Solid State Lighting Market Emerging Opportunities and forecast by 2024
Solid State Lighting Market size is expected to exceed $85 billion by 2024. These products are highly efficient, cost effective and significantly minimize the dissipation of heat, which may contribute to a significant upsurge in product demand.
As demands for decorative lighting fixtures in residential segments and infrastructural developments continue to surge, solid-state lighting market size is expected to witness substantial gains through 2024. Strict legislations pertaining to general lighting and the subsequent scaling down of inefficient lighting products are paving the way for LED lamps, owing to myriad benefits like easy installation, high energy-efficiency compared to their conventional counterparts, longer life, quick replacement and diminished need to modify fixtures.
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North America solid state lighting industry size, led by the U.S, Canada and Mexico LED markets from mining applications, was recorded at over $600 billion in 2017. Regional demand for LEDs is further augmented by rising spending power and strict mandates regarding the use of conventional bulbs as well as numerous advantages like safety, durability, explosion-protection and compact structure, which may expedite industry expansion. Products include light carts, floodlights, mountable automotive lights, strong lights, spotlights and towers among others, making them well suited to a plethora of mining applications.
The U.S. industrial OLED solid state lighting market size is anticipated to exceed $90 million by 2024. Used in a number of industrial applications including mobile & portable device displays, digital cameras, lighting panels and more, OLEDs are light weight, highly flexible and suitable for large display panels. Burgeoning government investments towards research for OLED are also likely to bolster solid-state lighting industry dynamics.
The U.S. OLED-based solid state lighting market from hospitality applications recorded a consumption of more than 7.25 million units in 2017 with substantial gains expected by 2024 owing to the flourishing tourism industry in the region and its position as a key business hub. Lower electricity costs, minimal maintenance requirements and long life of OLED products facilitate their installation in remote locations. The emergence of smartphone apps for hotel room reservations, technological evolution and rising consumer incomes across the globe will spur market growth.
Asia Pacific solid state lighting industry size led by Japan, India, New Zealand, and China LED markets from automotive applications is expected to exceed USD 8.5 billion by 2024. In automotive applications, these products yield several benefits such as vibration resistance, lengthy life, moisture-proof encasing, compact size, and multiple color emissions. Rapid financial development, growing infrastructure, favorable government policies, and dropping LED prices will further fuel the region's solid-state lighting industry expansion.
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Table of Content
Chapter 1 solid state lighting market Methodology & Scope
1.1 Methodology
1.2 Market definitions
1.3 Market estimation & forecast parameters
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid Sources
1.4.2.2 Public Sources
Chapter 2 Executive Summary
2.1 Solid state lighting industry 3600 synopsis, 2018 - 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Technology trends
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