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Industrial And Commercial Light-Emitting Diode (LED) Lighting Global Market to Generate $100.08 Billion By 2028, Registering at a CAGR of 19.5%
Industrial And Commercial Light-Emitting Diode (LED) Lighting Global Market
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According to The Business Research Company's, The industrial and commercial light-emitting diode (LED) lighting market size has grown rapidly in recent years. It will grow from $41.09 billion in 2023 to $49.03 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to the growing popularity of LED lighting among industries, rising demand for various cost-saving lighting, rise in demand for energy-efficient LED lighting, increase in government programs to adopt LEDs, and rising necessity to replace conventional lighting systems.
The industrial and commercial light-emitting diode (LED) lighting market size is expected to see rapid growth in the next few years. It will grow to $100.08 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to the declining manufacturing cost of LEDs, growing traction for intelligent lighting systems, demand for LED lighting products, increasing construction of new structures, and high-efficacy mid-power LED to serve commercial indoor lighting. Major trends in the forecast period include growing technological advancements, increasing investments in industry-grade LED technologies, increasing investments in the modernization of infrastructure, lighting technologies are evolving, and rapidly developing lighting technology.
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Market Drivers and Trends:
The increasing construction activities are expected to propel the growth of the industrial and commercial light-emitting diode (LED) lighting market going forward. Construction activities encompass a broad range of tasks involved in creating, modifying, maintaining, and demolishing structures and infrastructure. These activities are essential for building residential, commercial, industrial, and civil engineering projects. The increase in construction activities is due to population growth, urbanization, economic development, and the need for updated infrastructure and modern living and working spaces. Industrial and commercial LED lighting is indispensable in contemporary construction projects, offering efficient, sustainable, and aesthetically pleasing lighting solutions across interior and exterior applications. For instance, in June 2024, according to the US Census Bureau, a US-based government agency, the value of construction activities increased from $1,970.8 billion in 2023 to $2,099.0 billion in 2024, with a growth rate of 10.0%. Therefore, the increasing construction of new structures is driving growth in the industrial and commercial light-emitting diode (LED) lighting market.
Major companies operating in the industrial and commercial light-emitting diode (LED) lighting market focus on innovative lighting solutions, such as LED grow lights, to provide market-leading energy efficiency and advanced light management for various industry and horticulture applications. For instance, in November 2023, LED iBond A/S, a Denmark-based lighting solutions company, launched 2nd generation of LED grow lights, LED iBond, for industrial greenhouses, specifically the HORTISABER LED grow lights. The new LED grow lights offer significant energy savings, up to 60% compared to traditional grow light lamps, which is crucial for industrial greenhouses looking to optimize energy consumption and reduce costs. The new grow lights are available in a 6-meter length, making them suitable for larger industrial greenhouses and enabling more efficient use of space.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Panasonic Corporation, Eaton Corporation plc, Koninklijke Philips N.V., Stanley Black & Decker Inc., Signify Holding B.V., Osram Licht AG, Hubbell Inc., Acuity Brands Inc., Havells India Ltd., Hafele Gmbh & Co., Zumtobel Group AG, Lutron Electronics Co. Inc., Thorn Lighting Ltd., Cree Lighting USA LLC, General Electric Lighting, Dialight plc, Progress Lighting, Siteco GmbH, Kichler Lighting LLC, WAC Lighting, LEDiL, Maxim Lighting International Inc., Csl Lighting Inc.
Industrial And Commercial Light-Emitting Diode (LED) Lighting Market 2024 Key Insights:
• The industrial and commercial light-emitting diode (LED) lighting market size is expected to see rapid growth in the next few years. It will grow to $100.08 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.
• Growth In Construction Drives Demand For Industrial And Commercial LED Lighting
• LED Ibond A/S Launches Advanced HORTISABER LED Grow Lights For Industrial Greenhouses With 60% Energy Savings
• North America was the largest region in the industrial and commercial light-emitting diode (LED) lighting market in 2023
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