In the report "Solid-State and Other Energy-Efficient Lighting Market by Technology (Solid-State, HID, Fluorescent), Installation Type (New & Retrofit), Offering (Hardware, Software, & Services), Application, and Geography — Global Forecast to 2022,” published by MarketsandMarkets, the market based on region was valued at USD $118.29 billion in 2015 and is expected to reach USD $174.45 billion by 2022, growing at a CAGR of 5.38% between 2016 and 2022.
The growth of this market is driven by the rapid penetration of solid-state lighting and the corresponding demand for technologically advanced energy-efficient lighting fixtures. These energy-efficient lighting sources generate light of a superior quality, are extremely energy efficient and have a long life.
Market for automotive lighting expected to grow at the highest rate during the forecast period
The automotive lighting application segment is playing a crucial role in the overall market. Solid-state and other energy-efficient lighting technology offer benefits such as high efficiency and long battery life. Owing to these benefits, the automotive sector is largely adopting this technology for use in vehicles.
Solid-state and other energy-efficient lighting market for retrofit installation expected to grow at the highest rate between 2016 and 2022
Increasing replacement of incandescent lamps with energy-efficient light sources is the major factor contributing to the growth of the market for retrofit installation. The old-generation lamps are being slowly phased out and the fixtures are being retrofitted with solid-state and other energy-efficient lights as they offer a longer working life and also consume less energy.
Solid-state and other energy-efficient lighting market in RoW expected to grow at the highest rate during the forecast period The solid-state and other energy-efficient lighting market is rapidly expanding in RoW. RoW includes South America and Middle East & Africa. Focus on real estate projects, where lighting is a basic requisite, is a major driver for the growth of this market. The economic growth is also expected to result in rapid urbanization, which is expected to significantly boost the market in the region.
Some of the major players operating in the solid-state and other energy-efficient lighting market are OSRAM Licht (Germany), Royal Philips Electronics (Netherlands), Seoul Semiconductor (South Korea), General Electric Company (US), Nichia Corporation (Japan), AIXTRON (Germany), Applied Materials (US), Applied Science and Technology Research Institute Company Limited (Hong Kong), Bridgelux (US), Cree (US), Acuity Brands (US), Advanced Lighting Technologies (US), Energy Focus (US), Intematix Corporation (US), LED Engin (US), Toyoda Gosei (Japan), TCP International Holdings (Switzerland), Topanga Technologies (US), Ceravision (UK) and Bright Light Systems (Georgia).