Industrial and Commercial LED Lighting Market Quantitatively Analyzed From 2017 to 2023 to Highlight the Financial Competency of the Market
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.
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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.
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.
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.
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