Sellbyville, DE -- (SBWIRE) -- 02/27/2019 -- Solid State Lighting Market growth will be driven by increasing product demand for automotive applications owing to smaller device size, aesthetic appeal and stringent regulations. In addition, increasing LED applications in indicator lighting products such as signals and signages may further stimulate market growth. Also, economic growth in Thailand, Malaysia and Indonesia coupled with population rise is estimated to boost the automotive sector, further stimulating the SSL product demand. Global automotive market is expected to surpass USD 5 trillion by 2024 which represents tremendous growth potential for solid state lighting market.

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With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024. Phosphides & nitrides of aluminum, gallium and indium are the major raw materials used in manufacturing of solid state lighting products. High manufacturing cost owing to expensive raw materials and low emission efficiency will be a major challenge and may pose a high threat for the solid state lighting industry growth.

Global LED-based solid state lighting market is poised to surpass USD 80 billion by 2024 pertaining to their low power consumption and rising demand for high brightness LEDs. These products are used in panel indicators, automotive lamps and large display screens which may boost solid state lighting market size. Government has mandated various laws or policies regarding product utility and implementation of tariffs of LED component import catering to the domestic market, may stimulate industry growth.

Rising demand for energy efficient lamps primarily for residential applications on account of increasing conventional bulbs replacement may stimulate solid state lighting market size. 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.

North America solid state lighting market size driven by Mexico, Canada and the U.S. may witness substantial gains at over 11.5% during the forecast timeframe. Reduction in manufacturing cost and rising horticultural applications for plant ignition is likely to stimulate product demand. Moreover, this region is witnessing a rise in the local assembly of SSL products and increasing demand for industrial & commercial LED products such as tunnel, high-bay, panel and troffer lights which in turn may boost regional industry growth.

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Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.

Asia Pacific solid state lighting market driven by China, India, South Korea and Japan should register significant gains above 12% over the projected timeframe. Rising IoT adoption for smart city projects coupled with government endorsement of energy-efficient lights to minimize energy costs and smart city development projects may stimulate product demand in the region.

China OLED based solid state lighting market revenue from architectural applications may witness significant gains over the foreseeable timeframe. They are mainly used for decoration purpose, buildings structure illumination and signage backlighting owing to its diffused output and low luminance.

Global solid state lighting market share is moderately fragmented with major industry players such as ETi Solid State Lighting, Inc., Solid State Luminaires, Green Rock Lightning, TSMC, Veeco, ARC Solid-State Lighting Corporation, Cireon, LLC, Sasaki Associates, Inc., FC | SSL Lighting - US Commercial Lighting Manufacturer, Philips Lighting, MSi,Coolon LED Lighting, Molex, OSRAM, nTact, Samsung Electronics, GE, Eaton, Nichia America Corporation, Mitsubishi Electric Corporation, and Bridgelux, Inc.

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