The
global industrial and commercial
LED lighting market is expected to reach USD 165.91 billion by 2022,
according to a new report by Grand View Research, Inc. High efficiency of LED
lights combined with government regulations to ban incandescent lamps is
estimated to drive demand over the forecast period.
Increasing
shift towards the implementation of cost effective systems is expected to
proliferate demand. Concepts such as smart lighting which offer several
benefits including comfort, safety and security are projected to offer
lucrative growth opportunities for the industry. For instance, prevalence of
various smart city schemes across the U.S. and Europe to reduce consumption of
energy and peak power demand is estimated to positively impact sales.
Stringent
government regulations and ban on incandescent lamps and set up of minimum
efficiency standards by various governments across the globe is further
estimated to propel industrial and commercial LED lighting market. For
instance, Brazil has banned 60-watt+ and 100-watt incandescent lamps since
2012. Additionally, various legislative actions taken to support these systems
and implementation of various energy-efficient programs are expected to be the
critical parameter affecting the industry.
Browse full research report on Global Industrial And
Commercial LED Lighting Market: https://www.grandviewresearch.com/industry-analysis/industrial-commercial-led-lighting-market
Further
key findings from the report suggest:
- Commercial
lighting market accounted for over 50% of the overall industry in 2014.
Growing demand for LED street lights across various countries including
U.S., China and Germany is expected to foster growth. Further, increasing
construction of commercial buildings across the globe will impel demand.
- Industrial
segment is expected to witness considerate growth over the next seven
years. High pressure to reduce operational and maintenance cost in
industries and growing demand for less energy consumption are driving
growth across this application.
- Architectural
LED lighting industry accounted for over 30% of the revenue in 2014 and is
expected to witness strong growth, owing to the declining average price
and continuous improvement in luminous efficiency of white light.
- Asia Pacific
demand share exceeded 40% in 2014. Increasing construction of office
spaces, commercial buildings, and retail stores across countries in Asia
Pacific such as Australia, China and India is estimated to drive the
demand for general lighting.
- Growing
energy consumption is estimated to surge demand for efficient lighting
technology over the next seven years. LED lights are environment friendly
as it does not emit harmful gases resulting in hazardous disorders. It
offers varied benefits such as high reliability, brightness, condensed
size and longer life span over incandescent lamps which are projected to
contribute to revenue growth.
- Notable
companies comprise GE Lighting, Philips Electronics, Toshiba Corporation,
Cree Inc, and Osram Opto. The company’s focus on extending the range of
products and services to optimize vertical integration.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/electronic-devices
Grand
View Research has segmented the industrial and commercial LED lighting market
on the basis of application and region:
Industrial
and Commercial LED Lighting Application Outlook (Revenue, USD Million, 2012 -
2022)
- Outdoor
- Architectural
- Industrial
- Commercial
Industrial
and Commercial LED Lighting Regional Outlook (Revenue, USD Million, 2012 -
2022)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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