Solid State Power Controller Market Surges with 13.7% CAGR, Reaching US$ 5,646.9 Million by 2032

The global solid state lighting system market is expected to generate approximately US$ 89,077.2 million by 2032, up from US$ 36,480.8 million in 2022, with a CAGR of 9.3% over the forecast period.

Solid-state lighting (SSL) is the type of lighting that features semiconductor light-emitting diodes (LEDs), polymer light-emitting diodes (PLED), or organic light-emitting diodes (OLED), as sources of lighting instead of plasma i.e. used in arc lamps such as fluorescent lamps, electrical filaments, or gas. The solid-state lighting system has the potential to reduce lighting energy consumption globally, as they are ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting.

Some other features that attract consumers to the adoption of solid-state lighting systems include low power consumption, the ability to withstand strong vibrations, no mercury content, no or minimum UV and IR radiation, ultra-long source life, and digital controllability. The increasing application of solid state lighting systems in automobiles is a factor that is expected to drive growth in the coming years.

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Global Solid State Lighting System Market: Drivers and Challenges:
Standard regulations and increasing awareness among the population about the key features of solid state lighting systems are the factors expected to encourage the adoption of solid state lighting globally impacting positively the global solid state lighting systems market during the forecast period. The innovative new products are compact and have interchangeable modules that address a few of the barriers to the widespread adoption of LED technology including precise current and heat management and the necessary optical design for superior illumination.