Industrial And Commercial LED Lighting Market Worth $165.91 Billion By 2022
The global industrial and commercial LED lighting market is expected to reach USD 165.91 billion by 2022, according to a new report by Grand View Research, Inc. The high efficiency of LED lights combined with government regulations to ban incandescent lamps is estimated to drive demand over the forecast period.
The increasing shift towards the implementation of cost-effective systems is expected to proliferate demand. Concepts such as smart lighting which offer several benefits including comfort, safety, and security are projected to offer lucrative growth opportunities for the industry. For instance, the prevalence of various smart city schemes across the U.S. and Europe to reduce the consumption of energy and peak power demand is estimated to positively impact sales.
Stringent government regulations and ban on incandescent lamps and set up of minimum efficiency standards by various governments across the globe is further estimated to propel industrial and commercial LED lighting market. For instance, Brazil has banned 60-watt+ and 100-watt incandescent lamps since 2012. Additionally, various legislative actions taken to support these systems and the implementation of various energy-efficient programs are expected to be the critical parameter affecting the industry.
Further key findings from the report suggest:
- The commercial lighting market accounted for over 50% of the overall industry in 2014. Growing demand for LED street lights across various countries including the U.S., China, and Germany is expected to foster growth. Further, increasing the construction of commercial buildings across the globe will impel demand.
- The industrial segment is expected to witness considerable growth over the next seven years. High pressure to reduce operational and maintenance costs in industries and growing demand for less energy consumption are driving growth across this application.
- Architectural LED lighting industry accounted for over 30% of the revenue in 2014 and is expected to witness strong growth, owing to the declining average price and continuous improvement in the luminous efficiency of white light.
- Asia Pacific demand share exceeded 40% in 2014. Increasing construction of office spaces, commercial buildings, and retail stores across countries in Asia Pacific such as Australia, China, and India is estimated to drive the demand for general lighting.
- Growing energy consumption is estimated to surge demand for efficient lighting technology over the next seven years. LED lights are environment friendly as it does not emit harmful gases resulting in hazardous disorders. It offers varied benefits such as high reliability, brightness, condensed size, and longer life span over incandescent lamps which are projected to contribute to revenue growth.
- Notable companies comprise GE Lighting, Philips Electronics, Toshiba Corporation, Cree Inc., and Osram Opto. The company’s focus on extending the range of products and services to optimize vertical integration.