Solid State Lighting Market By Technology (Solid-State Lighting -LEDs, -OLEDs, Fluorescent Lighting-LFL, -CFL, -CCFL), By Application(General Lighting, Automotive Lighting, Medical Lighting).
Global Solid State Lighting Market was valued at US$ 126.76 Billion in the year 2017. Solid State Lighting Market is further estimated to grow at a CAGR of 5.96% from 2018 to 2023 to reach US$ 29.67 Billion by the year 2023.
APAC region holds the highest market share in 2017 with European region is considered as the fastest growing market in the forecasted period. At a country level, South Korea is the biggest market in 2017 and it is projected to grow at a gradual pace in the coming years.
Samsung Electronics, General Electric, and Panasonic are some of the key manufacturers in the Solid State Lighting Market with Samsung Electronics holding the substantial market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were adopted by most of the top manufacturers in last 5 years.
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High Production cost
Innovation in the automotive sector
Balancing demand and supply of each segment
The Commercial segment is expected to hold the highest market share during the forecast period. With the increasing number of smartphone users, there is a demand for advanced technology in the display market.
The Governments of different countries are helping the local manufacturers by providing them resources. Thus, Solid State Lighting Market has a strong potential across the major countries.
On the other hand, the Automotive sector is expected to grow at the highest CAGR of X.X during year 2017-2022. Solid state lightings are being used in the lights of some top automotive manufacturers.
It is predicted that OLEDs will be used in the interiors of the cars in the coming years.
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Key Benefits for Stakeholders
Solid State Lighting Manufacturers, Distributors and Retailers
Research and Consulting organization
Technology Standards Organizations, Forums, Alliances and Associations
Regulatory bodies, policy actors, and consumers.
Key Market Players
General Electric Company
OSRAM Light AG
Mitsubishi Electric Corporation
Koninklijke Philips N.V.
Eaton Corporation PLC
Samsung Electronics Co. Ltd.
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