for solid state lighting

3.5.1   Inorganic materials

3.5.2   Organic materials

3.5.3   Hybrid materials

3.6    Cost structure analysis

3.6.1   Operating cost estimation

3.6.2   Capital cost estimation

3.6.3   Ownership cost of light

3.7    Pricing analysis

3.7.1   LED

3.7.2   OLED

3.8    Industry impact forces

3.8.1   Growth drivers

3.8.1.1   North America

3.8.1.1.1   Importance of LED technology in horticulture application

3.8.1.2   Increasing R&D and government spending

3.8.1.3   Europe

3.8.1.3.1   Increasing usage in automotive lighting sector

3.8.1.3.2   Ban on incandescent bulbs

3.8.1.4   Asia Pacific

3.8.1.4.1   Government initiatives for the development of smart cities

3.8.1.4.2   Government endorsement of energy-efficient lights

3.8.2   Industry pitfalls & challenges

3.8.2.1   High cost

3.7.2.2    Low brightness and efficiency

3.9    Innovation and sustainability

3.10   Comparison

3.10.1   LED lighting vs Conventional lighting

3.10.2   LED lighting vs Incandescent lighting

3.11   Growth potential analysis, 2017

3.11.1   Emerging business models

3.11.1.1    New product launch

3.11.1.2    Joint Venture

3.11.1.3    Acquisitions

3.12   Porter’s analysis

3.13   Competitive landscape, 2017

3.13.1   Strategy dashboard

3.14   PESTEL analysis

3.15   Patent landscape

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/solid-state-lighting-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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