Solid State Lighting Market size to surge at a growth rate of 14%+ to 2024

Europe Solid State Lighting Market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024.

Sellbyville, United States – June 27, 2019 /MarketersMedia/ —

The size of solid state lighting market is forecast to rise at 14.3% CAGR to reach USD 85 billion by 2024. Rising R&D initiatives to improve solid state lighting (SSL) product efficiency and performance may stimulate product demand. Increasing government endorsement and funding along with focus on R&D may accelerate market demand. These products increase energy efficiency, reduce heat dissipation and reduce energy costs which may drive overall industry growth.

North America led by U.S., Canada and Mexico LED market size from mining applications surpassed USD 600 billion in 2017. The region is witnessing high disposable income and regulations on incandescent bulb use. LEDs offer high durability, safety, are explosion-proof, and high portability which may accelerate solid state lighting market growth. These products comprise of floodlights, spotlights, mountable automotive lights, string lights, towers and light carts which increases their suitability for mining applications.

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Europe solid state lighting market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024. LEDs consist of various products for commercial lighting such as entry & exit signs, shop lights, and flat panels which increase energy efficiency, provide higher lumen output and lifespans exceeding 200,000 hours which is predicted to boost ssl market growth.

U.S. industrial OLED market demand may surpass USD 90 million in the predicted timeframe. These products find use in various industrial applications such as lighting, mobile phone & media-player displays, digital cameras, lighting panels and portable devices. Various product advantages such as flexibility, light weight, suitability for use in large display panels along with increasing government funding for promoting OLED research may boost solid state lighting market growth.

Asia Pacific led by Japan, India, New Zealand and China LED market size from automotive applications is poised to exceed USD 8.5 billion up to 2024. These products offer several advantages for automotive lighting such as vibration resistance, long life, moisture-proof encasing, compactness, and various color emissions. Rapid economic improvement, rising infrastructure, favorable government regulations and declining LED prices may stimulate solid state lighting market growth in the region.

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Researchers have been able to increase indium content in blue LEDS which enabled the generation of white light by using red, blue and green LEDs. Similarly, the use of halide perovskite nanoparticles was found to improve light generation efficiency which may accelerate growth of solid state lighting market size.

High upfront costs of LED lamps owing to higher component costs and dependence on manual manufacturing techniques may hamper SSL market. Moreover, technological advancement in bulb manufacture has resulted in high-efficiency incandescent bulbs production which are much cheaper and offer better white-light emission which may drive solid state lighting market growth.

Browse key industry insights spread across 530 pages with 1284 market data tables & 34 figures & charts from the report, “Solid State Lighting Market Size By Technology (LED {By Product [Lamps, Luminaires], By Installation [New, Retrofit], By Application [Indoor (Residential, Commercial ( Office, Malls, Hospitals), Industrial (Mining, Automotive, Construction), Outdoor (Highway & Roadway, Architectural, Public)}, OLED {By Application [Industrial, Residential, Commercial, Automotive, Hospital, Architectural]}) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Poland, Denmark, Netherlands, China, India, Japan, South Korea, Australia, Malaysia, Thailand, Brazil, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/solid-state-lighting-market

Table of Contents (ToC) of the report:

Chapter 3 Solid State Lighting Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.2.1 Collaborations/Partnerships
3.3.2.2 Acquisitions
3.3.2.3 E-commerce (Online)
3.3.2.4 Distributors
3.4 Regulatory Landscape
3.4.1 U.S.
3.4.2 Europe
3.4.3 China
3.5 Materials for solid state lighting
3.5.1 Inorganic materials
3.5.2 Organic materials
3.5.3 Hybrid materials
3.6 Cost structure analysis
3.6.1 Operating cost estimation
3.6.2 Capital cost estimation
3.6.3 Ownership cost of light
3.7 Pricing analysis
3.7.1 LED
3.7.2 OLED
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 North America
3.8.1.1.1 Importance of LED technology in horticulture application
3.8.1.2 Increasing R&D and government spending
3.8.1.3 Europe
3.8.1.3.1 Increasing usage in automotive lighting sector
3.8.1.3.2 Ban on incandescent bulbs
3.8.1.4 Asia Pacific
3.8.1.4.1 Government initiatives for the development of smart cities
3.8.1.4.2 Government endorsement of energy-efficient lights
3.8.2 Industry pitfalls & challenges
3.8.2.1 High cost
3.7.2.2 Low brightness and efficiency
3.9 Innovation and sustainability
3.10 Comparison
3.10.1 LED lighting vs Conventional lighting
3.10.2 LED lighting vs Incandescent lighting
3.11 Growth potential analysis, 2017
3.11.1 Emerging business models
3.11.1.1 New product launch
3.11.1.2 Joint Venture
3.11.1.3 Acquisitions
3.12 Porter’s analysis
3.13 Competitive landscape, 2017
3.13.1 Strategy dashboard
3.14 PESTEL analysis
3.15 Patent landscape

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/solid-state-lighting-market

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