The global industrial and commercial LED lighting market size is projected to value at USD 165.91 billion by 2022, according to a new report published by Million Insights. Increased efficiency of these lights integrated with government regulations for prohibiting incandescent lamps is expected to boost the demand by 2022.
The rising trend for installing cost-effective lighting systems is likely to augment the demand. The concepts like smart lighting that provide various advantages including security, safety, and comfort are expected to provide attractive opportunities for industrial & commercial LED lighting market growth. For example, the presence of several smart city initiatives across Europe and U.S. to lower energy consumption and increase power demand is likely to support sales.
Strict government norms and prohibition of incandescent lamps and the implementation of minimum efficiency standards by several governments worldwide are also expected to augment market growth. For example, Brazil has prohibited 100-watt and 60-watt incandescent lamps since 2012. Moreover, several government actions taken in reference to these systems and the implementation of several energy-efficient initiatives are estimated to be the key factors affecting the market.
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Further key findings from the report suggest:
• The commercial segment held a share of above 50% of the global market in 2014. The rising need for LED street lights among countries like China, Germany, and U.S. is likely to proliferate growth. Moreover, the rising construction rate in the commercial sector is likely to augment the demand.
• Industrial lighting market is likely to observe a significant growth in the next seven years. Increased pressure to lower maintenance and operational cost in industries and the surging demand for reduced consumption of energy is propelling application growth.
• Architectural segment held a share of above 30% of the overall revenue in 2014 and is likely to observe higher growth over the forecast period due to the reducing average price and constant advancement in the performance of white light.
• Asia Pacific held a share of over 40% in 2014. Rapid construction of commercial buildings, retail stores, and office spaces across nations including India, China, and Australia is expected to boost the need for general lighting.
• Increasing consumption of energy is expected to fuel the demand for efficient lighting technology in the coming seven years. These lights are eco-friendly since they do not emit hazardous gases that cause disorders. It provides various benefits like brightness, high reliability, longer durability, and condensed size as compared to incandescent lamps which are expected to support revenue growth.
• Major players in the industrial and commercial LED lighting market includes GE Lighting, Toshiba Corporation, Philips Electronics, Osram Opto, and Cree Inc. The players emphasize expanding the variety of services and products to maximize vertical integration.
Million Insights has segmented the industrial and commercial LED lighting market on the basis of application and region:
Industrial and Commercial LED Lighting Application Outlook (Revenue, USD Million, 2012 - 2022)
Industrial and Commercial LED Lighting Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific