Market Size of Solid-State Lighting Source Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid-State Lighting Source Market Analysis
The solid-state lighting source market is expected to register a CAGR of 14.4% over the forecast period 2021 - 2026. The solid state lighting source market is expected to experience significant growth over the forecast period. This growth can be attributed to increasing demand for eco-friendly and energy-saving lighting technology.Technological developments in the lighting industry aim at providing higher lighting output at less power consumption.
- The major factor that drives the growth of Solid State Lighting market is growing awareness about energy efficient LED lights among consumers, high growth potential in application such as automotive, medical, outdoor lighting due to use of solid state lighting and emerging smart city technology among others.
- Better quality light output, smaller and flexible light fixtures, robust weather proof design combined with intrinsic safety are expected to exponentially augment the demand for solid state lighting system.Solid state lighting system neither contains hazardous substances nor ultra violet radiations, making it eco-friendly. Solid state lighting system application device can function at a lower temperature than a typical CFL, which is expected to favorably impact market growth.
- However,the primary factor hampering the growth of solid state lighting is its high costs. Additionally, the inefficiency of solid state lighting in heat sensitive applications also acts a restraint for solid state lighting market.
- The ongoing COVID-19 outbreak has adversely affected the solid-state lighting source market with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries.
- Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the industry will occur. However ,on the other side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for solid-state lighting source market in the coming months.
