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The global solid-state lighting industry has been witnessing robust growth in the historical period as they are affordable and more efficient than conventional incandescent and fluorescent lamps for general illumination purposes. SSL is currently moulding the market dynamics as it has found wide use in decentralised energy systems. It is environment friendly as it generates fewer carbon footprints. The initial equipment and installation cost may be high, but in the long run, it is proven to be cost-effective. It consumes 50% less energy when compared to fluorescent lamps and 85% less energy when compared to incandescent lamps. The cost of companies producing SSL is also expected to decrease due to the mass production of LEDs, and developing technologies is also contributing to the same. It offers flexibility; one can increase or decrease the light spectrum according to their needs. SSL devices are vibration and shock resistant. Using a special design, the benefits of the lamps range from low maintenance to providing long-lasting light. Owing to its benefits to both humans and nature, the government is promoting the use of SSL, and people have also become more conscious and aware. The government has launched various supportive initiatives to support the same. Smart cities' technology and the emergence of smart lighting have bought great remunerative opportunities for the industry.
The rising competition among the key players is also providing an impetus to market growth. In April 2021, General Electric Company (NYSE: GE) launched their GE sun-filled LED bulbs that do not emit an invisible blue light spectrum that can interfere with the body’s circadian rhythm. It is closest to natural sunlight to maintain a natural sleep/wake cycle. It offers a good night's sleep, simply turning off artificial lights and turning on GE sun-filled LED bulbs a few hours before bedtime to eliminate the blue light spectrum.
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The major players in the global solid-state lighting industry are Cree In, Energy Focus, Inc., General Electric Company, Toshiba Corporation, Osram Licht AG, and Samsung Electronics Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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