TheIndustrial and Commercial LED Lighting marketis anticipated to reach USD 296 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the commercial lighting segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
A significant increase in infrastructure development and implementation of smart cities drives the growth of the Industrial and Commercial LED Lighting Market. Other driving factors include higher efficiency offered by LED lights, reducing prices, favorable government regulations, and stringent standards regarding energy efficiency. The increasing awareness regarding use of energy efficient lighting solutions among consumers further supports market growth. Increasing demand from developing nations along with technological innovation is expected provide numerous growth opportunities to the Industrial and Commercial LED Lighting market players during the forecast period.
Increasing government initiatives regarding promotion of LED lighting solutions fuels the growth of Industrial and Commercial LED Lighting market. Growing use of LED lighting in public infrastructure such as museums, and other structures by governments, along with rising awareness regarding use of energy efficient among consumers would support the market growth in the coming years.
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The Asia-Pacific Industrial and Commercial LED Lighting Market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The growing construction sector and adoption of smart technologies drive the market growth. The increasing government funding in development of efficient infrastructure supports the market growth in the region. The increase in construction of commercial buildings in this region, upgradation of existing infrastructure, and ban on certain incandescent lights boosts the growth of the market in the region.
The different end-users for Industrial and Commercial LED Lighting include industrial, commercial, and others. In 2017, the commercial lighting segment accounted for the highest market share. The commercial sector includes hospitality, retail, healthcare, education, and commercial offices. The increasing use of LED lighting solutions in the commercial sector for higher energy efficiency, durability, and longer life supports Industrial and Commercial LED Lighting Market growth.
The leading companies profiled in the Industrial and Commercial LED Lighting Market report includeKoninklijke Philips Electronics N.V., Cree, Inc., GE Lighting Solutions, Toshiba Corporation, Digital Lumens, Inc., Osram Licht AG, Dialight Plc, Cooper Industries Plc, Deco Lighting, Inc., and Sonaray LED Lighting. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.