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Global Solid State Lighting Market to reach USD 103.23 billion by the end of 2029.

Global Solid State Lighting Market Size study & Forecast, by Type (LED, OLED, PLED) By Installation Type (New Installation, Retrofit) By Application (Indoor Lighting, Outdoor Lighting, Specialty Lighting) By Industry Vertical (Residential, Industrial and Commercial, Medical, Transportation, Others) and Regional Analysis, 2022-2029

Product Code: ICTNGT-63490625
Publish Date: 15-05-2023
Page: 200

Global Solid State Lighting Market is valued approximately USD 41.10 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 12.2% over the forecast period 2022-2029. Solid state lighting refers to a type of lighting technology that uses solid state electronic devices, typically light-emitting diodes, as the source of illumination, as opposed to traditional lighting technologies that rely on incandescent bulbs or gas-discharge lamps. The Solid-State Lighting market is expanding because of factors such as rising adoption of smart lighting system and growing number of smart city projects.

Solid state lighting has gained significant attention and popularity in recent years due to its many advantages, including energy efficiency, longer lifespan, compact size, and versatility in design and application. According to Statista, the global smart lighting market is projected to reach up to USD 44 billion by 2030, compared to over USD 11 billion in 2020. Furthermore, in 2020, the global smart lighting industry accounts approximately USD 11.93 billion, North America accounted for the highest part of the smart lighting industry, constituting 29% of the global market. Another important component driving space increase is the number of smart city projects. As per Statista, Global technology spending on projects related to smart cities valued USD 81 billion in 2018 and estimated to reach up to USD 189.5 billion in year 2023. In addition, the projected global income for main competitors for smart city technologies, products, and services in 2021 is estimated to be over USD 90 billion. This revenue comprises money generated by companies that offer technology and goods such as cloud computing and connection technologies which enables localities to leverage these technologies as a part of project. Also, growing consumer awareness about energy efficient LED lights and rising technological advancement in semiconductor industry would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Solid-State Lighting stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Solid State Lighting Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the rising technological advancement by key market players and increasing smart city initiatives in the region. According to the Statista, the Asia-Pacific smart lighting market was estimated to reach up to USD 9.5 billion by 2024. Furthermore, North America is expected to grow with a highest CAGR during the forecast period, owing to the rising government initiatives for adoption of energy-efficient technologies in the region in the market space.

Major market player included in this report are:

Royal Philips Electronics N.V
Panasonic corporation
Samsung electronics Co. Ltd.
Acuity brands lighting, Inc.
Cree, Inc.
Eaton corporation PLC
General Electric
Energy Focus, Inc.
Intematix corporation
Osram Licht AG

Recent Developments in the Market:
Ø In October 2019, Telensa, and Eaton Lighting, together collaborate to offer connected solutions for outdoor LED lighting and related smart city applications. These collaborations help in developing the implementation of integrated lighting, control, and smart city systems that are simple to deploy, massively scalable, and provide long-term value to utilities, cities, and transportation departments.

Global Solid State Lighting Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Installation Type , Application, Industry Vertical, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type
LED
OLED
PLED

By Installation Type
New Installation
Retrofit

By Application
Indoor Lighting
Outdoor Lighting
Specialty Lighting

By Industry Vertical
Residential
Industrial and Commercial
Medical
Transportation
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Solid State Lighting Market, by Region, 2019-2029 (USD Billion)
1.2.2. Solid State Lighting Market, by Type, 2019-2029 (USD Billion)
1.2.3. Solid State Lighting Market, by Installation Type, 2019-2029 (USD Billion)
1.2.4. Solid State Lighting Market, by Application, 2019-2029 (USD Billion)
1.2.5. Solid State Lighting Market, by Industry Vertical, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Solid State Lighting Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Solid State Lighting Market Dynamics
3.1. Solid State Lighting Market Impact Analysis (2019-2029)
3.1.1. Market Drivers
3.1.1.1. Rising adoption of smart lighting system
3.1.1.2. Growing number of smart city projects
3.1.2. Market Challenges
3.1.2.1. Inefficiency of solid-state lighting in heat sensitive applications
3.1.3. Market Opportunities
3.1.3.1. Growing consumer awareness about energy efficient LED lights
3.1.3.2. Rising technological advancement in semiconductor industry

