Industrial And Commercial LED Lighting Market - Reduce Energy Consumption and CO2 Emission
The industrial and commercial LED lighting market is driven by various factors such as high efficiency and durability, government ban on incandescent lamps and attractive payback, as it consumes minimum electricity and reduces electricity bills.
The global industrial and commercial LED lighting market was valued at 12,927.9 million in 2012 and is expected to grow at a CAGR 30.8% during the forecast period from 2013 to 2019. However, dominance of fluorescent lamps and high initial cost of deployment for LED lamps are some of the factors inhibiting the growth of this market.
In terms of end-users, commercial segment was the largest and accounted for 52.5% share in 2012. Increasing awareness among end-users to reduce energy consumption and CO2 emission are the factors driving the growth of industrial and commercial LED lighting market during the forecast period. In addition, governments of various countries have been imposing ban on production and sale of incandescent lights.
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In 2012, the Chinese government announced that it would phase out the use and production of incandescent lights and imposed a ban on imports and sales of 100-watt and higher incandescent bulbs. This is expected to fuel the growth of market during the forecast period.
Geographically Europe was the largest industrial and commercial LED lighting market and accounted for 33.1% in 2012 owing to increase in investment by government.
In addition, countries such as Russia, Germany, Denmark and the U.K. are focusing on deployment of efficient lighting to improve lighting quality and to lower overall operational cost, which will further increase the demand for LED lighting products and solutions.
North America and Asia Pacific markets are expected to show strong growth owing to ban on incandescent lamps. With this, the demand for LED lighting is expected to fuel in near future. In addition, government funding to deploy LED lights is also one of the important drivers for this market.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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