The industrial and commercial light-emitting diode (led) lighting global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Industrial And Commercial Light-Emitting Diode (LED) Lighting Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Industrial And Commercial Light-Emitting Diode (LED) Lighting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the industrial and commercial light-emitting diode (LED) lighting market are <b>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.</b>
Table of Contents
1. Executive Summary
2. Industrial And Commercial Light-Emitting Diode (LED) Lighting Market characterstics
3. Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Trends And Strategies
4. Industrial And Commercial Light-Emitting Diode (LED) Lighting Market – Macro Economic Scenario
5. Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Size And Growth
…..
32. Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Competitive Benchmarking
33. Global Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial And Commercial Light-Emitting Diode (LED) Lighting Market
35. Industrial And Commercial Light-Emitting Diode (LED) Lighting Market Future Outlook and Potential Analysis
36. Appendix
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