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Solid-State Lighting Source Market Size (2024 - 2029)

The solid-state lighting source market is poised for substantial growth, driven by the rising demand for energy-efficient and eco-friendly lighting solutions. This market expansion is supported by advancements in technology that offer higher lighting output with reduced power consumption. The increasing awareness of energy-efficient LED lights, coupled with the high growth potential in sectors such as automotive, medical, and outdoor lighting, further propels the market. Despite challenges like high costs and inefficiencies in heat-sensitive applications, the market's trajectory remains positive. The COVID-19 pandemic has temporarily disrupted production and affected consumer demand, but the heightened need for displays in medical equipment is expected to sustain market momentum.

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Market Size of Solid-State Lighting Source Industry

solid-state lighting source market
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 14.40 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Solid-State Lighting Source Market Analysis

The solid-state lighting source market is expected to register a CAGR of 14.4% over the forecast period 2021 - 2026. The solid state lighting source market is expected to experience significant growth over the forecast period. This growth can be attributed to increasing demand for eco-friendly and energy-saving lighting technology.Technological developments in the lighting industry aim at providing higher lighting output at less power consumption.

  • The major factor that drives the growth of Solid State Lighting market is growing awareness about energy efficient LED lights among consumers, high growth potential in application such as automotive, medical, outdoor lighting due to use of solid state lighting and emerging smart city technology among others.
  • Better quality light output, smaller and flexible light fixtures, robust weather proof design combined with intrinsic safety are expected to exponentially augment the demand for solid state lighting system.Solid state lighting system neither contains hazardous substances nor ultra violet radiations, making it eco-friendly. Solid state lighting system application device can function at a lower temperature than a typical CFL, which is expected to favorably impact market growth.
  • However,the primary factor hampering the growth of solid state lighting is its high costs. Additionally, the inefficiency of solid state lighting in heat sensitive applications also acts a restraint for solid state lighting market.
  • The ongoing COVID-19 outbreak has adversely affected the solid-state lighting source market with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries.
  • Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the industry will occur. However ,on the other side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for solid-state lighting source market in the coming months.

Solid-State Lighting Source Industry Segmentation

Solid state technology is an energy efficient technology which uses LEDs, OLEDs or PLEDs technology for its sources of illumination. It converts electricity into light with the support of semiconductors includes in it. It has been used in various applications due to its number of benefits such as long life, energy efficiency, low power consumption, and small & flexible size among others.

Technology
Light Emitting Diodes (LEDs)
Organic Light Emitting Diodes (OLED)
Polymer Light Emitting Diodes (PLED)
End-User
Residential
Commercial
Automotive
Medical
Consumer Electronics
Other End-Users
Geography
North America
Europe
Asia-Pacific
Rest of the World
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Solid-State Lighting Source Market Size Summary

The solid-state lighting source market is poised for substantial growth, driven by the increasing demand for energy-efficient and eco-friendly lighting solutions. This growth is largely attributed to the rising consumer awareness of the benefits of LED technology, which offers higher lighting output with reduced power consumption. The market is further bolstered by the expanding applications of solid-state lighting in sectors such as automotive, medical, and outdoor lighting, as well as the integration of smart city technologies. Despite the high costs associated with solid-state lighting and its inefficiency in heat-sensitive applications, the market continues to expand due to its advantages, including better quality light output, flexible fixtures, and eco-friendly properties. The COVID-19 pandemic has posed challenges, temporarily disrupting manufacturing and affecting consumer demand, but the increased need for displays in medical equipment has provided some resilience to the market.

LED technology is expected to dominate the market, driven by its energy-saving potential and environmental benefits. The adoption of LEDs is further supported by government mandates for energy efficiency and the growing demand for flexible LEDs in consumer electronics. In commercial buildings, the desire for energy savings, high efficiency, and longer lifespan of LEDs is driving their adoption, supported by building energy codes. The Asia-Pacific region is anticipated to experience significant growth, with major investments in LED applications and semiconductor manufacturing boosting the market. The region's expanding industrialization and automotive sector, particularly in China and India, are also contributing to market growth. The solid-state lighting market is moderately fragmented, with high competitive rivalry, and is expected to see continued innovation from both large and small enterprises, as evidenced by recent developments from companies like Samsung Electronics and GE Lighting.

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Solid-State Lighting Source Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Greater Energy Savings Compared to Other Forms of Lighting

      2. 1.2.2 Growing Adoption of LEDs in the Automotive Industry

    3. 1.3 Market Restraints

      1. 1.3.1 High Implementation and Equipment Cost

    4. 1.4 Value Chain Analysis

    5. 1.5 Porters Five Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Assessment of Impact of Covid-19 on the Solid-State Lighting Source Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Light Emitting Diodes (LEDs)

      2. 2.1.2 Organic Light Emitting Diodes (OLED)

      3. 2.1.3 Polymer Light Emitting Diodes (PLED)

    2. 2.2 End-User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Automotive

      4. 2.2.4 Medical

      5. 2.2.5 Consumer Electronics

      6. 2.2.6 Other End-Users

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Rest of the World

Solid-State Lighting Source Market Size FAQs

The Solid-State Lighting Source Market is projected to register a CAGR of 14.40% during the forecast period (2024-2029)

Koninklijke Philips N.V. , OsRam Licht AG, Samsung Electronics Co. Ltd. , GE Lighting and Mitsubishi Electric Corporation are the major companies operating in the Solid-State Lighting Source Market.

Solid-State Lighting Source Market Report Snapshots

Solid-State Lighting Source Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)