Market Trends of Solid-State Lighting Source Industry
This section covers the major market trends shaping the Solid-State Lighting Source Market according to our research experts:
LED Technology to Occupy the Maximum Share
- LED Technology is expected to occupy the maximum share as by transitioning to energy-efficient LEDs, an estimated savings of USD 18 billion in electricity costs can be achieved. Furthermore, more than 160 million metric ton of carbon dioxide emissions can be avoided every year.
- The growing consumer awareness about the environment and the durability of LEDs, along with the government mandates for energy efficiency, are the drivers for the growing adoption of LEDs. Moreover, growing demand for flexible LEDs in smartphones and the development of white LEDs with software controllable brightness & color are likely to accelerate market growth.
- The desire to save energy, high efficiency, reliability, and longer life span are the driving factors for LED adoption in commercial buildings. Also, building energy codes are beginning to increase adoption with the requirement of more advanced control strategies in more commercial spaces.These lights can be paired with motion sensors, photocells, and timers to offer a lighting control system for efficient usage in commercial segment.
- Further, organic LEDs find growing adoption in medical devices and biological implants owing to their high portability, light weight, low thickness and less power consumption.Smart lighting is expected to be the future of LED lighting, with various companies, like Philips, Magiclight, and Xiaomi, investing in the technology. Philips is one of the market leaders with its product, Philips Hue, which can be integrated with voice assistants.
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Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to gain a significant market growth in the forecast period. Vendors of the market based on Japan and China are making major investments in line with the expanding applications of LEDs, like disinfection and sterilization, in addition to their expansion activities in the region. Also increasing manufacturing of semiconductors, and expansion of the same are boosting the market growth in the region.
- The increasing adoption of solid-state lighting in indoor and outdoor lighting in developing countries such as India and China is driving the growth of the market in APAC. Rising demand for warehouse lighting owing to growing industrialisation and expansion of automotive sector in China and India to accelerate the market growth.
- One of the major vendors, Nichia Corporation, is headquartered in Japan, and in April 2019, the company launched its 280 nm UVC NCSU334A “deep blue” ultraviolet-outputting LED, intended to address mass-market needs for air sterilization and water purification using solid-state lighting. Additionally, the company had a considerable success with the development of UVA LEDs, specifically designed for resin curing applications.
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