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Industrial And Commercial LED Lighting Market Report Sheds Light on Growth Rate and Strategies
Industrial And Commercial LED Lighting Global Market Report 2024
The Business Research Company offers in-depth market insights through Industrial And Commercial LED Lighting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The industrial and commercial LED lighting market size has grown exponentially in recent years. It will grow from $53.57 billion in 2023 to $65.33 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to energy efficiency and sustainability initiatives, government regulations and incentives, cost reductions in led manufacturing, long lifespan and low maintenance costs, rising awareness of lighting quality.
The industrial and commercial LED lighting market size is expected to see exponential growth in the next few years. It will grow to $140.35 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to increasing focus on smart cities, IoT integration in lighting systems, human-centric lighting trends, retrofitting traditional lighting systems, demand for customization and design flexibility. Major trends in the forecast period include technological advancements in LED lighting, rapid adoption of smart lighting systems, transition to human-centric lighting, advanced lighting controls, li-fi integration.
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Market Segmentation:
The industrial and commercial LED lighting market covered in this report is segmented -
1) By Product Type: LED Lamps, LED Fixtures
2) By Installation: New Installation, Retrofit
3) By Distribution: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
4) By Application: Retail, Manufacturing, Hospitality, Warehouses And Storage, Office Buildings, Other Applications
Major Driver - Construction Boom Drives Surge In Industrial And Commercial LED Lighting Market
The increasing construction of new structures and remodeling of existing buildings are significantly driving the growth of the industrial and commercial LED lighting market. 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. For instance, according to the new residential construction statistics by the US Census Bureau, and the US Department of Housing and Urban Development, in February 2022, privately‐owned housing starts touched 1,769,000, which is 6.8% over the revised estimate of 1,657,000 in January. There was an increase of 22.3% in February 2022 compared to 1,447,000 housing starts in February 2021. Hence, the increasing construction of new structures and remodeling of existing buildings is expected to propel the growth of the industrial and commercial LED lighting market.
Competitive Landscape:
Major companies operating in the industrial and commercial LED lighting market report are Samsung Electronics Co. Ltd., General Electric Company, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Koninklijke Philips NV, Emerson Electric Co., Wipro Ltd., Legrand S.A., Signify N.V., Osram Licht AG, Hubbell Incorporated, ams-OSRAM AG, Acuity Brands Inc., Stanley Electric Co. Ltd., Havells Ltd., Leviton Manufacturing Company Inc., Zumtobel Group, IDEAL INDUSTRIES INC., Lutron Electronics, The Jaquar Group, Syska Hennessy Group, Dialight plc, Digital Lumens Inc., Deco Lighting Inc., Litetronics International Inc., Current Lighting Solutions LLC
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Top Trend - Key Players Cutting-Edge Flameproof Lighting Solution For Industrial And Commercial LED Applications
Major companies operating in the industrial and commercial LED lighting market are focusing on advanced solutions such as flameproof lighting to address safety and regulatory requirements while meeting evolving industry needs. Flameproof lighting refers to specialized lighting fixtures designed to prevent the ignition of surrounding explosive atmospheres, ensuring safety in hazardous industrial environments. For instance, in January 2023, Wipro Lighting, an India-based smart and connected LED lighting solutions company, launched Blazeline, a pioneering range of flameproof lighting solutions. This unique product line is dedicated to offering the industry's most durable and dependable flameproof lighting, tailored for hazardous zones. Wipro Lighting assures superior in-house design, technical assistance, and consistent upgrades, emphasizing energy efficiency, premium quality, innovative designs, and optimal optics. Blazeline is designed for suitability in Ex-d Gas Group IIB, IIC, Temperature Class T5, T6, Zones 1 and 2, 21 and 22, and EPL Gb and Db.
The Table Of Content For The Market Report 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
…..
27. Industrial And Commercial LED Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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