Solid State Lighting Market to Reach $74.25 Billion

According to a new report, the global solid state lighting industry was estimated at $32.65 billion in 2019, and is anticipated to hit $74.25 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027.

Their ability to reduce energy consumption, high-end technical features, and increasing awareness of profound influence of lighting on human health drive the growth of the global solid state lighting market.

On the other hand, lack of controls compatibility impedes the growth to some extent. However, emergence of smart lighting and constant innovations to perk up efficacy of solid state lighting are expected to create multiple opportunities in the industry.

During the pandemic, there's been a sharp decline in demand for solid state lighting from various sectors.  Also, the supply chain and production disruptions have impacted the market negatively. However, government bodies are now coming up with relaxations on the existing regulations, and the market is expected to get back to its position soon.