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