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Global Industrial and Commercial LED Lighting Market: Exponential Growth, Key Players And Market Trends for 2024-2029
Industrial And Commercial LED Lighting Market Size
What Is The Projected Market Size Of The Global Industrial And Commercial LED Lighting Market And Its Growth Rate?
• The industrial and commercial led lighting market will grow from $64.36 billion in 2024 to $77.98 billion in 2025, recording a staggering CAGR of 21.1%.
• This robust growth in the historic period indicates a shift towards energy efficiency, government regulations and incentives, long lifespan, and low maintenance costs of LEDs.
• Projections show the market size reaching $165.32 billion by 2029 at a CAGR of 20.7%, attributed mainly to the growing emphasis on smart cities, IoT integration, human-centric lighting, among others.
What Is Driving The Growth In The Industrial And Commercial LED Lighting Market?
The burgeoning construction activities globally, including the building of new structures and remodelling of existing buildings, are significantly propelling the growth of the industrial and commercial LED lighting market. These construction activities are dictating a high demand for LED lighting in industrial and commercial structures.
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Who Are the Key Players Driving Industrial And Commercial LED Lighting Market Growth?
• 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.
What Are The Key Trends In The Industrial And Commercial LED Lighting Market?
Emerging trends in the commercial and industrial LED lighting market include:
• Technological advancements in LED lighting
• Rapid adoption of smart lighting systems
• Transition to human-centric lighting
• Advanced lighting controls
• Integration of li-fi technologies
What Are The Segments Of The Global Industrial And Commercial LED Lighting Market?
• Product Type: LED Lamps, LED Fixtures
• Installation: New Installation, Retrofit
• Distribution: Direct Sales, Online Stores, Specialty Stores, Other Distribution Channels
• Application: Retail, Manufacturing, Hospitality, Warehouses And Storage, Office Buildings, Other Applications
Which Region Leads The Industrial And Commercial LED Lighting Market?
Asia-Pacific was the largest region in the industrial and commercial LED lighting market in 2024. The growth in the region can be ascribed to the increased investment in energy-efficient solutions, smart city initiatives, and rising awareness about the benefits of LED lighting.
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What Is Covered In The Industrial And Commercial LED Lighting Market Global Market Report?
- Market Size Analysis
- Market Segmentation Analysis
- Key Player Focus
- Growth Trends Analysis
- Market Contribution
- Growth Drivers
- Industry Challenges
- Competitive Developments
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