Press release
Industrial And Commercial LED Lighting Market Analysis, Trends, Growth, Research And Forecast 2032
Industrial And Commercial LED Lighting Market
The Business Research Company's Industrial And Commercial LED Lighting Global Market Report 2023 identifies increasing construction of new structures and remodeling of existing buildings as the major driver for the industrial and commercial LED lighting market's growth in the forecast period. New constructions are increasing due to various reasons such as economic development, housing needs, industrial developments, and others. Remodeling of existing buildings is increasing due to replacement and safety needs as well as to improve upon existing ones. The construction of new structures and remodeling of existing buildings require new materials and products to be used in the structures including LED lighting. This will result in a significant demand for LED lighting in industrial and commercial structures.
The global industrial and commercial led lighting market size grew from $43.62 billion in 2022 to $53.54 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The industrial and commercial led lighting market size is expected to grow to $119.86 billion in 2027 at a CAGR of 22.3%.
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Major competitors in the industrial and commercial LED lighting market are Deco Lighting, Dialight PLC., Eaton Corporation PLC., General Electric Company, Koninklijke Philips NV, Osram Licht AG, Toshiba Corporation.
A key trend in the industrial and commercial LED lighting market includes technological advancement. The key players in the industrial and commercial LED lighting market are focusing on developing technologically advanced products to strengthen their position in the market. Companies are developing and offering smart LED lights that are Wi-Fi-enabled and can be controlled through an external device via the mobile app. The smart LED lights offer safety, comfort, energy efficiency, and are cost-effective. They can be used in various applications such as home, commercial, and industrial settings. For instance, in August 2021, Signify, a Dutch multinational lighting corporation introduced a new range of Wiz smart light products that are highly superior. The new Wiz smart light range includes a new smart LED downlighter, T-Beamer, T-Bulb, and Batten. The new smart lights are Wi-Fi-enabled and thus do not need a specialized hub. They can also be controlled through the Wiz mobile app or voice assistants like Amazon Alexa and Google Assistant. These can be used in the home, commercial and industrial applications.
Read More On The Global Industrial And Commercial LED Lighting Market Report Here:
https://www.thebusinessresearchcompany.com/report/industrial-and-commercial-led-lighting-global-market-report
The industrial and commercial LED lighting market is segmented -
• By Product Type: LED Lamps, LED Fixtures
• By Installation: New Installation, Retrofit
• By Distribution: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
• By Application: Retail, Manufacturing, Hospitality, Warehouses And Storage, Office Buildings, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the industrial and commercial LED lighting market.
The Business Research Company's "Global Industrial And Commercial LED Lighting Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Industrial And Commercial LED Lighting Market Include:
1. Executive Summary
2. Industrial And Commercial LED Lighting Market Characteristics
3. Industrial And Commercial LED Lighting Market Trends And Strategies
4. Industrial And Commercial LED Lighting Market - Macro Economic Scenario
5. Industrial And Commercial LED Lighting Market Size And Growth
……
26. Africa Industrial And Commercial LED Lighting Market
27. Industrial And Commercial LED Lighting Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Industrial And Commercial LED Lighting Market
29. Industrial And Commercial LED Lighting Market Future Outlook and Potential Analysis
30. Appendix
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