Industrial and Commercial LED Lighting Market Research Report Forecast, till 2027
Industrial and Commercial LED Lighting Market
GMI Research witnesses the Industrial and Commercial LED Lighting Market size is exceeding and it anticipates leading the market with a higher CAGR during the forecast period.
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The significant driving forces steering the industrial and commercial LED market size are the remarkable features of LED lighting which include greater efficiency, enlarged life, and authenticity. LED lightnings reduce power usage and offer a higher brightness level; thus, they have substituted incandescing bulbs. Traditional lighting systems consumes a huge amount of energy over LEDs. Thus, government has taken various initiatives to encourage the adoption of LED lighting to conserve energy. The International Energy Agency projected that the overall expenditure on electricity might increase by 80% by 2030.
Global industrial and commercial LED lighting market can be segmented by product type, application, and regions.
By product type, the LED lamps segment is anticipated to expand at a faster CAGR over the forecast period. LED lamps are accessible in different designs such as MR-16 lamps, T-lamps, and reflectors. Also, as per the industrial and commercial LED market research, the temporal balance, energy efficiency, and strength makes them special from incandescent lamps.
By application, the indoor segment is predicted to hold a larger share over the forecast period. Indoor segment comprises of malls, offices, and retail stores, hospitals, and educational buildings which are popular in every region. Also, High-Intensity Discharge (HID) and incandescent bulbs consume more power which has inclined commercial and industrial buildings towards LED lightning.
By region, Asia-Pacific region is forecast to surge at a higher CAGR over the forecast period, owing to the huge government allowance encouraging energy-efficient building lighting. For instance, in 2016, the Ministry of Power linked with various PSUs to initiate a campaign called iLEDtheway to promote the beneficial features of LEDs. The Delhi Cantonment Municipal area substituted 15000 traditional bulbs with LEDs. Moreover, the Chinese government encouraged the use of standardized products by enforcing strategic initiatives guided towards the replacement of traditional streetlights with LEDs
Leading players in the Industrial and commercial LED lighting market include Cree, Inc., Eaton, Dialight, Koninklijke Philips N.V., Deco Lighting, Inc., General Electric, OSRAM GmbH, Syska, Zumtobel Group, and TOSHIBA CORPORATION.
Key Development:
In 2020, Dialight, the international head in industrial and hazardous LED lighting innovation, innovated the new Vigilant Bulkhead, a new addition to the successful Bulkhead line. This new Bulkhead significantly improves performance of the product while sustaining all the features of DuroSite Bulkhead.
In 2019, Eaton introduced CEAG ExLin, its latest product for industrial and hazardous areas. It is Crouse-Hinds series linear LEDs certified for zone 1 and zone 2 hazardous area environments wing to the cost efficiency and reliable lighting.
Industrial and Commercial LED Lighting Market Segmentation:
Industrial and Commercial LED Lighting Market by Product Type
· LED Lamps
· LED Fixture
Industrial and Commercial LED Lighting Market by Application
· Indoor Lighting
· Outdoor Lighting
Industrial and Commercial LED Lighting Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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