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Global Solid State Lighting Market to Grow at a CAGR of 12.2% in the Forecast Period of 2024-2032, Driven by the Energy Saving Capacity

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Global Solid State Lighting Market Size, Share, Analysis: By Type: LED, OLED, PLED; By Installation Type: New Installation, Retrofit; By Application: Indoor Lighting, Outdoor Lighting, Speciality Lighting; By Industry Vertical: Residential, Industrial and Commercial, Medical, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Solid State Lighting Market Outlook

The global solid state lighting market attained a value of USD 46.85 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12.2% to reach USD 132.03 billion by 2032.

Global Solid State Lighting Market

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Growing Replacement of Conventional Lighting Systems with Solid State Lighting to Aid the Market Growth

The solid state lighting industry is expected to witness a growth over the forthcoming years due to the wider adoption of the product across various industry verticals. As LEDs have become more efficient and affordable, their wider use in decentralised energy systems has been a boon for energy access, where they are rapidly replacing conventional lighting systems. Thus, LEDs, with a continuous growth of their luminous efficiencies, are witnessing a robust demand. In the long run, solid state lighting is cost-effective, even though the initial equipment and installation cost is high. The mass production of LED lamps and evolving lighting technologies are expected to further reduce the prices and increase their demand in the future. These factors are expected to support the market growth of solid state lighting.

Solid State Lighting: Market Segmentation

Solid state lighting (SSL) refers to a type of technology that uses semiconductor light-emitting diodes (LEDs), polymer light-emitting diodes (PLED), and organic light-emitting diodes (OLED) as sources of lighting rather than conventional incandescent and fluorescent lamps.

Global Solid State Lighting Market by Segment

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The types of solid state lighting are as follows:

LED
OLED
PLED

The major installation types of solid state lighting are as follows:

New Installation
Retrofit

The market can be broadly categorised on the basis of its application into:

Indoor Lighting
Outdoor Lighting
Speciality Lighting

The major industry verticals for the market are as follows:

Residential
Industrial and Commercial
Medical
Transportation
Others

The EMR report looks into the global markets of solid state lighting like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Global Solid State Lighting Market by Region

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Energy Saver Capability and Cost-Effectiveness of Solid State Lighting is Driving the Market Growth

Solid state lighting is considered to be a more viable lighting option as it consumes 50% and 85% less electricity as compared to fluorescent lamps and incandescent lights, respectively, making it more environment-friendly and cost-effective. It has a better life as compared to other options available in the market, making it the best option available for libraries and offices. These factors have supported the market growth of solid state lighting.

Solid state lighting uses energy-saving technology, which is further supporting the market growth due to the increasing demand for higher efficiency of lighting. The increased awareness and supportive initiatives by the governments for the use of environmentally friendly lighting technologies is further expected to boost the market growth over the forecast period. Moreover, emerging opportunities in smart city technologies and the emergence of smart lighting are projected to offer lucrative opportunities for the growth of the solid state lighting industry.

Key Industry Players in the Global Solid State Lighting Market

The report presents a detailed analysis of the following key players in the global solid state lighting market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

