PORTLAND, Ore., Oct. 14, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Solid State Lighting Market by Type (Light Emitting Diodes (LED), Organic Light Emitting Diodes (OLED), and Polymer Light Emitting Diodes (PLED)), Installation Type (New Installation and Retrofit), and Application (Indoor Lighting, Outdoor Lighting, and Specialty Lighting), and Industry Vertical (Residential, Industrial and Commercial, Medical, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global solid state lighting industry was estimated at $32.65 billion in 2019, and is anticipated to hit $74.25 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027.
Drivers, restraints, and opportunities-
Their ability to reduce energy consumption, high-end technical features, and increasing awareness of profound influence of lighting on human health drive the growth of the global solid state lighting market. On the other hand, lack of controls compatibility impedes the growth to some extent. However, emergence of smart lighting and constant innovations to perk up efficacy of solid state lighting are expected to create multiple opportunities in the industry.
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- During the pandemic, there’s been a sharp decline in demand for solid state lighting from various sectors. Also, the supply chain and production disruptions have impacted the market negatively.
- However, government bodies are now coming up with relaxations on the existing regulations, and the market is expected to get back to its position soon.
The LED segment to dominate by 2027-
Based on type, the LED segment accounted for more than three-fourths of the global solid state lighting market share in 2019 and is expected to rule the roost by the end of 2027, due to the presence wide range of product portfolio serving an array of applications. The OLED segment, on the other hand, would grow at the fastest CAGR of 15.6% throughout the forecast period. This is attributed to the improved characteristics of OLEDs with respect to conventional LEDs.
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The retrofit segment to maintain the dominant share-
Based on installation type, the retrofit segment contributed to nearly two-thirds of the global solid state lighting market revenue in 2019 and is anticipated to lead the trail by 2027, due to increased adoption of solid state lighting in the recent years. At the same time, the new installation segment would register the fastest CAGR of 13.1% from 2020 to 2027, owing to rising investments in the development of infrastructure across the world.
Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –
Based on region, Asia-Pacific, followed by Europe and North America, garnered the major share in 2019, generating more than two-fifths of the global solid state lighting market. The same region would also portray the fastest CAGR of 12.9% till 2027. Rapid industrialization in the province fuels the market growth.
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Key players in the industry-
- Energy Focus Inc.
- Toshiba Corporation
- General Electric Company
- Osram Licht AG
- Royal Philips Electronics N.V.
- Sharp Corporation
- Cree, Inc.
- Samsung Electronics Co., Ltd.
- Seoul Semiconductor Co. Ltd.
- Nichia Corporation
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