Press release
Top key players of the Industrial and Commercial LED Lighting Market are Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc.
Industrial and Commercial LED Lighting Market
The current business scenario has witnessed an increase in the demand for industrial and commercial LED lighting, particularly in the developing regions. The companies adopt innovative techniques such as product launches, product developments, and partnerships to provide customers with advanced and innovative product offerings.
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Rapid usage of LEDs in lamps as a replacement of incandescent light sources, owing to advantages such as longer shelf life, low power requirement, and small-sized and robust nature, is a major driver of this market. In spite of such advantages, LEDs are more expensive than conventional lighting and are voltage sensitive, which impedes growth of this market. In the near future, the LED technology is expected to provide a superior advantage to its users than conventional lighting systems because of the benefits it offers such as high brightness, less energy consumption, higher efficiency, and durability.
Among the analyzed geographical regions, Europe is expected to account for the highest revenue in the global market throughout the forecast period. However, LAMEA is expected to grow at a higher growth rate, predicting a lucrative market growth for industrial and commercial LED lightings.
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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.
Key Benefits
This study comprises analytical depiction of the global industrial and commercial LED lighting market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current industrial and commercial LED lighting market is quantitatively analyzed from 2017 to 2023 to highlight the financial competency of the market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the industrial and commercial LED lighting market.
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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 are key players that occupy a significant revenue share in the market.
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