Cree, In
Energy Focus, Inc.
General Electric Company
Toshiba Corporation
Osram Licht AG
Samsung Electronics Co., Ltd
Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES	DETAILS
Base Year	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Scope of the Report	Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment: Type Installation Type Application Industry Vertical Region
Breakup by Type	LED OLED PLED
Breakup by Installation Type	New Installation Retrofit
Breakup by Application	Indoor Lighting Outdoor Lighting Speciality Lighting
Breakup by Industry Vertical	Residential Industrial and Commercia Medical Transportation Others
Breakup by Region	North America United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
Competitive Landscape	Market Structure Company Profiles Company Overview Product Portfolio Demographic Reach and Achievements Certifications
Companies Covered	Cree, Inc. Energy Focus, Inc. General Electric Company Toshiba Corporation Osram Licht AG Samsung Electronics Co., Ltd Others
Report Price and Purchase Option	Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format	Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Applications
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Snapshot
   6.1   Global
   6.2   Regional
7   Opportunities and Challenges in the Market
8   Global Solid State Lighting Market Analysis
   8.1   Key Industry Highlights
   8.2   Global Solid State Lighting Historical Market (2018-2023)
   8.3   Global Solid State Lighting Market Forecast (2024-2032)
   8.4   Global Solid State Lighting Market by Type
       8.4.1   LED
           8.4.1.1 Historical Trend (2018-2023)
           8.4.1.2 Forecast Trend (2024-2032)
       8.4.2   OLED
           8.4.2.1 Historical Trend (2018-2023)
           8.4.2.2 Forecast Trend (2024-2032)
       8.4.3   PLED
           8.4.3.1 Historical Trend (2018-2023)
           8.4.3.2 Forecast Trend (2024-2032)
   8.5   Global Solid State Lighting Market by Installation Type
       8.5.1   New Installation
           8.5.1.1 Historical Trend (2018-2023)
           8.5.1.2 Forecast Trend (2024-2032)
       8.5.2   Retrofit
           8.5.2.1 Historical Trend (2018-2023)
           8.5.2.2 Forecast Trend (2024-2032)
   8.6   Global Solid State Lighting Market by Application
       8.6.1   Indoor Lighting
           8.6.1.1 Historical Trend (2018-2023)
           8.6.1.2 Forecast Trend (2024-2032)
       8.6.2   Outdoor Lighting
           8.6.2.1 Historical Trend (2018-2023)
           8.6.2.2 Forecast Trend (2024-2032)
       8.6.3   Speciality Lighting
           8.6.3.1 Historical Trend (2018-2023)
           8.6.3.2 Forecast Trend (2024-2032)
   8.7   Global Solid State Lighting Market by Industry Vertical
       8.7.1   Residential
           8.7.1.1 Historical Trend (2018-2023)
           8.7.1.2 Forecast Trend (2024-2032)
       8.7.2   Industrial and Commercial
           8.7.2.1 Historical Trend (2018-2023)
           8.7.2.2 Forecast Trend (2024-2032)
       8.7.3   Medical
           8.7.3.1 Historical Trend (2018-2023)
           8.7.3.2 Forecast Trend (2024-2032)
       8.7.4   Transportation
           8.7.4.1 Historical Trend (2018-2023)
           8.7.4.2 Forecast Trend (2024-2032)
       8.7.5   Others
   8.8   Global Solid State Lighting Market by Region
       8.8.1   North America
           8.8.1.1 Historical Trend (2018-2023)
           8.8.1.2 Forecast Trend (2024-2032)
       8.8.2   Europe
           8.8.2.1 Historical Trend (2018-2023)
           8.8.2.2 Forecast Trend (2024-2032)
       8.8.3   Asia Pacific
           8.8.3.1 Historical Trend (2018-2023)
           8.8.3.2 Forecast Trend (2024-2032)
       8.8.4   Latin America
           8.8.4.1 Historical Trend (2018-2023)
           8.8.4.2 Forecast Trend (2024-2032)
       8.8.5   Middle East and Africa
           8.8.5.1 Historical Trend (2018-2023)
           8.8.5.2 Forecast Trend (2024-2032)
9   North America Solid State Lighting Market Analysis
   9.1   United States of America
