Europe OLED based SSL Market to 11%CAGR from 2018 to 2024 Solid State Lighting Market | Page 3

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
car’s 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.
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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