Solid State Lighting Market Size, Share, Growth Analysis, By Offering(Hardware (Lights & Bulbs, Luminaires, Control Systems), Software), By Type(LEDs, OLEDs, Others), By Communication Technology(Wired Technology (Digital Addressable Lighting Interface, Power-Line Communication, Power Over Ethernet, Wired Hybrid Protocols)), By Installation Type(New Installation, Retrofit Installation), By Application(General Lighting (Residential Lighting, Commercial Lighting, Industrial Lighting, Outdoor Lighting), By Region - Industry Forecast 2024-2031

The largest market participant globally, North America is anticipated to develop at a CAGR of 13% over the forecast period. The market for solid-state lighting in the Asia-Pacific region is dominated by governmental legislation and regulations, which encourages long-term financial investments in the industry. A potential opportunity for market expansion is also created by the rising popularity of smart lighting in Asia-Pacific. Thanks to technical developments, the LED industry in Asia-Pacific is expanding. The advantages of LEDs, such as their long durability, dependability, and tiny size, are driving the market's expansion. The rising demand for low-power lighting options will present numerous opportunities for the market's top competitors.

Asia Pacific is expected to expand considerably throughout the course of the projection period. The North American market study includes the three nations of Mexico, Canada, and the United States. In order to encourage the adoption of solid-state lighting that is energy efficient, the governments of these countries are investing heavily. To take advantage of potential business chances in the area, players in the solid-state lighting industry are anticipated to diversify their clientele. As a result of technological developments, innovations, and investments in the industry, North America is one of the biggest revenue providers to the global market. In addition, it is expected that the market for solid-state lighting would expand at a rapid rate due to the growing popularity of smart lighting options.