17 October 2013

Solid-state lighting market to grow at 18.7% to $56.79bn in 2018

The global solid-state lighting (SSL) market is expected to rise at a compound annual growth rate (CAGR) of 18.7% from 2013 to $56.79bn in 2018, according to a new market research report ‘Solid State Lighting Market by Types (LED, OLED, and PLED), Application (General Lighting, Backlighting, Automotive, Medical), Verticals (Industrial, Residential, Consumer Electronics), Materials & Geography - Analysis & Forecast (2013-2018)’ published by MarketsandMarkets.

The report segments the solid-state lighting market by types of SSL, applications and verticals. Types includes light-emitting diodes (LED), organic light-emitting diodes (OLED) and polymer-based light-emitting diodes (PLED). The SSL-based LEDs are further segmented by materials used at different stages of the manufacturing process (i.e. die level, package level, module level and luminarie level). LED-based SSL is utilized primarily in general lighting and backlighting-based applications. In addition, as well as automotive lighting, the energy-efficient characteristics of SSL lighting technologies are being integrated with light-based medical applications, says the report. For example, surgical lighting has incorporated low-heat-dissipating LEDs, enabling comfortable working environment for surgeons and patients. Vertical markets for solid-state lighting include the automotive & transportation industry, residential & offices, consumer electronics, and the industrial sector.

OLEDs have a large market share in backlighting applications. Demand for OLED displays has been accelerating as they have diverse applications and better display features, says the market research firm. Going forward, with decreasing production costs, prices of OLED panels will decline and OLEDs will further penetrate the display market, displacing LCD and LED display technologies, it is forecast. Many Asian companies have geared up to emerge as dominant players in the OLED equipment and materials market. OLED-based solid-state lighting is set to be one of the major SSL technologies in future, with a CAGR projected to exceed 25% in major applications such as general lighting, backlighting, automotive lighting and medical lighting.

In 2012, the Asia-Pacific (APAC) was the leading region in the overall solid-state lighting market (with 50% market share), followed by North America and Europe (with 23.9% and 19.9%, respectively). In the rest of the world (ROW), Russia, Brazil and the Middle East are the largest contributors (with a total share of 6.3%).

Tags: SSL LEDs

Visit: www.marketsandmarkets.com/Market-Reports/