Solid State Lighting Display Market is analysed to grow at a CAGR of 14.61% during the forecast 2022-2027 to reach $32.54 billion by 2027. Solid-state lighting is a type of lighting that uses semiconductors such as light emitting diodes (LEDs), Organic Light Emitting diodes (OLED), polymer light-emitting diodes (PLED) and others as sources of illumination rather than electrical filaments, plasma which are generally used in arc lamps such as fluorescent lamps or gas. Solid State Lighting displays are majorly used for applications in outdoor lightings such as for traffic lights, indicator lamps and others. Typically, for solid-state lighting displays, high color rendering index (CRI) glass phosphor are being used as a phosphor layer for high-performance and are comparatively of low-cost which can also be used in next-generation indoor solid-state lighting applications. This tend to bring significant growth in its demand in both residential as well as commercial applications, further driving its market growth during the forecast period.
Solid State Lighting Display Market Segment Analysis – By Technology
By Technology, the Solid State Lighting Display Market Report is segmented into Light Emitting Diodes (LEDs), Organic Light Emitting Diodes (OLEDs), Polymer light-Emitting Diodes (PLEDs) and Others. Light Emitting Diodes (LEDs) is analysed to be the highest growing segment with a CAGR of 13.19% in the technology type of Solid State Lighting Display Market during the forecast period 2022-2027 owing to the wide range of technical advantages it offers in the solid state lighting displays as compared to other technologies. LED technology used in solid-state lighting displays offers various advantages such as high efficiency, efficacy, current–voltage characteristics, optical parameters like high spectral distribution, color temperature, and beam angle before moving on to luminescence theory, injection luminescence, radiative and non-radiative recombination mechanisms, recombination rates, carrier lifetimes, and others. Moreover, increasing substitution of incandescent lamps in indoor, outdoor, display and industrial lighting sectors over LEDs tend to drive its market growth as compared to other technologies. For instance, In March 2020, Samsung Electronics introduced its first “human-centric” LED packages, collectively known as LM302NE which helps adjust melatonin levels indoors, making people feel more energetic or relaxed depending on their daily life patterns.
Solid State Lighting Display Market Segment Analysis – By Application
By Application, the Solid State Lighting Display Market Report is segmented into Residential, Commercial (Office, Malls, Hospitals and Others), Industrial (Automotive, Mining, Construction and Others) and Outdoor Lighting (Highway & Roadway, Architectural, Public and Others) and Others. Outdoor Lighting is analysed to be the highest growing segment with a CAGR of 14.11% among other applications of Solid State Lighting Display Market during the forecast period 2022-2027 owing to the increasing investments in the infrastructure developments for construction of highways, traffic lights and others. Solid state lighting displays find widespread usage in traffic lights, street & parking lot lamps, vehicle lights, building exteriors, and locomotive classification lights which tend to bring significant growth in its demand during the forecast period due to increasing investments in infrastructure developments across the globe. For instance, in January 2020, the U.S. DOT introduced a program named “Building on Beyond Traffic 2045” which has leveraged nearly $350 million in public and private funds for smart city and advanced transportation technologies. The Smart City Challenge provided a spark for cities looking to revolutionize their transportation systems to help improve people’s lives. These investments tend to drive the market growth of solid state lighting displays for outdoor lighting applications, further fuelling its market growth.
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Solid State Lighting Display Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 38% in 2021 for the Solid State Lighting Display Market owing to the availability of leading market players for the Solid State Lighting Display Market coupled with increasing investments in the infrastructure development in this region. India is among the fastest developing economies in Asia-Pacific region owing to the increasing government initiatives for energy conservation, deployment of LED technologies across industrial, residential as well as commercial sectors over conventional fluorescent and incandescent technologies. Moreover, increasing government investments for infrastructure developments is a major driving factor for the solid state lighting display market in Asia-Pacific region. For instance, according to India Brand Equity Foundation (IBEF), on November 2020, the Government of India announced $36 billions to provide liquidity support to various sectors such as tourism, aviation, construction and housing. Of the total stimulus package, the government allocated $27 billions for production-linked incentive schemes. These investments tend to drive the market growth of solid state lighting displays for outdoor lighting applications, further fuelling its market growth.
