Global Solid State Lighting Market to Grow at a CAGR of 12.2% in the Forecast Period of 2024-2032, Driven by the Energy Saving Capacity

The global solid-state lighting industry has been witnessing robust growth in the historical period as they are affordable and more efficient than conventional incandescent and fluorescent lamps for general illumination purposes. SSL is currently moulding the market dynamics as it has found wide use in decentralised energy systems. It is environment friendly as it generates fewer carbon footprints. The initial equipment and installation cost may be high, but in the long run, it is proven to be cost-effective. It consumes 50% less energy when compared to fluorescent lamps and 85% less energy when compared to incandescent lamps. The cost of companies producing SSL is also expected to decrease due to the mass production of LEDs, and developing technologies is also contributing to the same. It offers flexibility; one can increase or decrease the light spectrum according to their needs. SSL devices are vibration and shock resistant. Using a special design, the benefits of the lamps range from low maintenance to providing long-lasting light. Owing to its benefits to both humans and nature, the government is promoting the use of SSL, and people have also become more conscious and aware. The government has launched various supportive initiatives to support the same. Smart cities' technology and the emergence of smart lighting have bought great remunerative opportunities for the industry.

The rising competition among the key players is also providing an impetus to market growth. In April 2021, General Electric Company (NYSE: GE) launched their GE sun-filled LED bulbs that do not emit an invisible blue light spectrum that can interfere with the body’s circadian rhythm. It is closest to natural sunlight to maintain a natural sleep/wake cycle. It offers a good night's sleep, simply turning off artificial lights and turning on GE sun-filled LED bulbs a few hours before bedtime to eliminate the blue light spectrum.

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Market Analysis by Types, Installation, Applications, Industry Verticals, and Regions:

• Based on types, the industry can be divided into LEDs, OLED, and PLED.
• The installation type can be divided between new installation and retrofit.
• On the basis of its application, the market can be divided into indoor lighting, outdoor lighting, and speciality lighting.
• Based on industry verticals, the industry can be divided into residential, industrial and commercial, medical, and transportation, among others.
• The regional markets for solid-state lighting include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The energy-saving ability is driving the growth of the solid-state lighting market.
• Decrease in cost in the long run, as it consumes less power and durability, boost the demand for solid-state lighting.
• Properties like low maintenance, brighter lighting, and flexibility, among others, are fuelling the demand for solid-state lighting.
• Government initiatives and people’s consciousness towards the environment are also encouraging market growth.

Key Offerings of the report:

• The EMR report gives an overview of the global solid-state lighting market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the types, installation, applications, industry verticals, and regions of solid-state lighting.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global solid-state lighting industry are Cree In, Energy Focus, Inc., General Electric Company, Toshiba Corporation, Osram Licht AG, and Samsung Electronics Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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