Use of Selected Modules and Devices in HCL Reached $2.407 Billion in 2023

According to a new report, the worldwide consumption value of specified modules/devices in solid-state lighting (SSL), which includes LEDs currently and eventually OLEDs, for the initial and primary purpose in Human Centric Lighting (HCL), reached an estimated $2.407 billion in 2023. The use of these devices/modules is forecasted to increase to nearly $6.75 billion in 2028.

The study forecasts the value will increase rapidly at an average annual growth rate of just-over 23% during the 1st-half of the forecast timeframe (2023-2028) and an impressive but slower-pace of just-over 19.2% during the 2nd-half (2028-2033), and eventually reaching nearly $16.25 billion in 2033.

Market forecast data in this study report refers to consumption (use) for a particular calendar year; therefore, this data is not cumulative data. Also, all values and prices in this report are at factory as-shipped levels, and are in current dollars, which includes the effect of a forecasted 5 percent annual inflation rate over the forecast period.

According to the study, the automatic assembly and test manufacturing process for selected solid-state lighting (SSL) products allow for mass-production capability. In addition, over the next few years, the average selling prices of the applicable products used in the specified Human Centric Lighting applications (HCL) will be driven lower, largely due production efficiencies, yield improvements (aided by quality controls), competition (both market competition and technology competition), marketing/sales distribution improvements, and other factors.