February 12 2021
Market Research Future published a research report on “Solid State Lighting Market Research Report- Global Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
The global solid state lighting market is showing immense growth; mainly due to the growing need for high efficiency lighting and growing need for long life HID lights. Increasing demand for energy efficient lighting is one major factor driving the growth of solid state lighting market. Steep increase in the adoption of fluorescent lights is one major factor driving the growth of solid state lighting market. OSRAM Licht AG, Royal Philips Electronics N.V., Seoul Semiconductor Co., Ltd., General Electric Company, Nichia Corporation, and AIXTRON SE are the major investors in the solid state lighting market.
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Based on offering, the market is segmented into hardware, software and services. The services segment is expected to grow at a significant rate during the forecast period. This is owing to the growing urbanization and increasing expansion of city projects. Increased demand for energy efficient lighting is one major factor driving the growth of solid state lighting market. According to a recent study report published by Market Research Future, The global market of solid state lighting is booming and expected to gain prominence over the forecast period. Globally the market for Solid State Lighting market is expected to grow at the rate of more than ~8% from 2016 to 2022.
Also, increasing initiatives from government and increasing use of plasma lights in horticulture are major factors responsible for fuelling the growth of Solid State Lighting Market. Also, technological advancements and low maintenance cost of induction lighting is one major factor responsible for driving the growth of solid state lighting market. On the other hand, high implementation and equipment costs and lack of standardization are major factors hindering the growth of solid state lighting market. Also, high initial cost of solid state lighting products is another factor that may hamper the market growth.
Some of the major players in Global Solid State Lighting Market include Royal Philips Electronics N.V. (Netherlands), Panasonic corporation (Japan), Samsung electronics Co. Ltd. (South Korea), Acuity brands lighting, Inc. (U.S.), Cree, Inc. (U.S.), Eaton corporation PLC (Ireland), General electric (U.S.), Energy Focus, Inc. (U.S.), Intematix corporation (U.S.), and Osram Licht AG (Germany) among others.
Asia Pacific is expected to witness a significant growth and hold the largest market share during the forecast period. Germany, China, Japan and India are anticipated to drive the growth of the solid state lighting market in Asia Pacific owing to the presence of a large number of established key players such as OSRAM Licht AG, Seoul Semiconductor Co., Ltd., Nichia Corporation (Japan), and AIXTRON SE among others. The increasing adoption of solid state lighting in indoor and outdoor lighting applications in developing countries such as India and China is responsible for driving the growth of solid state lighting market. Solid state lighting market in Rest of the World is expected to grow at a substantial CAGR during 2017 to 2023 due to increasing demand for energy saving lighting applications and growing demand for HID lighting in the region. Also, increasing infrastructure development in Middle East & Africa is another major factor fuelling the growth of solid state lighting market.
The solid state lighting market can be classified into 6 key segments for the convenience of the report and enhanced understanding;
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