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Industrial and commercial lighting is used for commercial spaces such as hospitals, offices, institutions, and government buildings. Commercial and industrial buildings combined consume more than 50% of total electricity. This makes lighting a potential area for potential energy savings. LED lighting delivers high efficiency, high level of brightness, long life, and high reliability. Moreover, LED lighting is environmentally free lighting, as it does not emit harmful gases that result in hazardous disorders in human beings.

Market Statistics:

The global industrial and commercial LED lighting market is expected to surpass US$ 1,215,930.9 Mn in terms of value by the end of 2028.

Global Industrial and Commercial LED Lighting Market: Driver

Lucrative paybacks are expected to propel the global industrial and commercial LED lighting market growth over the forecast period. LED lightings are a viable alternative to fluorescent lights, high-intensity discharge (HID) lights, and incandescent light due to their longer lifespan and augmented performance. According to the United Nations Environment Programme (UNEP), by 2030, LED can save around US$ 108 billion and reduce CO2 emitted by 110.9 million cars. LED lighting minimizes the labor cost required to replace bulbs in commercial solutions. Various utility plants have started to provide finance and funding so that users can shift to LED lighting. For instance, Under the National resource Of Canada’s Municipal Seasonal Lighting Program the government is providing free commercial-grade seasonal LED bulbs to replace old incandescent lights.

Global Industrial and Commercial LED Lighting Market: Opportunity

Many companies have developed Wi-Fi-enabled LED lighting that can be operated with smartphones and tablets. There are LED lights that turn on and off as per the user’s movement, which ultimately saves energy. The development of such novel products has led to increased adoption of LED lighting in commercial space such as offices and government buildings. Major companies in the market can capitalize on these opportunities by providing innovative products in the market.

Global Industrial and Commercial LED Lighting Market: Recent Developments

  • In June 2021- Syska, a lighting company announced the launch of new LED Lights under the ‘T5 LED Batten’ brand in India for only Rs 449 and Rs 549.
  • In December 2020- Syska, a lighting company launches Clear Sight LED panel light. The company LED Flicker-free panel lights are available in 5W, 8W, 10W, 12W, 15W, 18W, 20W and comes in two shapes.
  • In October 2019, Philips, a Netherland based multinational company has introduced a Smart Wi-Fi enabled LED bulb in India. Consumers can control the appliance via the WiZ app or Siri, Alexa and Google Assistant.

Market Restraint

Lack of awareness regarding the benefits of LED is expected to hamper the global industrial and commercial LED lighting market growth over the forecast period. Majority of consumers are concern about the initial high cost of LED lighting fixtures. However, they are unaware of the lucrative payback of LED lighting. In the long term, LED lighting is highly energy-efficient and offers improved cost-efficiency as compared to CFL and incandescent lamps. As a result of this, many customers are not adopting LED lighting.

Global Industrial and Commercial LED Lighting Market - Impact of Coronavirus (Covid-19) Pandemic

The global industrial and commercial LED lighting market has witnessed significant decline due to the outbreak of COVID-19 pandemic. Following the outbreak, the primary focus of governments in numerous countries was to curb its spread. With that intention, nationwide lockdown policies were implemented that led to temporary suspension in manufacturing activities. This has impacted the market significantly with drop in the demand for commercial LED lighting fixtures. The slowdown in economic activities have impacted the building and construction sector as well with the demand for new LED lighting declining. However, many countries have started relaxing their COVID-19 regulations due to reducing cases, which can aid the market to regain its lost traction.

To know the latest trends and insights prevalent in the Global Industrial and Commercial LED Lighting Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/industrial-and-commercial-led-lighting-market-4715

Key Takeaways:

  • The global industrial and commercial LED lighting market was valued at US$ 108,470.7 Mn in 2020 and is forecast to reach a value of US$ 1,215,930.9 Mn by 2028 at a CAGR of 36.4% between 2021 and 2028. The high efficiency of LED lights combined with government regulations to ban incandescent lamps is estimated to drive demand over the forecast period.

Market Trends

Among regions, North America is expected to witness significant growth in the global industrial and commercial LED lighting market during the forecast period. This is owing to building codes mandating the use of LED lights and new technologies across the region. Furthermore, growing adoption of LED lighting systems in numerous sectors is expected to boost the regional market growth over the forecast period.

Europe is expected to register to robust growth rate in the global industrial and commercial LED lighting market over the forecast period. This is owing to increasing demand for energy-saving and long-lasting lighting systems across the region. Furthermore, the high demand for smart office spaces and growing awareness towards energy conservation is expected to propel the regional market growth over the forecast period.

Competitive Section

Major companies operating in the global industrial and commercial lighting market are Toshiba Corporation, Digital Lumens, Inc., GE Lighting Solutions, Koninklijke Philips Electronics N.V.3, Osram Licht AG, Cooper Industries plc, Cree, Inc., and Dialight plc.

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