What Is The Definition Of The Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Market?
Industrial and commercial light-emitting diode (LED) lighting refers to using LED technology specifically designed for lighting applications in non-residential settings such as factories, warehouses, offices, retail spaces, and outdoor areas. LED lighting has gained popularity in industrial and commercial sectors due to its energy efficiency, long lifespan, and environmental benefits compared to traditional lighting technologies such as incandescent and fluorescent lamps.
Industrial And Commercial Light-Emitting Diode (LED) Lighting Global Market Report 2024 provides data on the global industrial and commercial light-emitting diode (led) lighting market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial and commercial light-emitting diode (led) lighting market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Size Expected To Expand, And At What Annual Growth Rate?
The industrial and commercial LED lighting market has grown rapidly in recent years. It will grow from $41.09 billion in 2023 to $49.03 billion in 2024, with a CAGR of 19.3%. This growth is attributed to the increasing popularity of LED lighting across industries, a rising demand for cost-saving lighting, the push for energy-efficient lighting, government programs supporting LED adoption, and the need to replace traditional lighting systems. The market is expected to continue rapid growth, reaching $100.08 billion in 2028, with a CAGR of 19.5%. The growth drivers include the declining cost of LED manufacturing, growing demand for intelligent lighting systems, increasing LED adoption in new constructions, and the popularity of mid-power LEDs for commercial lighting. Key trends include ongoing technological advancements, increased investment in LED technology, modernization of infrastructure, and rapidly evolving lighting technologies.
What Are The Key Drivers Fueling Growth In The Industrial And Commercial Light-Emitting Diode (LED) Lighting Market?
The increase in construction activities is expected to drive the growth of the industrial and commercial light-emitting diode (LED) lighting market. Construction activities, which include tasks related to building, modifying, and maintaining structures, are driven by population growth, urbanization, economic development, and the need for modernized infrastructure. Industrial and commercial LED lighting provides efficient, sustainable, and aesthetically pleasing solutions for interior and exterior applications in contemporary construction projects. For example, the U.S. Census Bureau reported a 10% increase in the value of construction activities from 2023 to 2024, reaching $2,099 billion. Therefore, the growth in construction activities is supporting the demand for industrial and commercial LED lighting.
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What Are The Principal Market Segments In The Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Industry?
The industrial and commercial light-emitting diode (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 Channel: Direct Sales, Wholesalers
4) By Application: Indoor Lighting, Outdoor Lighting
5) By End User: Commercial Offices, Retail, Hospitality And Leisure, Healthcare, Industrial, Architectural, Other End Users
Which Emerging Market Trends Are Altering The Industrial And Commercial Light-Emitting Diode (LED) Lighting Sector?
Companies in the industrial and commercial LED lighting market are developing new solutions such as LED grow lights to provide energy-efficient lighting for various industrial and horticultural applications. In November 2023, LED iBond A/S, a Danish lighting company, introduced the second generation of LED grow lights for industrial greenhouses, known as HORTISABER LED grow lights. These lights offer up to 60% energy savings compared to traditional lamps, helping industrial greenhouses optimize energy use and reduce costs.
What Is The Leading Region In The Industrial And Commercial Light-Emitting Diode (LED) Lighting Market?
North America was the largest region in the industrial and commercial light-emitting diode (LED) lighting market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the industrial and commercial light-emitting diode (LED) lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