       9.1.1 Historical Trend (2018-2023)
       9.1.2 Forecast Trend (2024-2032)
   9.2   Canada
       9.2.1 Historical Trend (2018-2023)
       9.2.2 Forecast Trend (2024-2032)
10   Europe Solid State Lighting Market Analysis
   10.1   United Kingdom
       10.1.1 Historical Trend (2018-2023)
       10.1.2 Forecast Trend (2024-2032)
   10.2   Germany
       10.2.1 Historical Trend (2018-2023)
       10.2.2 Forecast Trend (2024-2032)
   10.3   France
       10.3.1 Historical Trend (2018-2023)
       10.3.2 Forecast Trend (2024-2032)
   10.4   Italy
       10.4.1 Historical Trend (2018-2023)
       10.4.2 Forecast Trend (2024-2032)
   10.5   Others
11   Asia Pacific Solid State Lighting Market Analysis
   11.1   China
       11.1.1 Historical Trend (2018-2023)
       11.1.2 Forecast Trend (2024-2032)
   11.2   Japan
       11.2.1 Historical Trend (2018-2023)
       11.2.2 Forecast Trend (2024-2032)
   11.3   India
       11.3.1 Historical Trend (2018-2023)
       11.3.2 Forecast Trend (2024-2032)
   11.4   ASEAN
       11.4.1 Historical Trend (2018-2023)
       11.4.2 Forecast Trend (2024-2032)
   11.5   Australia
       11.5.1 Historical Trend (2018-2023)
       11.5.2 Forecast Trend (2024-2032)
   11.6   Others
12   Latin America Solid State Lighting Market Analysis
   12.1   Brazil
       12.1.1 Historical Trend (2018-2023)
       12.1.2 Forecast Trend (2024-2032)
   12.2   Argentina
       12.2.1 Historical Trend (2018-2023)
       12.2.2 Forecast Trend (2024-2032)
   12.3   Mexico
       12.3.1 Historical Trend (2018-2023)
       12.3.2 Forecast Trend (2024-2032)
   12.4   Others
13   Middle East and Africa Solid State Lighting Market Analysis
   13.1   Saudi Arabia
       13.1.1 Historical Trend (2018-2023)
       13.1.2 Forecast Trend (2024-2032)
   13.2   United Arab Emirates
       13.2.1 Historical Trend (2018-2023)
       13.2.2 Forecast Trend (2024-2032)
   13.3   Nigeria
       13.3.1 Historical Trend (2018-2023)
       13.3.2 Forecast Trend (2024-2032)
   13.4   South Africa
       13.4.1 Historical Trend (2018-2023)
       13.4.2 Forecast Trend (2024-2032)
   13.5   Others
14   Market Dynamics
   14.1   SWOT Analysis
       14.1.1   Strengths
       14.1.2   Weaknesses
       14.1.3   Opportunities
       14.1.4   Threats
   14.2   Porter’s Five Forces Analysis
       14.2.1   Supplier’s Power
       14.2.2   Buyer’s Power
       14.2.3   Threat of New Entrants
       14.2.4   Degree of Rivalry
       14.2.5   Threat of Substitutes
   14.3   Key Indicators for Demand
   14.4   Key Indicators for Price
15   Value Chain Analysis
16   Competitive Landscape
   16.1   Market Structure
   16.2   Company Profiles
       16.2.1   Cree, Inc.
           16.2.1.1   Company Overview
           16.2.1.2   Product Portfolio
           16.2.1.3   Demographic Reach and Achievements
           16.2.1.4   Certifications
       16.2.2   Energy Focus, Inc.
           16.2.2.1   Company Overview
           16.2.2.2   Product Portfolio
           16.2.2.3   Demographic Reach and Achievements
           16.2.2.4   Certifications
       16.2.3   General Electric Company
           16.2.3.1   Company Overview
           16.2.3.2   Product Portfolio
           16.2.3.3   Demographic Reach and Achievements
           16.2.3.4   Certifications
       16.2.4   Toshiba Corporation
           16.2.4.1   Company Overview
           16.2.4.2   Product Portfolio
           16.2.4.3   Demographic Reach and Achievements
           16.2.4.4   Certifications
       16.2.5   Osram Licht AG
           16.2.5.1   Company Overview
           16.2.5.2   Product Portfolio
           16.2.5.3   Demographic Reach and Achievements
           16.2.5.4   Certifications
       16.2.6   Samsung Electronics Co., Ltd
           16.2.6.1   Company Overview
           16.2.6.2   Product Portfolio
           16.2.6.3   Demographic Reach and Achievements
           16.2.6.4   Certifications
       16.2.7   Others
17   Key Trends and Developments in the Market

