The global industrial and commercial LED lighting market was valued at $29.60 billion in 2016 and is projected to reach $79.49 billion by 2023, growing at a CAGR of 14.9% from 2017 to 2023.Europe dominates this market at present, followed by North America. In 2016, Germany dominated the market in Europe; similarly, the U.S. led the overall market in North America, while China dominates the market in Asia-Pacific presently.
Factors such as high efficiency, favorable government conditions, and compact & robust nature of LEDs drive the industrial and commercial LED lighting market. However, high initial cost hampers the growth of the market.
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In 2016, the residential segment dominated the end-user segment, in terms of revenue. Furthermore, based on application, indoor lighting led the global market, followed by the commercial in 2016. However, industrial application segment is expected to depict highest CAGR throughout the forecast period.
Top Impacting Factors:
Higher efficiency offered by LEDs over conventional lighting, favorable government regulations, high initial cost, voltage sensitivity & temperature dependence, an increase in demand for smart lighting are significant factors that impact the growth of the global industrial & commercial LED lightings market.
The current business scenario has witnessed an increase in the demand for industrial and commercial LED lighting, particularly in the developing regions. The companies adopt innovative techniques such as product launches, product developments, and partnerships to provide customers with advanced and innovative product offerings.
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Findings of the Industrial and Commercial LED Lighting Market:
-Indoor lighting segment generated the highest revenue in the global industrial and commercial LED lightings market in 2016.
-In 2016, the residential use generated the highest revenue among the end-user segment.
-LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
-In 2016, Europe accounted for the highest market share, followed by North America.
The key players profiled in the report are Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc., Dialight Plc., OSRAM Licht AG, General Electric Company, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group AG, and IBM.