ALBANY, New York, Oct. 26, 2018 (GLOBE NEWSWIRE) -- The global solid state lighting market is undergoing a steady growth as the market is still in its initial stage. The market has managed to attract attention of global leaders in the industry, compelling them to enter the market, causing the market to witness an intensive competition in last decade. Players in the market in order to formulate their brand name and expand to various parts of the globe are extensively carrying out research and development. Players in order to capture regions and boost their sales rate are going in a strategic partnership and collaborations. Some of the major players in the market are Eaton Corporation, NICHIA Corporation, General Electric, Mitsubishi Electric Corporation, and Samsung Electronics Co. Ltd.
Senior analysts from Transparency Market Research have claimed that the global sold state lighting market is expected to expand at a robust CAGR of 8.7% during the forecast period, 2017 – 2025. The market which was evaluated at US$14.48 bn in recent years and is predicted to touch US$30.38 bn by the end of the assessed period. Based on sector, the market for solid state lighting market is classified into outdoor, residential, and commercial. Amongst these, commercial segment held the major share and is likely to dominate in future.
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Optimal Durability and Enhanced Profitability to Promote Market Growth
Numerous factors associated with solid state lighting market is helping the market to bolster. High demand for energy-efficient lighting over the years have favored the market to grow exponentially. Apart from these, factors such as better profitability and optimal durability have increased the popularity of solid state lighting product across other industry, thus gaining traction over the market. Another factor aiding the market to soar high is its environmental friendly nature. This has added an extra notch to solid state lighting products over other popular lighting devices, as the environmental concerned population is rising stupendously in recent times. Various countries across the world have implemented various set of rules and regulation to save environment. These have further helped the market to burgeon.
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Expensive Establishment Cost for Lighting Framework Leads to Downfall of Market
However, the market faces various resistance, thus deterring its growth. Expensive cost required for initial setup of lighting frameworks is considered to be one of the primary downfall. Cost required for setting up of lighting frameworks is more in comparison to other fluorescent and incandescent lighting systems. Nonetheless, the demand for transforming cities into smart cities is helping the market to grow. The market in Asia Pacific region is experiencing a rise in its product demand owing to aggressive technological advancement at less expense. Apart from these, rapid espouse of Internet of Things in most of the sectors such as automotive, maritime, construction, and healthcare sector is directly having a positive impact on the market. Rise in commercial buildings owing to better economy all across the world is aiding the market to grow.
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This review of the global solid state lighting market is based on a recent market research report by “Solid State Lighting Market (Sector - Residential, Commercial, Industrial, and Outdoor Lighting; Technology - Light Emitting Diodes (LED) and Organic Light Emitting Diodes (OLED); End User - Conventional Lighting, Consumer Electronics, Automotive & Transport, Healthcare, and Media & Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
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The market has been segmented as follows:
Global Solid State Lighting Market: By Geography
- North America
- U.S.
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East and Africa
- A.E
- South Africa
- Rest of Middle East and Africa
- Latin America
- Brazil
- Rest of Latin America
Global Solid State Lighting Market: By Sector
- Residential
- Commercial
- Industrial
- Outdoor Lighting
Global Solid State Lighting Market: By Technology
- LED
- OLED
- Others
Global Solid State Lighting Market: By End-User
- Conventional Lighting
- Consumer Electronics
- Automotive & Transport
- Healthcare
- Media & Entertainment
- Others
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