Interest in 2D materials and van der Waals solids is growing exponentially across various scientific and engineering disciplines owing to their fascinating electrical, optical, chemical, and thermal properties. Whereas the micromechanical exfoliation technique has been adopted for rapid material characterization and demonstration of innovative device ideas based on these 2D systems, significant advances have recently been made in large-scale homogeneous and heterogeneous growth of these materials. This review reflects recent progress and outlines future prospects of these novel 2D materials. We provide a holistic overview of the different synthesis and characterization techniques, electronic and photonic device characteristics, and catalytic properties of transition metal dichalcogenides and their heterostructures. We also comment on the challenges that need to be overcome for full-scale commercial implementation of this novel class of layered materials.