Solid State Lighting Global Market Report 2024

The solid state lighting market size has grown rapidly in recent years. It will grow from $40.54 billion in 2023 to $44.97 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The rise during the historical period can be credited to heightened adoption of solid-state lighting, expansion of industrialization, a rise in disposable income, and increased governmental initiatives.

The solid state lighting market size is expected to see rapid growth in the next few years. It will grow to $68.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The expansion anticipated in the forecast period can be ascribed to a rising need for energy-efficient lighting, a growing demand for environmentally friendly lighting solutions, and increasing support from government-backed industry consortia. Key trends expected in this period include technological innovations, a shift towards human-centric lighting, the adoption of mini-LED and micro-LED technologies, advancements in horticultural lighting, and the development of silicon-based LED technology.

The solid-state lighting market's future growth is expected to be driven by the increasing demand for energy-efficient lighting. Energy-efficient lighting refers to lighting systems that consume less energy while providing the same level of illumination as traditional solutions. This type of lighting contributes to reducing greenhouse gas emissions and mitigating climate change by lowering electricity consumption. LED technology, a key component of solid-state lighting, offers higher energy efficiency compared to traditional lighting sources. This has led both residential and commercial customers to adopt solid-state lighting solutions to meet regulatory requirements and reduce energy usage. For example, in September 2022, the International Energy Agency reported a significant increase in global residential LED sales, reaching approximately 50% in 2022, with a target of 100% LED lighting sales by 2025. Additionally, new LEDs are expected to improve their efficiency by about 30% by 2030, aligning with the Net Zero scenario. Therefore, the rising demand for energy-efficient lighting is fueling the growth of the solid-state lighting market.

Leading companies in the solid-state lighting market are concentrating on material, design, and manufacturing innovations to develop more efficient LED technologies, such as chip-scale LEDs. These advancements aim to provide better lighting environments and expand market reach and sales opportunities. Chip-scale LEDs are a type of white LED package designed to achieve horizontal light distribution, addressing issues like uneven emitting surfaces and inadequate illumination patterns found in standard LED fixtures. For instance, in January 2024, Nichia Corporation introduced NFSWL11A-D6, a product that helps create thinner and lighter lighting fixtures, saving resources on design and building materials. Moreover, the soft, low-glare light produced by these LEDs enhances surroundings and opens up new design possibilities while also contributing to resource conservation and building safety.

In October 2021, Skyview Capital, a US-based private investment firm, acquired Digital Lumens Inc. from Osram Licht AG for an undisclosed amount. This acquisition is expected to strengthen the company's offerings, expand its customer base, and capitalize on the growing demand for IoT and connected lighting markets. Digital Lumens Inc. is a US-based company specializing in intelligent LED lighting systems.

Major players in the solid state lighting market are Samsung Electronics Co. Ltd, General Electric Company, Panasonic Holdings Corporation, Mitsubishi Electric Pvt. Ltd., Toshiba Corporation, Everlight Electronics Co. Ltd., Koninklijke Philips N.V., Signify Holding B.V., Energy Focus Inc., OSRAM GmbH, Hubbell Incorporated, Acuity Brands Inc, Stanley Electric Co., Zumtobel Group, Seoul Semiconductor Co. Ltd., Cree LED, Lumileds Holding B.V., Cooper Lighting LLC, Bridgelux Inc., TCP Lighting, Sanken Electric Co. Ltd., Intematix Corporation, Seoul Viosys Co. Ltd., Phoenix Products LLC, and Nichia Corporation.

Asia-Pacific was the largest region in the solid state lighting market in 2023. The regions covered in solid-state lighting report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the solid-state lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solid-state lighting (SSL) refers to a lighting technology employing solid-state semiconductor devices for light generation. It has revolutionized the lighting sector by offering energy-efficient, durable, and versatile lighting solutions across various applications. This technology consumes less energy, thereby reducing energy costs and minimizing environmental impact.

The primary forms of solid-state lighting include light-emitting diodes (LED), organic light-emitting diodes (OLED), and polymer light-emitting diodes (PLED). LED lighting, utilizing semiconductors to produce light, stands out for its energy efficiency and longevity, making it suitable for diverse applications like residential, industrial, and commercial lighting. These applications encompass both new installations and retrofits for indoor and outdoor settings, as well as specialized lighting needs across sectors such as healthcare, transportation, and more.

The solid state lighting market research report is one of a series of new reports that provides solid state lighting market statistics, including solid state lighting industry global market size, regional shares, competitors with a solid state lighting market share, detailed solid state lighting market segments, market trends and opportunities, and any further data you may need to thrive in the solid state lighting industry. This solid state lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solid-state lighting market consists of revenues earned by entities by providing services such as installation, maintenance, and optimization of lighting solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The solid-state lighting market also includes sales of products such as chips, drivers, optical components, and printed circuit boards (PCBs). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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