The global industrial and commercial LED lighting market size was valued at USD 47.2 billion in 2017 and is anticipated to grow at a CAGR of 22.7% during the forecast period. LED (Light Emitting Diode) lighting is a lighting technology, which uses a semiconductor light source for conversion of electrical energy directly into light energy. LED lighting offers a longer life, higher durability, and enhanced light quality as compared too other light sources. LED lights offer higher efficiency as they emit light in a specific direction thereby decreasing the need for reflectors and diffusers to trap light. LED lights are used in industrial and commercial sectors owing to their high efficiency and directional nature.
The increasing construction of new structures, and remodeling of existing buildings drives the growth of the Industrial and Commercial LED Lighting market. Consumers are increasingly becoming aware regarding use of energy-efficient lighting systems, which supplements the growth of the market. The higher efficiency offered by LEDs and declining prices of the same further augments market growth. The increasing investments in modernization of infrastructure, and implementation of smart cities further supports market growth. Other factors driving the Industrial and Commercial LED Lighting market include favorable government regulations, and restrictions regarding minimum efficiency standards. Growing demand from emerging economies is expected to provide numerous growth opportunities during the forecast period.
The global Industrial and Commercial LED Lighting market is segmented on the basis of installation, application, end-user, and region. Based on installation, the market is segmented into new installation, and retrofit. On the basis of application, the market is segmented into indoor lighting, and outdoor lighting. On the basis of end-user, the market is segmented into industrial, commercial, and others.
The Industrial and Commercial LED Lighting market report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Industrial and Commercial LED Lighting market in 2017.
The leading players in the Industrial and Commercial LED Lighting Market include Koninklijke Philips Electronics N.V., Cree, Inc., GE Lighting Solutions, Toshiba Corporation, Digital Lumens, Inc., Osram Licht AG, Dialight Plc, Cooper Industries Plc, Deco Lighting, Inc., and Sonaray LED Lighting among others. These players in the market are introducing affordable products to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.