SOLID STATE LIGHTING MARKET ANALYSIS
Global Solid State Lighting Market- Regional Insights
Asia Pacific accounted for largest market share of approximately 29% during the forecast period, owing to presence of major key market players such as Nichia Corporation, Everlight Electronics, Mitsubishi Electric Pvt. Ltd, and others in the region. Furthermore, Japan's solid state lighting sector receives Japan government’s support and investment. The Japanese initiatives aimed to take advantage of the massive energy savings and greenhouse gas reductions. This has attributed from the development of high-performance white LEDs. In addition, the distribution of LEDs in India have increased substantially over last 5 years. For instance, in December 2022, according to the statistics from the Ministry of Power, India, approximately 368.6 million units of LED bulbs were delivered across households in India.
North America is expected to exhibit significant growth during the forecast period, owing to increasing adoption and new product developments of solid state lighting solutions. For instance, in March 2023, Cree LED, an LED chip manufacturer launched new J series of LEDs for roadway and indoor professional applications. The newly launched LED products are ideal for directional lighting applications. This launch helped the company in offering LED lighting solutions for various commercial applications. Similarly, multiple companies offering LED solid state lighting are expanding their offerings to cater various industries such as healthcare, commercial, automotive, and many others. This is anticipated to contribute to the growth of solid state lighting market in North America.
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