Press Releases

Global Solid-State Lighting Market to Reach Almost $128 Billion by 2023

Asia-Pacific Region will Continue to Dominate Market

March 08, 2019

WELLESLEY, Mass., March 08, 2019— A new report from BCC Research, “Solid-state Lighting: Technologies and Global Markets,” estimates that by 2023, the market will reach $127.5 billion, up from $62.8 billion in 2018, indicating a compound annual growth rate (CAGR) of 15.2%.

Solid-state lighting (SSL), including LEDs, has the potential to transform the global lighting market with the introduction of energy-efficient light sources, thanks to its lack of hazardous substances and UV radiation, and its ability to function at a lower temperature than conventional lightbulbs.

Top leaders in the global SSL market include: 3M (MMM), Signify/Philips Lighting, and Harvatek Corp.

Report Highlights

  • Market technology type analysis. LED technology leads the SSL market, valued at $37.6 billion in 2018 with a projection to grow to $73.8 billion by 2023, indicating 14.4% growth annually.
  • Market end-user analysis. All SSL end-user industries are expected to grow at a considerable rate, with the consumer electronics industry predicted to grow the fastest, from $24.5 billion in 2018 to $51 billion by 2023, indicating a 15.8% CAGR, because of the wide range of applications of SSLs in display, backlighting and mobile flash.
  • Global market analysis. Asia-Pacific will be the fastest growing region for SSL, growing from $24.6 billion in 2018 to $50.9 billion by 2023. This rapid growth is a result of various government initiatives, growing disposable income and a rising standard of living.

“Increasing electricity prices and dependence on energy are factors providing a wide global opportunity for SSL products. This is leading to a shift toward energy-efficient light sources. The improved source efficiency through LED lighting, when compared to conventional lighting technologies helps in saving a significant amount of energy,” said BCC Research analysts.

Barriers to market growth

While the SSL market is projected to grow rapidly by 2023, there are several factors that could slow this growth, such as a lack of testing standards for SSL products, heat management issues, and the high initial cost of LED lighting.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Solid-state Lighting: Technologies and Global Markets( SMC107A )
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