According to the latest report by IMARC Group, titled “Industrial and Commercial LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global industrial and commercial LED lighting market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global Industrial and Commercial LED Lighting Market size reached US$ 43.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 93.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.
Semiconductor devices that emit infrared or visible light are known as light-emitting diode (LED) lights. They are far more energy-efficient than other lighting technologies because they generate less waste and have more useable lumens. Since they are produced without using mercury, LED lights are regarded as environmentally beneficial lighting options. They also have a number of benefits, including a long shelf life, low voltage operation, great durability, a number of dimming options, and design freedom. LED lights are widely used in the industrial and commercial sectors worldwide because they perform exceptionally well in cold climates.
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One of the main factors propelling the industrial and commercial LED lighting market is the increased demand for affordable lighting solutions in both large and small businesses. Another major cause is the growing use of the product in large screen displays. Additionally, the rising need for smart devices in many enterprises to manage lighting levels using control zones and the expansion of warehousing facilities globally are further boosting market growth.
The global market is also being stimulated by a number of advantages provided by industrial and commercial LED lighting in the hospitality sector, such as prolonged shelf-life, greater durability, and less energy waste. Another important aspect driving growth is the introduction of various policies by the government authorities to encourage the usage of these semiconductor appliances for reducing power dissipation. Furthermore, it is expected that throughout the anticipated period, the industrial and commercial LED lighting market would increase as a result of the rising product popularity in lighting building structures, digital signage, sculptures, landscapes, and columns.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acuity Brands lighting Inc., ams-OSRAM AG, Cree Lighting (Ideal Industries Inc.), Dialight plc, Eaton Corporation plc, Emerson Electric Co., Litetronics International Inc., Schneider Electric SE, Signify N.V., Syska Hennessy Group and Zumtobel Group.
The report has been segmented the market into following categories:
Breakup by Product Type:
- LED Lamps
- LED Fixtures
Breakup by Application:
- Indoor Lighting
- Outdoor Lighting
Breakup by Distribution Channel:
- Direct Sales
- Online Stores
- Specialty Stores
Breakup by End User:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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