Europe OLED based SSL Market to 11%CAGR from 2018 to 2024 Solid State Lighting Market

Global Solid State Lighting Market to hit $85bn
by 2024: Global Market Insights Inc.
Solid State Lighting Market to surpass USD 85 billion by 2024; driven by government
initiatives for the development of smart cities. Rapid urbanization & industrialization
primarily in Malaysia, and China have increased the focus on energy-efficient lighting
to reduce GHG emissions and improve bulbs life may contribute to solid state
lighting market demand. These products provide high energy efficiency and less heat
generation as compared to incandescent lamps thereby leading to reduction in
carbon emissions. The implementation of solid state lighting technology may reduce
global lighting CO2 emissions by approximately 1,500 million tons thereby
stimulating market growth.
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.
SSL Market
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