Chapter 4. Global Solid State Lighting Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Solid State Lighting Market, by Type
6.1. Market Snapshot
6.2. Global Solid State Lighting Market by Type, Performance – Potential Analysis
6.3. Global Solid State Lighting Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
6.4. Solid State Lighting Market, Sub Segment Analysis
6.4.1. LED
6.4.2. OLED
6.4.3. PLED
Chapter 7. Global Solid State Lighting Market, by Installation Type
7.1. Market Snapshot
7.2. Global Solid State Lighting Market by Installation Type, Performance – Potential Analysis
7.3. Global Solid State Lighting Market Estimates & Forecasts by Installation Type 2019-2029 (USD Billion)
7.4. Solid State Lighting Market, Sub Segment Analysis
7.4.1. New Installation
7.4.2. Retrofit
Chapter 8. Global Solid State Lighting Market, by Application
8.1. Market Snapshot
8.2. Global Solid State Lighting Market by Application, Performance – Potential Analysis
8.3. Global Solid State Lighting Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
8.4. Solid State Lighting Market, Sub Segment Analysis
8.4.1. Indoor Lighting
8.4.2. Outdoor Lighting
8.4.3. Specialty Lighting
Chapter 9. Global Solid State Lighting Market, by Industry Vertical
9.1. Market Snapshot
9.2. Global Solid State Lighting Market by Industry Vertical, Performance – Potential Analysis
9.3. Global Solid State Lighting Market Estimates & Forecasts by Industry Vertical 2019-2029 (USD Billion)
9.4. Solid State Lighting Market, Sub Segment Analysis
9.4.1. Residential
9.4.2. Industrial and Commercial
9.4.3. Medical
9.4.4. Transportation
9.4.5. Others
Chapter 10. Global Solid State Lighting Market, Regional Analysis
10.1. Solid State Lighting Market, Regional Market Snapshot
10.2. North America Solid State Lighting Market
10.2.1. U.S. Solid State Lighting Market
10.2.1.1. Type breakdown estimates & forecasts, 2019-2029
10.2.1.2. Installation Type breakdown estimates & forecasts, 2019-2029
10.2.1.3. Application breakdown estimates & forecasts, 2019-2029
10.2.1.4. Industry Vertical breakdown estimates & forecasts, 2019-2029
10.2.2. Canada Solid State Lighting Market
10.3. Europe Solid State Lighting Market Snapshot
10.3.1. U.K. Solid State Lighting Market
10.3.2. Germany Solid State Lighting Market
10.3.3. France Solid State Lighting Market
10.3.4. Spain Solid State Lighting Market
10.3.5. Italy Solid State Lighting Market
10.3.6. Rest of Europe Solid State Lighting Market
10.4. Asia-Pacific Solid State Lighting Market Snapshot
10.4.1. China Solid State Lighting Market
10.4.2. India Solid State Lighting Market
10.4.3. Japan Solid State Lighting Market
10.4.4. Australia Solid State Lighting Market
10.4.5. South Korea Solid State Lighting Market
10.4.6. Rest of Asia Pacific Solid State Lighting Market
10.5. Latin America Solid State Lighting Market Snapshot
10.5.1. Brazil Solid State Lighting Market
10.5.2. Mexico Solid State Lighting Market
10.5.3. Rest of Latin America Solid State Lighting Market
10.6. Rest of The World Solid State Lighting Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. Royal Philips Electronics N.V
11.2.1.1. Key Information
11.2.1.2. Overview
11.2.1.3. Financial (Subject to Data Availability)
11.2.1.4. Product Summary
11.2.1.5. Recent Developments
11.2.2. Panasonic corporation
11.2.3. Samsung electronics Co. Ltd.
11.2.4. Acuity brands lighting, Inc.
11.2.5. Cree, Inc.
11.2.6. Eaton corporation PLC
11.2.7. General Electric
11.2.8. Energy Focus, Inc.
11.2.9. Intematix corporation
11.2.10. Osram Licht AG

Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
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To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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