The global solid state lighting system application market is anticipated to expand at a CAGR of 6.2% during the forecast period, 2021 – 2028. 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.
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.
Retrofit segment anticipated to account a significant market share.
Based on applications, 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.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter
0
