Global Solid State Lighting Market: Energy Efficiency Benefits to Stoke Global Demand for Solid State Lighting Systems, says TMR
Albany, NY -- (SBWIRE) -- 11/22/2017 -- Despite its nascent stage of development, the global solid state lighting market has become rapidly concentrated with international as well as regional players in the past few years, observes Transparency Market Research (TMR) in a recent report.
The level of competition in the market has significantly intensified in the past few years and companies, in a bid to hold on to their positions, are resorting on strategic collaborations and introduction of more effective and economical products. Some of the leading companies in the market are Panasonic Corporation, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., General Electric, OSRAM Licht Group, Eaton Corporation, Mitsubishi Electric Corporation, and NICHIA Corporation.
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The report by TMR estimates that the global market for solid state lighting will exhibit a promising 8.7% CAGR from 2017 to 2025, rising from a valuation of US$14.48 bn in 2016 to an opportunity of US$30.38 bn by 2025.
Asia Pacific to Continue to have Stronghold on Market
The key sectors that present demand for solid state lighting include industrial, commercial, residential, and outdoor lighting. Of these, the commercial sector accounted for the dominant share of the global market in 2016 and is also expected to remain at the dominant position over the report's forecast period. In terms of technology, the LED segment is expected to account for the dominant share of the market over the report's forecast period.
From a geographical point of view, the market for solid state lighting in Asia Pacific is presently the leading contributor of revenue and growth opportunities to the global market and is also likely to retain the top spot over the report's forecast period as well.
The regional market will benefit from the steady pace of economic development observed in countries such as India, Indonesia, and China in the past few years. The thriving consumer electronics market is another key factor attributed to the stronghold of Asia Pacific on the global solid state lighting market.
Increased Focus on Energy-efficient Lighting to Drive Global Demand
A number of factors are working towards the positive development of the global solid state lighting market, include the massive rise in demand for energy-efficient lighting in the past few years. With a high energy-efficiency quotient, high level of durability, and improved productivity, solid state lightings befit these demand.
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The relatively more environment-friendly technology, compared to other popular lighting technologies, is thus finding massive demand in developed as well as emerging economies with increasingly stringent environment protection norms such as China, India, and Indonesia. The rapid rate of urbanization and industrialization in these countries is also contributing to the increased demand for solid state lighting.
Moreover, the market for solid state lighting is also driven by the vast advancement in technological competence and reduced costs in Asia Pacific. Furthermore, the increased adoption of Internet of Things technologies and their integration with solid state lighting are also projected to have a positive influence on the overall development of the global solid state lighting market in the near future.
On the flip side, there are some factors that could challenge the overall growth of the global solid state lighting market. One of the key factors likely to rein in the market is the relatively higher cost of installation of these lighting systems as compared to conventional fluorescent and incandescent lighting systems. Nevertheless, the rising investments towards the development of smart cities could stoke demand for solid state lighting across a number of regional markets over the report's forecast period.
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