Solid State Lighting Market To Reach $56.79billion By 2018
According to a report released by marketsandmarkets.com, the total Solid State Lighting Market is expected to reach $56.79billion by 2018, at a CAGR of 18.7% from 2013 to 2018. APAC leads the overall global Solid State Lighting market for the largest percentage share with 49.8% in 2012. North America and Europe follows the APAC region with 23.9% and 19.9% of the overall SSL market respectively.
The global solid state lighting market has been segmented by types of SSL, applications and verticals. The solid state lighting market by types includes Light emitting diodes (LED), Organic light emitting diodes (OLED) and Polymer based light emitting diodes (PLED). The SSL based LED’s are further segmented by materials used at different stages of manufacturing process in the report. LED based SSL are primarily utilized in general lighting and backlighting based applications. Energy efficient characteristics of the SSL lighting technologies will be integrated with light based medical applications. Surgical lighting has incorporated low heat dissipating LEDs enabling comfortable working environment for surgeons and patients.
OLED’s has high market share in backlighting applications. Demand for OLED display has been accelerating as it has diverse applications and better display features. Going forward, with decreasing production costs, prices of OLED panels will decline and OLED will further penetrate the display market displacing LCD and LED display technologies. Many Asian companies have geared up to emerge as dominant players in the OLED equipment and materials market. The OLED based SSL is set to be one of the major Solid State Lighting technology in future with CAGR projected to exceed 25% in major applications such as general lighting, backlighting, automotive lighting and medical lighting.
Editors note; there are many reports available offering predictions as to the growth of the SSL market. Each offers something unique depending on their research methods and sources. If you have a need for such research, make sure that the report(s) you purchase or commission is going to cover the segments and markets you are interested in, with enough granularity.