List of Key Figures and Tables

1.   Global Solid State Lighting Market: Key Industry Highlights, 2018 and 2032
2.   Global Solid State Lighting Historical Market: Breakup by Type (USD Billion), 2018-2023
3.   Global Solid State Lighting Market Forecast: Breakup by Type (USD Billion), 2024-2032
4.   Global Solid State Lighting Historical Market: Breakup by Installation Type (USD Billion), 2018-2023
5.   Global Solid State Lighting Market Forecast: Breakup by Installation Type (USD Billion), 2024-2032
6.   Global Solid State Lighting Historical Market: Breakup by Application (USD Billion), 2018-2023
7.   Global Solid State Lighting Market Forecast: Breakup by Application (USD Billion), 2024-2032
8.   Global Solid State Lighting Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
9.   Global Solid State Lighting Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
10.   Global Solid State Lighting Historical Market: Breakup by Region (USD Billion), 2018-2023
11.   Global Solid State Lighting Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.   North America Solid State Lighting Historical Market: Breakup by Country (USD Billion), 2018-2023
13.   North America Solid State Lighting Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.   Europe Solid State Lighting Historical Market: Breakup by Country (USD Billion), 2018-2023
15.   Europe Solid State Lighting Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.   Asia Pacific Solid State Lighting Historical Market: Breakup by Country (USD Billion), 2018-2023
17.   Asia Pacific Solid State Lighting Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.   Latin America Solid State Lighting Historical Market: Breakup by Country (USD Billion), 2018-2023
19.   Latin America Solid State Lighting Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.   Middle East and Africa Solid State Lighting Historical Market: Breakup by Country (USD Billion), 2018-2023
21.   Middle East and Africa Solid State Lighting Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.   Global Solid State Lighting Market Structure

Key Questions Answered in the Report

What was the global solid state lighting market size in 2023?

In 2023, the market attained a value of approximately USD 46.85 billion.

What is the growth rate of the global solid state lighting market?

The market is projected to grow at a CAGR of 12.2% between 2024 and 2032.

What is the forecast outlook of the global solid state lighting market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 132.03 billion by 2032.

What are the major market drivers?

The growing adoption of solid state lighting due its properties like being energy and cost efficient and increasing awareness regarding the profound effect of solid state lighting on human health are the major drivers for the growth of the market.

What are the key trends of the market?

The rising demand for organic LEDs in medical devices and biological implants and the emergence of smart lights are the key trends guiding the growth of the market.

What are the major regional markets of solid state lighting, according to the EMR report?

The major regions in the market are North America, Latin America, the Asia Pacific, the Middle East and Africa, and Europe.

What are the leading types of solid state lighting in the market?

The leading types of solid state lighting in the market are LED, OLED, and PLED.

What are the significant installation types of solid state lighting in the market?

The significant installation types of solid state lighting in the market are new installation and retrofit.

What are the major applications of solid state lighting in the market?

Indoor lighting, outdoor lighting, and speciality lighting are the major applications of solid state lighting in the market.

What are the significant industry verticals of the market?

The significant industry verticals of the market are residential, industrial and commercial, medical, and transportation, among others.

Who are the key market players, according to the report?

The key players in the global solid state lighting market are Cree, Inc., Energy Focus, Inc., General Electric Company, Toshiba Corporation, Osram Licht AG, and Samsung Electronics Co., Ltd, among others.

Analyst Review

The global solid state lighting market attained a value of USD 46.85 billion in 2023, driven by the energy saving and cost reduction characteristics. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 12.2%. The market is projected to reach USD 132.03 billion by 2032.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on types, the solid state lighting industry can be segmented into LED, OLED, and PLED. On the basis of installation type, the market is classified into new installation and retrofit. The major regional markets for solid state lighting are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Cree, Inc., Energy Focus, Inc., General Electric Company, Toshiba Corporation, Osram Licht AG, and Samsung Electronics Co. Ltd, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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