Solid State Lighting System Application Market, Share 2031

Segments - Solid State Lighting System Application Market by Types (Light Emitting Diodes (LEDs), Organic Light Emitting Diodes (OLEDs), and Polymer Light Emitting Diodes (PLEDs)), Installation Types (New Installation and Retrofit), Applications (Indoor, Outdoor, and Specialty), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

Solid State Lighting System Application Market Outlook 2031

The Global Solid state lighting system application market size was valued at USD 36.58 Billion in 2022 and is likely reach to USD 81.44 BIllion by 2031, expanding at a CAGR of 9.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing consumer inclination toward eco-friendly and energy-saving lighting technology.

Solid state light devices contain semiconductors that convert electricity into light. They generate visible light through electroluminescence, a phenomenon that glows the semiconductor on the passing electricity through it. Solid state lighting has an extensive range of applications owing to the several benefits offered by it, such as extended life, high light output, compact size, and excellent durability.

Technological advancements in the lighting industry have enabled high light output on low power consumption. Solid state lighting system applications are majorly found in directional lamp fittings such as outdoor lighting, under-cabinet lighting, and down-lights. Additionally, they are also found in commercial refrigeration display, roadway lighting, and automobile day-running lamps.

Continuous improvement in the light efficacy, quality, and operating life is anticipated to boost the product demand across the globe. Solid state lighting system does not contain hazardous substances or ultraviolet radiation, which makes it eco-friendly. It can function at a lower temperature than a compact fluorescent lamp (CFL).

Market Drivers, Restraints, Trends, and Opportunities

Growing awareness among consumers regarding low power consumption of the solid-state lighting system and negative influence of conventional bulbs are anticipated to further spur the market growth.
Rapid industrialization and increasing number of government initiatives to promote the use of eco-friendly products are expected to drive the market growth during the forecast period.
The emergence of novel coronavirus (COVID-19) outbreak has adversely affected the global economies. The disruptions in supply chain and production have led to the decrease in product demand in various regions. However, the market is expected to gain momentum by the end of year 2021.
Absence of control over compatibility and heat management are some of the key factors hampering the market growth.
Increasing disposable income and rising spend on eco-friendly products are anticipated to spur the product demand around the world.

Scope of Solid State Lighting System Application Market Report

The report on the solid state lighting system application market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Solid State Lighting System Application Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Light Emitting Diodes (LEDs), Organic Light Emitting Diodes (OLEDs) and Polymer Light Emitting Diodes (PLEDs)), Installation Types (New Installation and Retrofit), and Applications (Indoor, Outdoor and Specialty)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Aixtron AG, Automotive Lighting LLC, Bridgelux Inc., Data Display Products Inc., Energy Focus Inc., GE Lighting, Nichia Group, Royal Philips Electronics, and Toshiba Lighting Products

Solid State Lighting System Application Market Segment Insights

LED segment expected to account a considerable market share

On the basis of types, the market is segmented into light emitting diodes (LEDs), organic light emitting diodes (OLEDs), and polymer light emitting diodes (PLEDs). The LED segment is expected to account for a considerable market share owing to its low energy consumption and cost-effectiveness as compared to other devices.

Solid State Lighting System Application Market Types

Retrofit segment anticipated to account a significant market share

Based on Installation types, the market is divided into new installation and retrofit. The retrofit segment is anticipated to account for a significant market share owing to the low cost and easy installation as compared to new installation of the lighting devices.

On the other hand, the new installation segment is anticipated to grow at a rapid pace during the forecast period. Growing consumer awareness regarding the use of eco-friendly products is anticipated to drive the segment growth.

Indoor segment to account a large market share

On the basis of applications, the market is segmented into indoor, outdoor, and specialty. The indoor segment to accounts for a large market share owing to the increasing disposable income across the globe.

Conversely, the outdoor segment is anticipated to witness a substantial growth rate during the forecast period. Rapid urbanization and increasing number of commercial spaces are expected to drive the segment growth.

Solid State Lighting System Application Market Aplications

Solid State Lighting System Application Market Regional Outlook

North America to account a large market share

In terms of regions, the market is classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America to account for a large market share during the forecast period owing to increasing government restrictions on the use of incandescent bulbs in countries such as the US and Canada.

However, the market in Asia Pacific is expected to expand at a healthy rate owing to the presence of leading market players in this region. Additionally, rising disposable income and growing awareness regarding energy-efficient lighting systems are expected to drive the market growth in the region.

Solid State Lighting System Application Market Region

Segments

Types

Light Emitting Diodes (LEDs)
Organic Light Emitting Diodes (OLEDs)
Polymer Light Emitting Diodes (PLEDs)

Installation Types

New Installation
Retrofit

Applications

Indoor
Outdoor
Specialty

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Aixtron AG
Automotive Lighting LLC
Bridgelux Inc.
Data Display Products Inc.
Energy Focus Inc.
GE Lighting
Nichia Group
Royal Philips Electronics
Toshiba Lighting Products

Competitive Landscape

Some of the key players in the global solid state lighting system application market are Aixtron AG, Automotive Lighting LLC, Bridgelux Inc., Data Display Products Inc., Energy Focus Inc., GE Lighting, Nichia Group, Royal Philips Electronics, and Toshiba Lighting Products.

