Solid-State Lighting Market size Generate Huge Revenue in Industry size COVID-19 2023

The global market for solid-state lighting should grow from $62.8 billion in 2018 to $127.5 billion by 2023 with a compound annual growth rate (CAGR) of 15.2% for the period of 2018-2023.

Solid-state lighting has the potential to transform the global lighting market with the introduction of energy-efficient light sources. Solid-state lighting is used in many industries for general lighting, backlighting, automotive lighting, among others. The widespread application of solid-state lighting is found in architectural, consumer electronics, commercial and industrial, residential, transportation and automotive industries, among others.

Solid-state lighting does not contain hazardous substances or ultraviolet radiations, making it environmentally-friendly. Solid-state lighting system devices can function at a lower temperature than conventional light bulbs; this is projected to favorably impact market growth. The demands for solidstate lighting devices are increasing for general lighting along with other applications such as horticulture and healthcare lighting.