From GlobeNewswire:

The global market for solid-state lighting is on the rise, driven by increased government support and industry consortiums. According to Straits Research, the market size was valued at USD 44.02 billion in 2022 and is expected to reach USD 120.12 billion by 2031, growing at a CAGR of 11.80% during the forecast period. Solid-state lighting offers advantages such as increased light output, prolonged lifespan, and compact design, making it a popular choice in many applications.

Technological advancements and government support have created tremendous opportunities for the solid-state lighting market. For example, solid-state luminaires sold for residential use typically have an efficacy of over 100 lumens per watt and must be increased to an average of 160 lumens per watt by 2030 to meet sustainable development goals. LED efficacy is already at its highest compared to other lighting options, and innovations to increase the efficacy of solid-state lighting will open more market expansion opportunities.

The Asia-Pacific solid-state lighting market is expected to grow at a CAGR of 13% during the forecast period, driven by government regulations and policies that promote long-term investments in the sector. The LED market in Asia-Pacific is expanding due to technological advancements and the growing acceptance of smart lighting. In Europe, the market is expected to grow at a CAGR of 11.7% during the forecast period, with consumers favoring more environmentally friendly lighting sources over conventional ones.

The global solid-state lighting market is segmented by type, installation type, applications, industry verticals, and regions. The LED segment is the highest contributor to the market and is expected to grow at a CAGR of 12% during the forecast period. The retrofit segment owns the highest market share, and the indoor lighting segment is the highest contributor to the market. Asia-Pacific is the most significant shareholder in the global solid-state lighting market and is expected to grow at a CAGR of 13% during the forecast period.

Major key players in the global solid-state lighting market include Cree, Inc., General Electric Company, Nichia Corporation, Osram Licht AG, Samsung Electronics Co., Ltd, and others. In market news, Cree LED has made available PhotophyllTM Select LEDs, an advanced horticulture spectrum, while Energy Focus, Inc. updated its EnFocusTM Power Line Controlled commercial LED lighting system.

For more information on the global solid-state lighting market, including detailed segmentation and market analysis, contact Straits Research at [email protected] or visit their website. With global business information reports and services, Straits Research provides actionable market research data for decision-making and ROI.



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