Companies are focusing on product innovation to acquire a large consumer base during the forecast period. They are indulging in mergers and acquisitions to improve their product offerings and to cater the rising demand among consumers.

Solid State Lighting System Application Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solid State Lighting System Application Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solid State Lighting System Application Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solid State Lighting System Application Market - Supply Chain
  4.5. Global Solid State Lighting System Application Market Forecast
     4.5.1. Solid State Lighting System Application Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solid State Lighting System Application Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Solid State Lighting System Application Market Absolute $ Opportunity
5. Global Solid State Lighting System Application Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Solid State Lighting System Application Market Size and Volume Forecast by Types
     5.3.1. Light Emitting Diodes (LEDs)
     5.3.2. Organic Light Emitting Diodes (OLEDs)
     5.3.3. Polymer Light Emitting Diodes (PLEDs)
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solid State Lighting System Application Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Solid State Lighting System Application Market Size and Volume Forecast by Applications
     6.3.1. Indoor
     6.3.2. Outdoor
     6.3.3. Specialty
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Solid State Lighting System Application Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Solid State Lighting System Application Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Solid State Lighting System Application Demand Share Forecast, 2019-2026
8. North America Solid State Lighting System Application Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Solid State Lighting System Application Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Solid State Lighting System Application Market Size and Volume Forecast by Types
     8.4.1. Light Emitting Diodes (LEDs)
     8.4.2. Organic Light Emitting Diodes (OLEDs)
     8.4.3. Polymer Light Emitting Diodes (PLEDs)
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Solid State Lighting System Application Market Size and Volume Forecast by Applications
     8.7.1. Indoor
     8.7.2. Outdoor
     8.7.3. Specialty
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Solid State Lighting System Application Demand Share Forecast, 2019-2026
9. Latin America Solid State Lighting System Application Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Solid State Lighting System Application Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Solid State Lighting System Application Market Size and Volume Forecast by Types
     9.4.1. Light Emitting Diodes (LEDs)
     9.4.2. Organic Light Emitting Diodes (OLEDs)
     9.4.3. Polymer Light Emitting Diodes (PLEDs)
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Solid State Lighting System Application Market Size and Volume Forecast by Applications
     9.7.1. Indoor
     9.7.2. Outdoor
     9.7.3. Specialty
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Solid State Lighting System Application Demand Share Forecast, 2019-2026
10. Europe Solid State Lighting System Application Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Solid State Lighting System Application Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Solid State Lighting System Application Market Size and Volume Forecast by Types
     10.4.1. Light Emitting Diodes (LEDs)
     10.4.2. Organic Light Emitting Diodes (OLEDs)
     10.4.3. Polymer Light Emitting Diodes (PLEDs)
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Solid State Lighting System Application Market Size and Volume Forecast by Applications
     10.7.1. Indoor
     10.7.2. Outdoor
     10.7.3. Specialty
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Solid State Lighting System Application Demand Share Forecast, 2019-2026
11. Asia Pacific Solid State Lighting System Application Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Solid State Lighting System Application Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Solid State Lighting System Application Market Size and Volume Forecast by Types
     11.4.1. Light Emitting Diodes (LEDs)
     11.4.2. Organic Light Emitting Diodes (OLEDs)
     11.4.3. Polymer Light Emitting Diodes (PLEDs)
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Solid State Lighting System Application Market Size and Volume Forecast by Applications
     11.7.1. Indoor
     11.7.2. Outdoor
     11.7.3. Specialty
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Solid State Lighting System Application Demand Share Forecast, 2019-2026
12. Middle East & Africa Solid State Lighting System Application Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Solid State Lighting System Application Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Solid State Lighting System Application Market Size and Volume Forecast by Types
     12.4.1. Light Emitting Diodes (LEDs)
     12.4.2. Organic Light Emitting Diodes (OLEDs)
     12.4.3. Polymer Light Emitting Diodes (PLEDs)
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Solid State Lighting System Application Market Size and Volume Forecast by Applications
     12.7.1. Indoor
     12.7.2. Outdoor
     12.7.3. Specialty
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Solid State Lighting System Application Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Solid State Lighting System Application Market: Market Share Analysis
  13.2. Solid State Lighting System Application Distributors and Customers
  13.3. Solid State Lighting System Application Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Aixtron AG
     13.4.2. Automotive Lighting LLC
     13.4.3. Bridgelux Inc.
     13.4.4. Data Display Products Inc.
     13.4.5. Energy Focus Inc.
     13.4.6. GE Lighting
     13.4.7. Nichia Group
     13.4.8. Royal Philips Electronics
     13.4.9. Toshiba Lighting Products