The Industrial And Commercial LED Lighting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial And Commercial LED
Lighting Global Market Report 2024, 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.
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.
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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
Major companies operating in the industrial and commercial LED lighting market
are focusing on advanced solutions such as flameproof lighting to address
safety and regulatory requirements while meeting evolving industry needs.
Flameproof lighting refers to specialized lighting fixtures designed to prevent
the ignition of surrounding explosive atmospheres, ensuring safety in hazardous
industrial environments. For instance, in January 2023, Wipro Lighting, an
India-based smart and connected LED lighting solutions company, launched
Blazeline, a pioneering range of flameproof lighting solutions. This unique
product line is dedicated to offering the industry's most durable and
dependable flameproof lighting, tailored for hazardous zones. Wipro Lighting
assures superior in-house design, technical assistance, and consistent
upgrades, emphasizing energy efficiency, premium quality, innovative designs,
and optimal optics. Blazeline is designed for suitability in Ex-d Gas Group
IIB, IIC, Temperature Class T5, T6, Zones 1 and 2, 21 and 22, and EPL Gb and
Db.
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
.
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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