PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397102
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397102
Solid State Lighting System Application Market size was valued at USD 36,540 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
Solid-state lighting (SSL) is a term used to describe lighting systems that utilize semiconductor light-emitting diodes (LEDs), organic light-emitting diodes (OLEDs), or other solid-state lighting technologies to generate light. These lighting systems are widely utilized in various sectors due to their energy efficiency, extended lifespan, and versatile design capabilities. LEDs, for instance, have become increasingly popular for a wide range of applications such as lighting, indicator lamps, and displays in mobile phones, tablet PCs, and TVs. LEDs offer superior efficiency, reduced energy consumption, enhanced reliability, vibrant colors, and compact sizes, all of which are crucial factors for these particular applications.
The automotive sector's reliance on solid-state lighting is expected to continue growing as technology advances and market demand for energy-efficient, durable, and aesthetically pleasing lighting solutions increases. SSL, particularly LED technology, is known for its energy efficiency, which is crucial in the automotive industry where reducing energy consumption is a priority to enhance fuel efficiency and overall vehicle performance. Automotive lighting companies are responding to the growing trend of advanced vehicles by creating new lighting solutions to replace outdated standard lights. Automobile players in the industry are introducing new vehicle models with fine interiors. According to studies of automotive Lighting Trends, the automotive lighting industry is predicted to reach USD 39.77 billion by 2026. The integration of SSL systems with smart lighting solutions and IoT technologies presents a substantial opportunity for the growth of the market. However, a lack of standardization in SSL products and potential compatibility issues with existing infrastructure can restrain market growth.
The Global Solid State Lighting System Application Market is segmented on the basis of Technology, Application, Technology, and Region.
The market is divided into three categories based on Technology: Light-Emitting Diodes, Organic Light-Emitting Diodes, Polymer Light-Emitting Diodes, and Micro-LED. The market is currently dominated by the Light-Emitting Diodes segment, which has gained widespread recognition for its exceptional energy efficiency. Compared to conventional lighting technologies, LEDs consume considerably less power, making them a popular choice for diverse lighting applications. This pivotal attribute has played a crucial role in the extensive acceptance of LEDs in the market.
The market is divided into two categories based on application: General Lighting, Automotive Lighting, Backlighting, Outdoor lighting, and Medical lighting. The market is primarily dominated by General Lighting. The general lighting sector has been revolutionized by LED technology, a crucial component of solid-state lighting, due to its remarkable energy efficiency, longevity, and versatility.
The market is divided into two categories based on End-User: Residential, Commercial, Industrial, Healthcare, Automotive, and Others. The continuous advancements in LED technology, coupled with the increasing emphasis on energy efficiency and sustainability, are fueling the adoption of SSL systems in diverse industries and applications.
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Solid State Lighting System Application Market is expected to experience significant growth in the Asia Pacific region, primarily due to the increasing awareness among consumers about energy-efficient LED lights. Consumers are increasingly opting for LED lighting solutions for their homes and businesses, which is contributing to the overall market growth. According to the National Center for Biotechnology Information, lighting electricity accounts for approximately 12% of the total electricity consumption in mainland China, and incandescent light bulbs only convert around 15% of electricity into light. Furthermore, China's LED Lighting Industry reports that in 2021, the exports of LED lighting products in the West Asian market reached USD 3.52 billion, showing an 8.6% year-on-year increase. However, the proportion of total LED lighting exports decreased to 7.4%. In the forecast period, Europe is expected to drive market growth due to various factors such as governmental initiatives, industrialization, and an increase in disposable income.
The growth of LED lighting is expected to drive the progress of intelligent lighting, at least in terms of ideology. However, the practical needs and costs of many companies are still uncertain. Major players in the Solid State Lighting system application market compete by continuously innovating their technologies. This includes advancements in LED technology, smart lighting systems, and controls to improve energy efficiency and performance. Companies aim to strike a balance between cost-effectiveness and value-added features to attract a wide range of customers. The global presence and End-User networks of these companies are crucial for maintaining a competitive advantage. Key players often strive to expand their market reach and establish a strong presence in emerging markets.
In December 2021, The news reflects changes in LED application emphasis in response to supply and demand problems. Asm Osram, Cree LED, Lumileds, Signify, and GE Lighting all made measures to address pricing pressures, supply-chain issues, and altering market objectives.