Solid State Lighting Market size valued at USD 34.5 billion in 2017 and is slated to exceed demand of 10 billion units by 2024.
Increasing government initiatives to promote adoption of energy efficient lighting, smart city initiatives and rising demand from automotive industry should stimulate solid state lighting market growth. Global automotive market demand witnessed a consumption of over 95 million vehicles in 2018 and should witness significant gains in the forecasted timeframe owing to economic growth and rising consumer incomes which represents ample growth potential. These products offer various advantages such as longer life, improved light quality, energy efficiency, reduced fixture size and durability. Rising demand for warehouse lighting owing to growing industrialisation and expansion of automotive sector in China, South Korea and India should accelerate the market growth.
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Rising product innovation resulting in increased light output, energy efficiency and product development should promote market growth. Organic LEDs find growing adoption in medical devices and biological implants owing to their high portability, light weight, low thickness and less power consumption. Global implants market size should surpass USD 105 billion by 2024 on account of rising prevalence of spinal, orthopaedic and cardiovascular diseases which indicates healthy growth opportunities. Growing demand for flexible LEDs in smartphones and the development of white LEDs with software controllable brightness & color are likely to accelerate market growth.
|Market Size in 2017:||34.5 Billion (USD)|
|Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||14.3%|
|2024 Value Projection:||85 Billion (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||555|
|Tables, Charts & Figures:||1,318|
|Segments covered:||Technology, Industrial, Outdoor , OLED and Region|
|Pitfalls & Challenges:|
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The cost of these products is presently thrice that of conventional lamps owing to high raw materials cost and limited economies of scale compared to that of incandescent bulb production which should hinder market growth. However, various manufacturers are increasing production capacity and achieving technological advancements by offering several diodes under a single phosphor-covered lens, which is likely to provide significant cost reduction and fuel industry growth.
Global LED based solid state lighting market will register over 12% growth by 2024 pertaining to increasing substitution of incandescent lamps in indoor, outdoor, display and industrial lighting sectors. These products offer various desirable features such as high efficiency, light emission in desired colors without filter usage, and low power consumption. Rising demand for cost-effective, energy saving lighting and smart lighting products in commercial and industrial sectors should further stimulate market size.
Global LED-based luminaires market surpassed USD 10.5 billion in 2017 on account of significant technological advancements allowing the use of high-grade raw materials. They are available in high product quality, color quality, longer lifetimes and offer familiar look to conventional lamps for consumer convenience. Growing lighting requirement owing to increasing urbanisation and industrialization is likely to boost market growth.
Global OLED-based lighting market from industrial applications should surpass USD 700 million by the end of the predicted period on account of rising adoption in TV and smartphone display technology. These products offer several benefits such as reduced operational costs, shorter ROI, energy efficiency and durability. Increasing investment in manufacturing technology, efforts to replace traditional lighting and rising government incentives to reduce energy consumption are likely to boost solid state lighting market revenue.
Global outdoor LED lighting market size exceeded USD 5.5 billion in 2017 and should grow significantly by 2024 owing to rising safety concerns, infrastructure development and modernization. They find widespread usage in traffic lights, street & parking lot lamps, vehicle lights, building exteriors, and locomotive classification lights. Growing demand for streetlamps with smart controls and rising consumer awareness regarding energy conservation should fuel market growth.
North America solid state lighting market size, led by the U.S., Canada and Mexico surpassed USD 6.5 billion in 2017 and should witness significant growth by 2024 pertaining to the high demand for horticulture products over traditional agriculture products. These products are beneficial in farming and horticulture applications owing to high energy efficiency, spectral control, beam control, low maintenance and low heat generation. Growing adoption of urban farming and increasing demand for healthier & safe food should boost market growth.
Europe driven by France, UK, and Germany market should surpass USD 20.5 billion by the end of the foreseeable timeframe pertaining to rising EU legislations encouraging LED use for exterior automotive applications. They offer low power consumption, optimum luminosity, the ability to fit into small spaces, and improved aesthetic appeal. Growing technological innovation in automotive lighting sector and driver safety concerns at night & during extreme weather are likely to stimulate market growth.
Asia Pacific solid state lighting industry, led by India, Japan, and China should register over 12% gains by 2024 pertaining to growing population and rising demand for smart cities. They exhibit ease of control, optimum integration with processors, sensors and network interfaces which increases their suitability for Internet of Things (IoT), a major component of smart city projects. Rising construction of power plants and energy substations should stimulate lighting requirements in energy & utilities sector and further promote market growth.
Competitive Market Share
Global solid state lighting market share is moderately fragmented with the presence of various manufacturers such as Philips Lighting Holding, OSRAM, Samsung Electronics, General Electric, Mitsubishi Electric, Eaton, and Bridgelux. Various industry participants are engaging in strategic joint ventures to develop new products and achieve market expansion.
It is a technology in which LEDs can replace conventional fluorescent and incandescent lamps for general lighting purposes. These products emit visible light with reduced heat generation, less energy dissipation, do not contain hazardous substances and do not shatter when dropped. Growing demand for energy efficient automotive lighting and rising government initiatives for replacing conventional incandescent lamps by LEDs should boost market growth.