The industrial and commercial LED lighting market has grown exponentially, increasing from $53.57 billion in 2023 to $65.33 billion in 2024, with a CAGR of 22.0%. This growth is driven by energy efficiency, government incentives, and cost reductions. The market is projected to reach $140.35 billion by 2028, achieving a CAGR of 21.1%. Future growth drivers include smart cities focus, IoT integration, and human-centric lighting trends. Key trends are technological advancements, smart lighting systems, and Li-Fi integration.
Major Driver In The Industrial And Commercial LED Lighting Market
The industrial and commercial LED lighting market is experiencing substantial growth, driven by the increasing construction of new structures and the remodeling of existing buildings. Economic development, housing needs, and industrial advancements contribute to the surge in new constructions, while safety requirements and improvements drive remodeling activities. LED lighting is an essential component in these projects, leading to a significant demand for industrial and commercial LED lighting. According to the US Census Bureau and the US Department of Housing and Urban Development, in February 2022, privately-owned housing starts reached 1,769,000, reflecting a 6.8% increase over the revised estimate of January. This upward trend in construction activities is expected to propel the industrial and commercial LED lighting market's growth in 2023, 2024, and 2028.
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Industrial And Commercial LED Lighting Market Competitive Landscape
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
Key Industrial And Commercial LED Lighting Market Trend
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.
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Industrial And Commercial LED Lighting 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
By Geography:The regions covered in the industrial and commercial led lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the industrial and commercial LED lighting market in 2023.
The Industrial And Commercial LED Lighting Global Market Report 2024 furnishes information about the global industrial and commercial led lighting market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
