Albany, NY -- (SBWIRE) -- 03/28/2018 -- The global solid state lighting market is progressive despite its nascent state. The increasing demand for energy efficient lighting technologies that conform to high durability and improved productivity stipulations for reducing greenhouse gases is the key factor driving growth of this market. The trend is notable in developing economies that are witnessing rapid industrialization and urbanization and are being responsible to adopt energy efficient technologies to reduce emissions that are detrimental to the planet.
Apart from this, the increasing acceptance of LED lighting solutions in the residential sector for energy efficiency and cost effectiveness is also driving adoption of solid state lighting solutions.
The shift of manufacturing to Asia Pacific on account of its rising technical expertise and favorable cost structure is stoking demand for solid state lighting solutions. The integration of Internet of Things with solid state lighting is a strong driver of this growth of this market.
As per a report by Transparency Market Research, the global solid state lighting market, which stood at US$14.48 bn in 2016 is expected to be worth US$30.38 bn by 2025, rising at a CAGR of 8.7% between 2017 and 2025.
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Energy Efficiency Drives up Demand for LED Lighting Solutions
The global solid state lighting market is classified into residential, commercial, industrial, and outdoor lighting depending on sector. The commercial sector segment dominated the solid state lighting market in 2016 and is likely to stay dominant over the forecast period.
In terms of technology, the solid state lighting market is divided into LED, OLED, and others. LED, among them, is expected to hold a significant share over other segments vis-à-vis growth in the solid state lighting market because of the rising popularity of LED lighting solutions across all sectors of the economy.
By end-user, the segments of the solid state lighting market are conventional lighting, consumer electronics, automotive and transport, healthcare, media and entertainment, and others. The segment of automotive and transport is expected to clock considerable growth in the forthcoming years on account of introduction of new and efficient forms of lighting technology.
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Smart Cities Developmental Projects Ramps up Asia Pacific Market
From a geographical standpoint, the segments into which the global solid state lighting market is divided are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America, among these, stood as a key market for solid state lighting in 2016 and it is expected to hold a decent share during the forecast period. The region accounts for significant contribution to the global market as it is home to several top vendors for solid state lighting solutions.
Europe is also expected to hold a significant position in the market over the forecast period. The growth of this regional market is backed by the advancement of the healthcare sector, which displays a high demand for solid state lighting for medical lighting needs. Apart from this, growth of the outdoor lighting segment due to changing lifestyle and increasing purchasing power is stoking growth of this regional market.
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Holding 40% of the market in 2016, Asia Pacific stood as an attractive market for solid state lighting. The region is expected to continue its dominance over the forecast period. The growth of this regional market is backed by government initiatives for the development of smart cities.
Leading players operating in the global solid state lighting market include General Electric, Samsung Electronics Co. Ltd., Panasonic Corporation, OSRAM Licht Group, Mitsubishi Electric Corporation, Eaton Corporation, NICHI Corporation, Koninklijke Philips N.V., Seoul Semiconductor Co. Ltd., and Applied Materials Inc.