Global Solid State Lighting Market Size, Share, Growth Analysis, By Installation Type(New Installation and Retrofit), By Type(LED, OLED) - Industry Forecast 2023-2030

Global Solid State Lighting Market size was valued at USD 44.03 Billion in 2022 and is poised to grow from USD 49.27 Billion in 2023 to USD 121.13 Billion by 2031, at a CAGR of 11.9% during the forecast period (2024-2031).

The market is poised for growth due to heightened consumer awareness of energy-efficient LED (Light Emitting Diode) lights, expanded use of solid-state lighting across various sectors like automotive, medical, and outdoor lighting, and advancements in smart city technologies. Solid-state lighting is favoured for its numerous benefits, such as extended lifespan, superior light quality, inherent safety features, compact size, and robust durability, leading to its widespread adoption across diverse applications. Businesses are heavily investing in research and development to enhance the efficiency and performance of their products while reducing costs to maintain competitiveness. They are also focusing on expanding their product ranges and distribution networks to reach a broader customer base.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solid State Lighting and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Solid State Lighting Market Segmental Analysis

Global Solid State Lighting Market is segmented on the basis of type, installation type, application and region. by type, the market is segmented into led, oled, pled. by installation type, market is segmented into new installation and retrofit. by application, the market is segmented into indoor, outdoor, specialty. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Solid State Lighting Market

A key factor propelling the adoption of solid-state lighting is its exceptional energy efficiency. Compared to conventional lighting technologies, such as incandescent or fluorescent bulbs, LEDs and OLEDs consume notably less energy, leading to decreased electricity expenses and reduced carbon footprint. The increasing worldwide focus on energy preservation and sustainability is fueling the need for lighting solutions that prioritize energy efficiency.

Solid-state lighting solutions boast significantly extended lifespans compared to traditional lighting methods. LEDs, especially, can endure for 50,000 hours or beyond, resulting in diminished expenses related to replacements and upkeep. This feature renders solid-state lighting particularly appealing for scenarios where frequent bulb changes are inconvenient or expensive, such as street lighting, installations with high ceilings, and industrial environments.

Restraints in the Global Solid State Lighting Market

The solid-state lighting market comprises numerous manufacturers and product offerings, resulting in differences in quality and performance. Not all LED or OLED products exhibit the same standards, leading to variations in brightness, color uniformity, and longevity. This diversity may raise apprehensions for customers seeking dependable and uniform lighting solutions. Therefore, it's imperative for buyers to meticulously evaluate the quality and performance attributes of solid-state lighting products to confirm they align with their needs.

Market Trends of the Global Solid State Lighting Market

There is a growing emphasis on Human-centric Lighting, also referred to as circadian lighting, within the solid-state lighting sector. This approach underscores the influence of lighting on human health, overall wellness, and productivity. Solid-state lighting technologies offer controllability and color adjustment capabilities, allowing them to simulate natural light patterns and modify lighting settings to support improved sleep, mood management, and heightened performance. By incorporating sensors and intelligent control systems, dynamic lighting setups can be created, tailoring lighting conditions to meet the requirements of individuals or particular environments.