Global Market Insights, Inc.

Europe Solid State Lighting Market to Cross USD 20 Billion by 2024 : OSRAM, Koninklijke Philips, Cireon and 15 Other Companies Profiled

Solid State Lighting Market growth will be driven by rising deployment of LEDs in cities.

 

Sellbyville, DE -- (SBWIRE) -- 05/23/2019 -- Europe Solid State Lighting Market demand led by UK, Germany, France, Spain and Italy is predicted to register gains of about 12.5% by 2024. LEDs consist of various products for commercial lighting such as entry & exit signs, shop lights, and flat panels which increase energy efficiency, provide higher lumen output and lifespans exceeding 200,000 hours which is predicted to boost market growth.

U.S. industrial OLED market demand may surpass USD 90 million in the predicted timeframe. These products find use in various industrial applications such as lighting, mobile phone & media-player displays, digital cameras, lighting panels and portable devices. Various product advantages such as flexibility, light weight, suitability for use in large display panels along with increasing government funding for promoting OLED research may boost solid state lighting market growth.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/2775

High efficiency, improved battery life, and design flexibility are contributing to rising solid state lighting usage in automotive lighting applications. Additionally, increasing usage of solid state lighting technology in high, mid and low-end cars pertaining to cost standardization and optimization may further propel solid state lighting market. Rising high-brightness LEDs demand for providing high visibility & differentiation is likely to boost the market. Phosphides & nitrides of aluminum, gallium and indium are the major raw materials used in manufacturing of solid state lighting products. High manufacturing cost owing to expensive raw materials and low emission efficiency will be a major challenge and may pose a high threat for the solid state lighting industry growth.

Worldwide expansion of the solid state lighting market at an extraordinary pace has resulted in the development of more efficient and impactful lighting solutions, suitable for numerous indoor and outdoor applications. Regardless of whether it is used for residential, industrial, commercial or automotive purposes, SSL technology ensures lower energy consumption and enhanced lifespan for products like high lights, auto lamps, panel indicators, signals and signages. Rapid advancement in LED technology has given additional momentum to the solid-state lighting industry, by allowing improved brightness and flexibility required for producing big screens as well as small size lightings.

The adoption of solid-state lighting technology has penetrated a slew of industry verticals, including the automotive segment where the demand of LED lamps and indicators has been rising exponentially. Manufacturers and consumers are gaining awareness regarding the benefit of SSL-based LED solutions in replacing halogen lamps. LED lamps are also ideal for retrofit vehicle exterior or interior lights and are increasingly being deployed in luxury, sports, as well as some off-road vehicles. The automobile industry is slated to contribute enormously towards the solid state lighting market, with lamps that offer greater visibility and utilize lower amounts of energy. Statistics indicate that by 2024, the total production of vehicles in North America could surpass 20 million and the U.S. could be expected to lead the regional growth, as 2018 predictions alone show a potential sale of up to 16.7 million light trucks and new cars in the country.

Make an inquiry for buying this report @ https://www.gminsights.com/inquiry-before-buying/2775

Solid State Lighting Market growth will be driven by rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting industry. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.

Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid-state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.

Browse Full Report: https://www.gminsights.com/industry-analysis/solid-state-lighting-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.