Industrial and Commercial LED Lighting Market: Analysis, Growth, Latest Trends, and Forecast up to 2023 | Top Key Players-Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc., Dialight Plc.

According to a recent report published by Allied Market Research, titled, Industrial and Commercial LED Lighting Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global industrial and commercial LED lighting market was valued at $29.60 billion in 2016, and is projected to reach at $79.49 billion by 2023, growing at a CAGR of 14.9% from 2017 to 2023.

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Europe dominates this market at present, followed by North America. In 2016, Germany dominated the market in Europe; similarly, the U.S. led the overall market in the North America, while China dominates the market in Asia-Pacific presently.

Factors such as high efficiency, favorable government conditions, and compact & robust nature of LEDs drive the industrial and commercial LED lighting market. However, high initial cost hampers growth of the market.
In 2016, the residential segment dominated the end-user segment, in terms of revenue. Furthermore, based on application, indoor lighting led the global market, followed by commercial in 2016. However, industrial application segment is expected to depict highest CAGR throughout the forecast period.

Top Impacting Factors

Higher efficiency offered by LEDs over conventional lighting, favorable government regulations, high initial cost, voltage sensitivity & temperature dependence, and increase in demand for smart lighting are significant factors that impact the growth of the global industrial and commercial LED lighting market. These factors are anticipated to either drive or hamper the market.

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Higher Efficiency Over Conventional Lighting

Conventional lighting consumes high amount of energy and requires a glass bulb to contain essential coatings and/or gases. For instance, fluorescent lamps generate light using a gas discharge to excite phosphors; high-intensity discharge (HID) lamps utilize an electric arc discharge, while incandescent lamps rely on a heated filament to emit light. In case of an LED, it directly converts electrical energy into light energy, which characterizes it with less power consumption and higher reliability which boosts the growth of industrial and commercial LED lighting market. In addition, LEDs have become highly efficient over traditional lighting, owing to characteristics such as very small & compact size and long durability.

High Initial Cost

At present, LEDs are more expensive on initial cost basis and price per lumen in comparison with the present conventional lighting technologies. Moreover, in spite of innovations in manufacturing technologies to reduce cost of LED, these lights still cost more as compared with the compact fluorescent lamp (CFL); such high costs hamper the adoption of the industrial and commercial LED lighting market.

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Key Findings of the Industrial and Commercial LED Lighting Market:
• Indoor lighting segment generated the highest revenue in the global industrial and commercial LED lightings market in 2016.
• In 2016, the residential use generated the highest revenue among the end-user segment.
• LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
• In 2016, Europe accounted for the highest market share, followed by North America.

The key players profiled in the report are Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc., Dialight Plc., OSRAM Licht AG, General Electric Company, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group AG, and IBM.

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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