Coherent Market Insights

Industrial and Commercial LED Lighting Market To Reach US$ 187.1 Bn By 2030

Industrial and Commercial LED Lighting Market To Reach US$ 187.1 Bn By 2030 - Coherent Market Insights

Publish On: May 08, 2023

Commercial LED lighting is big business and very competitive industry. This type of commercial lighting works by using special lights to create general illumination in large spaces or indoor areas such as walkways, hallways, office cubicles, or even the outdoor deck. If used indoors, it can help increase security by making sure that everyone can see each other when walking through the hallways or the common areas in the office building. The cost of the lights is quite low as well. Some of the benefits of Commercial LED Lighting include improved safety, security, and convenience for employees and clients alike. One benefit that is particularly appreciated by warehouse and office buildings is the reduction of accidents within the workplace. In addition, this type of lighting can help improve the productivity level and efficiency in the workplace as it creates a safer environment for everyone.

Market Dynamics

Rapid urbanization and economic growth are expected to boost the global industrial and commercial LED lighting market growth over the forecast period. According to the United Nations (UN), by 2050, around 68% of the global population is expected to live in urban areas, adding another 2.5 billion people to urban areas. According to the same source, the global urban population is growing rapidly from 751 million in 1950 to 4.2 billion in 2018. This, in turn, has increased the demand for more commercial and industrial spaces.

Furthermore, growing focus on energy saving is expected to accelerate growth of the global industrial and commercial LED lighting market in the near future.

Industrial And Commercial Led Lighting Market is estimated to be valued at US$ 187.1 Bn by 2030.

Industrial And Commercial Led Lighting Market: Drivers

Market to be driven by LED lights’ high efficiency and durability

During the forecast period, the global industrial and commercial LED lighting market is anticipated to be driven by LED lights' high efficiency and durability. Due to its longer lifespan and greater potential for energy savings, LED is thought to be a viable alternative to conventional lighting. Driven lighting items are progressively supplanting ordinary lighting items, inferable from different advantages, for example, more prominent energy productivity, high eco-accommodating properties, little size, and lower heat yield. LED lighting is a cutting-edge and futuristic type of lighting because it uses up to 80% less power and produces 90% less heat than incandescent bulbs. LED lighting has a much longer lifespan than incandescent lighting and is approximately ten times longer than that of compact fluorescent lighting. The Department of Energy (DOE) claims that the widespread use of LEDs has the potential to save 348 TWh of electricity, which is equivalent to the annual output of 44 large electric power plants generating 1,000 MW and would save US$ 30 billion at current electricity prices.

Industrial And Commercial Led Lighting Market: Opportunities

LED technology filings dominated the publication trends by a wide margin as compared to fluorescent technology

By examining patent documenting patterns throughout the past ten years from 2000 to 2009, it is clear that Drove innovation filings overwhelmed the distribution patterns overwhelmingly when contrasted with fluorescent innovation. There were 1,584 patents for LED-based lighting in 2009, 122 for incandescent lamps, and 17 for incandescent lamps. Significant organizations in the market can benefit from these potential open doors by presenting novel innovations and items and gain an upper hand on the lookout.

Industrial And Commercial Led Lighting Market: Restraints

Fluorescent lamps is expected to restrain growth

Significant dominance of fluorescent lamps is expected to restrain growth of the global industrial and commercial LED lighting market during the forecast period. Despite its popularity in developed countries, LED technology is still in the nascent stage and has low penetration in terms of technology and dominance as compared to other technologies in lighting. According to Coherent Market Insights’ analysis, in 2012, incandescent bulbs accounted for a market share of 58% in the lighting market, followed by fluorescent lamps with 25%. LED has a market penetration of around less than 10% due to its high cost.

Market Trends

Government authorities investing in public infrastructure

Government authorities are significantly investing in public infrastructures such as railway stations and airports wherein LED lights are being used. Since these lighting fixtures last longer than conventional lights and are energy efficiency, government authorities are more inclined towards LED lighting. Major companies are focused on research and development activities, in order to gain a competitive edge in the market

Industrial And Commercial Led Lighting Market Covid-19 Impact Analysis:

The market for industrial and commercial LED lighting has been impacted by COVID-19. Light-emitting diode (LED) lighting technology's sales and production were hampered by low investment costs and a lack of employees. However, new safety measures were used to develop the practices by market leaders and the government. Industrial and commercial light-emitting diode (LED) lighting sales increased as technology improved to attract the right customers. In the post-pandemic scenario, it is anticipated that the increase in device sales will further propel market expansion.

Industrial And Commercial Led Lighting Market: Competitive Landscape   

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.

To know the latest trends and insights prevalent in this market, click the link below:

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

Key Takeaways:

Industrial and commercial Led Global market was valued at US$ 42.8 Bn in 2022 and is forecast to reach a value of US$ 187.1 Bn by 2030 exhibiting CAGR of 20.3% between 2023 and 2030.

Industrial and Commercial Led Lighting Market: Recent Developments

In August 2021, Signify launched a Netherland based lighting company launched new range of Philips Smart Wi-Fi lights in India. They can also be controlled using the Wiz mobile app or voice assistant such as Google Assistant, and Amazon Alexa.

In August 2021, Signify launched a Netherland based lighting company launched new range of Philips Smart Wi-Fi lights in India. They can also be controlled using the Wiz mobile app or voice assistant such as Google Assistant, and Amazon Alexa.

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