Dallas, TX -- (SBWIRE) -- 01/07/2014 -- 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 total solid state lighting market is expected to reach $56.79billion by 2018, at a CAGR of 18.7% from 2013 to 2018.

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Global solid state lighting market is expected to reach $56.79billion by 2018, at an estimated CAGR of 18.7% from 2013 to 2018 with backlighting and general lighting application contributing to the global solid state lighting applications market with a share of 87% in 2012 and is expected to record high growth in coming years.

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.

APAC is the leading region in the overall solid state lighting market with 50% of market share in 2012; followed by North America and Europe with 23.9% and 19.9% each in 2012. In ROW, Russia, Brazil and the Middle East are the largest contributors with total share of 6.3% occupied in global solid state lighting market.

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