SOLID STATE LIGHTING MARKET ANALYSIS

Solid State Lighting MarketSize and Trends

Global solid state lighting market size was valued at US$ 33.45 Bn in 2022, and exhibiting a compound annual growth rate (CAGR) of 10.65% from 2023 to 2030.

Global solid state lighting market is expected to witness growth, owing to increasing demand for environmentally friendly and energy-saving lighting solutions. The technological advancements in Illumination sector is anticipated to provide more lighting output with reduced power usage. For instance, in March 2020, Nichia Corporation, a company specialized in LED technology launched COB and SMD LEDs to address mass market demand for lighting solutions based on solid state lighting. This helped the company to extend its offering of solid state lighting solutions for medical applications.

Growing consumer awareness about energy efficient LED (Light Emitting Diode) lights, increasing applications such as automotive, medical, and outdoor lighting due to usage of solid state lighting, and emerging smart city technology are expected to drive the market growth. Solid state lighting is used in a wide range of applications due to its various benefits including extended life, higher light output quality, inherent safety, compact size, and great durability.

Global Solid State Lighting Market- Dynamics

Increasing demand for cost effective and energy saving system

Global solid state lighting market is expected to witness growth, as several lighting firms are attentive towards improvement of white LED performance and pricing, and efficiency of LED-based fixture designs. Increasing  usage of high-brightness (HB) LEDs for lighting applications, especially as HB LED performance (lumen output, efficiency) has improved substantially in the last year; further emerging as an option in multiple lighting applications. Solid state lighting is a term for the use of LEDs in lighting. Solid state luminaries are energy-efficient and cost-effective, and thus, the solid state lighting industry is driven by energy saving capabilities.

Market-Trends