Solid State Lighting Display Market Drivers
Rising investments in the infrastructure developments across the globe is driving the demand of solid state lighting displays
Rising investments in the infrastructure development across the globe is a major driving factor for the market growth of solid state lighting displays during the forecast period. Solid state lighting can be found in directional lamp fittings such as down-lights and under-cabinet lighting, outdoor lighting, as well as niche applications such as commercial refrigeration display, roadway lighting, and automobile day-running lamps. Increasing investments to build an efficient lighting display solutions across these locations tend to drive the solid state lighting displays market growth. For instance, according to World Bank reports, investments done in construction and infrastructure developments across the globe was recorded $22.04 trillion in 2020. This huge investments has brought significant growth in the adoption of solid state lighting displays, further driving its market growth. Moreover, ongoing smart city projects across various parts of the world and construction of highways, traffic signals and others will further drive the demand of solid state lighting displays during the forecast period.
Increasing government initiatives for the adoption of cost-saving lighting displays and rising environmental concerns across the globe is propelling the demand of solid state lighting displays
Increasing government initiatives for the adoption of cost-saving lighting displays is one of the major driving factor for the growth of Solid state lighting displays market. The increasing adoption of LED lighting solutions mainly in the residential sector for energy efficiency and its cost-effectiveness is driving adoption of LED solid state lighting displays which is bolstering the growth of the global solid state lighting display market. The consumers in the developing countries of Asia Pacific due to rising technical expertise and favourable cost structure is bolstering the growth of the solid state lighting displays market. Moreover, rising environmental concerns is contributing significantly in the solid state lighting display market growth. The energy efficient lighting technologies conform to durability and improved productivity for reducing the level of greenhouse gases coupled with rising awareness about the environment in developed and developing economies are witnessing higher demand for these energy efficient technologies is fuelling the growth of the global solid state lighting display market.
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Solid State Lighting Display Market Challenges
High development cost and technical drawbacks is analysed to hamper the Solid State Lighting Display Market growth
One of the most important factor restraining the market growth of Solid State Lighting Display Market across the global is the high development cost associated with manufacturing, installation and maintenance cost. Solid state lighting displays typically uses LED or OLED technologies which are costlier in comparison to incandescent and fluorescent displays. Moreover, technical drawbacks such as heat dissipation along with short illumination are some of the key factors which are analysed to restrain the solid state lighting displays application market growth over the forecast period. Furthermore, lack of government promotions for the adoption of solid state lighting displays is hindering the scalability and adoption of this technology. These factors tend to bring major challenges in the Solid State Lighting Display Market growth during the forecast period.
Solid State Lighting Display Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Solid State Lighting Display Market. In 2021, the market of Solid State Lighting Display industry outlook has been fragmented by several companies. Solid State Lighting Display top 10 companies include
Koninklijke Philips N.V.
Osram Licht AG.
Samsung Electronics Co. Ltd.
GE Lighting.
Mitsubishi Electric Corporation.
Eaton
Bridgelux Inc.
Aixtron AG
Nichia Group
Toshiba Lighting Products
Recent Developments
In March 2020, Samsung Electronics introduced its first “human-centric” LED packages, collectively known as LM302N. Engineered with carefully created light spectra, the LM302N family helps human bodies adjust melatonin levels indoors, making people feel more energetic or relaxed depending on their daily life patterns.
In January 2020, GE Lighting added several new C by GE technologies to its expanding portfolio of smart home products. This includes advanced lighting switch and dimmer technologies along with new comfort, safety, and security solutions.
In August 2020, Intellisense Systems, Inc., a leading provider of multi-function avionics display systems, introduces the VDT-0608, a 10.4-inch rugged display that provides an upgrade path to modern display technologies. It delivers enhanced video capability while decreasing weight, incorporating technological advances such as high-efficiency solid-state lighting.
Key Takeaways
Rising infrastructure developments coupled with smart city initiatives across the globe is analysed to significantly drive the Solid State Lighting Display Market during the forecast period 2022-2027.
Light Emitting diodes (LEDs) are analysed to hold highest share 55.12% in 2021 owing to the wide range of technical advantages it offers in the solid state lighting displays as compared to other technologies.
Outdoor Lighting applications is analysed to hold the highest market share 35.21% in the forecast period owing to the increasing investments in the infrastructure developments for construction of highways, traffic lights and others.
Asia-Pacific is analysed to hold the highest share in 2021 owing to the availability of leading market players for the Solid State Lighting Display Market coupled with increasing investments in the infrastructure development in this region.
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