New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global solid state and other energy efficient lighting market is to reach a valuation of US$ 159.2 billion in 2023. Persistence Market Research predicts that the market is anticipated to expand at a 7% CAGR and is anticipated to value US$ 312.6 billion by the end of 2033.
Solid state and other energy lighting markets are rising due to the rise in demand for energy-efficient lighting solutions. Growth in concerns about energy consumption and environmental sustainability, governments and organizations around the world are looking for various ways to reduction in their energy usage. SSL technology thus, offers a solution for this problem, where it is significantly energy-efficient than traditional lighting systems.
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Key Takeaways from the Market Study
- Sales of the solid state and other energy efficient lighting market expanded at a CAGR of 4.5% from 2018 to 2022.
- North America is considered to have the leading market share consisting of a 42% share of the global market.
- The United States is considered one of the most important countries in this region with a CAGR of 5.8%.
- The United States market holds an absolute dollar growth of US$ 21.2 billion.
- Europe is anticipated to divulge to have the dominant growth with a CAGR of 8.8% during the forecast period.
- The United Kingdom thus considerably holds a significant portion of the market with a CAGR of 5.4% with an absolute dollar growth of US$ 3.4 billion.
- Solid state lighting technology to have a leading position in the market.
- The global solid-state lighting market expands at a CAGR of 6.2% and its segmentation is mainly based on technologies.
- Light-emitting diodes (LED) dominate the market with an absolute dollar value of US$ 63.4 billion which is accounted to have 42% of market revenue.
- Researchers have considerably mentioned that solid state lighting technology consisting of LEDs is usually used by more than 40% of the outdoor lighting sector and 50% of the indoor lighting business
- Automotive Lighting is estimated to hold an important position in the market.
- Automotive lighting leads to a rise in demand for such lights holding a market share of 32.4% in this sector.
Implementation and association of high costs of solid state and other energy efficient lighting to hamper the growth of the market” comments a Future Market Insights analyst.
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Competitive Landscape
Some of the prominent players in the global market are-
- Wolfspeed Inc.
- Energy Focus Inc.
- Ge Lighting
- Koninklijke Philips N.V.
- Mitsubishi Electric Corporation
- Osram Licht Ag
- Samsung Electronics Co. Ltd.
- Seoul Semiconductor Co. Ltd.
- Sharp Corporation
- Toshiba Corporation
Key Developments of the Key Players in the Market
- In June 2023, Toshiba Electronic Devices & Storage Corporation ("Toshiba") launched motor driver ICs for consumer and industrial equipment that need fewer external parts and that are housed in a small, highly versatile, space-saving package. The launch expands the Toshiba lineup with four products: “TB67S581FNG,” “TB67S580FNG,” “TB67H481FNG” and “TB67H480FNG.” Shipments start today.
- Two of the new products, TB67S581FNG and TB67S580FNG, are two-phase bipolar stepping motor driver ICs. TB67S581FNG has a motor output voltage rating of 50V and a motor output current rating of 2.5A[1] while TB67S580FNG has ratings of 50V and 1.6A[1], respectively.
- The other two products, TB67H481FNG and TB67H480FNG, are constant current dual H-bridge driver ICs, with a motor output voltage rating of 50V and a motor output current rating of 2.5A[1]. The input interface of TB67H481FNG is IN input, while TB67H480FNG uses PHASE input.
- In February 2023, Toshiba Corporation is once again on the Clarivate Top 100 Global Innovators™ 2023, the annual listing of the world’s most innovative companies published by Clarivate, a global information services company.
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Valuable Insights Available
To understand opportunities in solid state and other energy efficient lighting market is segmented based on By Application (Oil and Gas; Chemical, Mining), By Installation (New Installation, Retrofit Installation), By Technology (Hid Lighting, Plasma, Induction Lighting, Solid-State Lighting, Fluorescent Lighting), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
About the Process Automation Division at Persistence Market Research
The semiconductor electronics team at Persistence Market Research offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Know More about Report Inclusions
Persistence Market Research published a new market report on the Solid State and Other Energy Efficient Lighting Markets, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights based on product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how Solid State and Other Energy Efficient Lighting sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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