Solid-State and Other Energy-Efficient Lighting Market worth 174.45 Billion USD by 2022

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Solid-State and Other Energy-Efficient Lighting Market by Technology (Solid-State, HID, Fluorescent), Installation Type (New & Retrofit), Offering (Hardware, Software, & Services), Application, and Geography – Global Lighting Market Forecast to 2022

The solid-state and other energy-efficient lighting market based on region was valued at USD 118.29 Billion in 2015 and is expected to reach USD 174.45 Billion by 2022, growing at a CAGR of 5.38% between 2016 and 2022.

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Increasing replacement of incandescent lamps with energy-efficient light sources is the major factor contributing to the growth of the market for retrofit installation.

The old-generation lamps are being slowly phased out and the fixtures are being retrofitted with solid-state and other energy-efficient lights as they offer a longer working life and also consume less energy.

Market for automotive lighting expected to grow at the highest rate.

The automotive lighting application segment is playing a crucial role in the overall market. Solid-state and other energy-efficient lighting technology offers benefits such as high efficiency and long battery life. Owing to these benefits, the automotive sector is largely adopting this technology for use in vehicles.

Solid-state and other energy-efficient lighting market for retrofit installation expected to grow at the highest rate.

Increasing replacement of incandescent lamps with energy-efficient light sources is the major factor contributing to the growth of the market for retrofit installation. The old-generation lamps are being slowly phased out and the fixtures are being retrofitted with solid-state and other energy-efficient lights as they offer a longer working life and also consume less energy.

Solid-state and other energy-efficient lighting market in RoW expected to grow.

The solid-state and other energy-efficient lighting market is rapidly expanding in RoW. RoW includes South America and Middle East & Africa. Focus on real estate projects, where lighting is a basic requisite, is a major driver for the growth of this market. The economic growth is also expected to result in rapid urbanization, which is expected to significantly boost the market in the region.

Major players

OSRAM Licht AG (Germany), Royal Philips Electronics N.V. (Netherlands), Seoul Semiconductor Co., Ltd. (South Korea), General Electric Company (U.S.), Nichia Corporation (Japan), AIXTRON SE (Germany), Applied Materials, Inc. (U.S.), Applied Science and Technology Research Institute Company Limited (Hong Kong),

Report Insights

Drivers

  • Greater Energy Savings Compared to Other Forms of Lighting
  • Increasing Government Initiatives
  • Increasing Use of Plasma Lights in Horticulture
  • High Efficacy and Long Life of HID Lights
  • Increasing Use of Fluorescent Lights in Limited-Space Applications Owing to Their Compact Size
  • Low Maintenance Cost of Induction Lighting

Restraints

  • High Implementation and Equipment Cost
  • Less Efficient for Heat-Sensitive Applications
  • Lack of Standardization

Opportunities

  • Growing Adoption of LEDs in the Automotive Industry
  • Development of Wireless Technology

Know More in-depth TOC and Sample Pages-

http://www.marketsandmarkets.com/Market-Reports/solid-state-lighting-market-1234.html


source: Sanjeeta Naik @ LED Lights -Corporate Communicator -linkedin

 

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