Solid State Lighting Market demand will be drive by increasing energy efficient lamps primarily for residential applications on account of increasing conventional bulbs replacement.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- Global 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
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.
Solid State Lighting (SSL) Market size was over USD 34.5 billion in 2017 and solid State Lighting Market size set to surpass USD 85 billion by 2024.
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.
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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.
Global solid state lighting market share is fragmented among several key players including Green Rock Lighting, EtiSSL, Cireon, Philips, OSRAM, General Electric, ETi Solid State Lighting Inc., Solid State Luminaires, TSMC, Veeco, ARC Solid State Lighting, Cireon, Sasaki Associates, Inc., FC Lighting, Philips Lighting Holding B.V., MSi, Coolon Pty Ltd and Molex.