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Industrial And Commercial LED Lighting Market Size, Trends, Strategies, Share And Analysis 2024-2033
Industrial And Commercial LED Lighting Market
As per the report, 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 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%.
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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.
Technological Advancements Enhance Industrial And Commercial Applications
Technological advancement is a key trend gaining popularity in the industrial and commercial LED lighting market. 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 such as Amazon Alexa and Google Assistant. These can be used in the home, commercial and industrial applications.
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
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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
Contents of the report:
1. Executive Summary
2. Industrial And Commercial LED Lighting Market Report Structure
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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