SOLID STATE LIGHTING MARKET ANALYSIS
Global Solid State Lighting Market- Key Developments
In January 2023, Nichia Corporation, a lighting solutions manufacturer, announced the expansion of LED portfolio with the launch of NVSW219C-V2 and NVSW719AC solutions. This is expected to help the company in catering customer demand for diverse solid state lighting solutions.
In December 2022, Hella, an automotive supplier initiated the production of solid state lighting based high definition headlamps at its facility in Lippstadt, Germany. This is anticipated to help the company in delivering solid state lighting solutions to enterprises operating in multiple industry verticals, specifically for automotive sector.
The competition in the global solid state lighting market is intense, with companies competing on the basis of factors such as product innovation, pricing and distribution, To remain competitive, companies are investing heavily in research and development to improve the efficiency and performance of their products while reducing costs. They are also focusing on expanding their product portfolios and distribution channels to reach a broader customer base.
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