SOLID STATE LIGHTING MARKET ANALYSIS

Solid State Lighting Market, By Type (LED, OLED and PLED), By Application (Indoor Lighting and Outdoor Lighting), By Installation Type (New Installation and Retrofit), By End User (Commercial, Residential, Industrial (Automotive, Healthcare, Entertainment, and Others)), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : May 2023
Code : CMI4582
Pages :140
Formats :
Excel and PDF
Industry : Semiconductors

Market Challenges And Opportunities

Restraints & Challenges:

High initial cost of solid state lighting systems
Lack of awareness among the customers

High initial cost of solid state lighting systems to negatively impact the market growth

Compared to the traditional lighting solutions such as florescent lights, solid state lighting systems require a higher initial investments. The high initial cost of solid state lighting systems has emerged as an barrier to entry for some consumers.

Increasing government initiatives in solid state lighting industry

Furthermore, global solid state lighting market is expected to witness growth due to its operational advantages, increasing governmental measures supporting sustainable development, rising awareness among people regarding impact of lighting on human health. Moreover, the concept of smart lighting and the development of technologies to improve the lighting efficiency is emerging as an opportunity for solid state lighting solutions provider. Technology investment in the solid state lighting industry is required to drive the market growth.