Overview and Scope
The industrial and commercial LED lighting refer to LED lighting products used in factories, industries, and other commercial spaces. Industrial and commercial LED lighting offers high-quality lighting solutions that are needed for industrial and commercial. Certain industrial LED lighting bulbs offer four to forty times the life of traditional lighting solutions, resulting in significant cost savings.
Sizing and Forecast
The industrial and commercial LED lighting market size has grown exponentially in recent years. It will grow from $53.57 billion in 2023 to $65.33 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth in the historic period can be attributed to energy efficiency and sustainability initiatives, government regulations and incentives, cost reductions in led manufacturing, long lifespan and low maintenance costs, rising awareness of lighting quality.
The industrial and commercial LED lighting market size is expected to see exponential growth in the next few years. It will grow to $140.35 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to increasing focus on smart cities, IoT integration in lighting systems, human-centric lighting trends, retrofitting traditional lighting systems, demand for customization and design flexibility. Major trends in the forecast period include technological advancements in LED lighting, rapid adoption of smart lighting systems, transition to human-centric lighting, advanced lighting controls, li-fi integration.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the industrial and commercial LED lighting market in 2023. The regions covered in the industrial and commercial led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing construction of new structures and remodeling of existing buildings are significantly driving the growth of the industrial and commercial LED lighting market. New constructions are increasing due to various reasons such as economic development, housing needs, industrial developments, and others. Remodeling of existing buildings is increasing due to replacement and safety needs as well as to improve upon existing ones. The construction of new structures and remodeling of existing buildings require new materials and products to be used in the structures including LED lighting. This will result in a significant demand for LED lighting in industrial and commercial structures. For instance, according to the new residential construction statistics by the US Census Bureau, and the US Department of Housing and Urban Development, in February 2022, privately‐owned housing starts touched 1,769,000, which is 6.8% over the revised estimate of 1,657,000 in January. There was an increase of 22.3% in February 2022 compared to 1,447,000 housing starts in February 2021. Hence, the increasing construction of new structures and remodeling of existing buildings is expected to propel the growth of the industrial and commercial LED lighting market.
Key Industry Players
Major companies operating in the industrial and commercial LED lighting market report are 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
The industrial and commercial led lighting market report table of contents includes:
1. Executive Summary
2. Industrial And Commercial LED Lighting Market Characteristics
3. Industrial And Commercial LED Lighting Market Trends And Strategies
4. Industrial And Commercial LED Lighting Market – Macro Economic Scenario
5. Global Industrial And Commercial LED Lighting Market Size and Growth
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32. Global Industrial And Commercial LED Lighting Market Competitive Benchmarking
33. Global Industrial And Commercial LED Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial And Commercial LED Lighting Market
35. Industrial And Commercial LED Lighting Market Future Outlook and Potential Analysis
36. Appendix
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