Solid State Lighting Market: Size, Dynamics, Regional Insights and Market Segment Analysis

Solid State Lighting Market was valued at USD 173.23 Billion in 2022, and it is expected to reach USD 253.68 Billion by 2029, exhibiting a CAGR of 5.6% during the forecast period (2023-2029)
Solid-state lighting refers to lighting applications that employ LEDs, organic light-emitting diodes (OLEDs), or light-emitting polymers. Unlike incandescent or fluorescent lamps, which use filaments and gases enclosed in a glass bulb to produce light, solid-state lighting uses semiconductors to turn energy into light. LEDs have been available for more than 50 years, but until the early 2000s, they were exclusively utilised as indicator lighting in electrical gadgets. LEDs were originally utilised in signal devices such as traffic lights and exit signs, then in certain limited illumination applications like as torches, and now in most general illumination applications ranging from residences to business buildings to outdoor lighting.