Solid State Lighting Market to hit $85 bn by 2024

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SSL Market to reach 85 bn by 2024 Global Market
Insights Inc.
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Industry Overview

• 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.
  
• 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.
• Ban on energy-inefficient lighting products such
  as incandescent and halogen bulbs majorly in the
  U.S., Germany, France and UK is likely to
  significantly boost solid state lighting market
  growth. For instance, EU ban on incandescent,
  halogen bulbs CFL lamps is further promoting
  the usage of LED bulbs in the region. Regulations
  against incandescent bulb import, manufacture or
  sale for general illumination applications is
  estimated to significantly expand the market size
  up to 2024.

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• Europe OLED based solid state lighting market
  size may register gains close to 11 by 2024.
  Declining prices due to reduction in
  manufacturing costs and increasing demand for
  sustainable energy-efficient lighting products
  are predicted to boost market growth.
• 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.
• Germany LED based solid state lighting market
  share from industrial applications is poised to
  exceed USD 2.5 billion over the foreseeable time
  period. They are widely used in the automotive
  sector due to its cutting-edge design which in
  turn enhances cars aesthetic look and style.
• U.S. LED market size from outdoor applications
  may witness significant gains at about 12.5 by
  2024 owing to declining streetlight LED prices
  and rising government focus on energy efficient
  products. The progress of LED outdoor lighting
  market from a nascent to a mature stage along
  with replacement of decorative streetlights in
  various cities such as Las Vegas, Los Angeles and
  New York to achieve energy cost reduction will
  further stimulate market growth.

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State Lighting Market _at_ https//bit.ly/2n6f691
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SSL Market

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U.S. Solid State Lighting Market Size, By
Technology, 2017 2024, (Million Units)

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Industry Coverage

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• China OLED based solid state lighting market
  revenue from architectural applications may
  witness significant gains over the foreseeable
  timeframe. They are mainly used for decoration
  purpose, buildings structure illumination and
  signage backlighting owing to its diffused output
  and low luminance.
• General Electric, OSRAM, Koninklijke Philips, and
  Cireon are the prominent industry participants in
  the solid state lighting market. Companies are
  concentrating on innovative strategies to improve
  color rendition and achieve cost advantages in
  addition to indulging in acquisitions
  collaborations to complement their product
  portfolio which may stimulate solid state
  lighting industry demand.

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