Solid State Lighting Market: Rise in Popularity for Energy-Efficient Lighting to Push up Global Demand
The global solid state lighting market is anticipated to grow moderately in coming years. Even though the market is in its initial development stage, it is garnering the focus of regional as well as international players. The level of competition has intensified in the past decade, with firms working on developing new strategies for collaborations in order to come up with economical and effective products that would boost sales. Koninklijke Philips N.V., Panasonic Corporation, Samsung Electronics Co. Ltd., OSRAM Licht Group, General Electric, Eaton Corporation, NICHIA Corporation, and Mitsubishi Electric Corporation are some of the leading companies operating in the global solid state lighting market. According to Transparency Market Research, the global solid state lighting market is anticipated to grow with a strong CAGR of 8.7% within the forecast period from 2017 to 2025. In 2016, the market was evaluated to be worth US$14.48 bn, and it is expected to reach to US$30.38 b...