Industrial and Commercial LED Lighting Market Overview:
Light emitted by the filament of an incandescent light bulb is on account of the electrical energy getting converted into heat energy, which eventually is converted into light energy. A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. An LED is often used in lamps as a replacement of incandescent light sources.
Advantages offered by LEDs, such as higher efficiency, longer shelf-life, high reliability, less power consumption, and compact & robust nature, over conventional lighting and favorable government regulations supplement the industrial and commercial LED lighting market. However, high initial cost and voltage sensitivity & temperature dependence hamper this stated growth. On the other hand, increase in demand for smart lighting is expected to present numerous opportunities for market expansion.
The major companies profiled in the report include Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc., Dialight Plc., OSRAM Licht AG, General Electric Company, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group AG, and IBM.
The industrial and commercial LED lighting market is segmented based on application, end user, and region. The applications covered in this report include indoor lighting and outdoor lighting. The end users discussed in this study are residential, commercial, transportation, industrial, and others. The regions analyzed in this report are North America, Europe, Asia-Pacific, and LAMEA.
Top Impacting Factors
Higher efficiency offered by LEDs over conventional lighting, favorable government regulations, high initial cost, voltage sensitivity & temperature dependence, and increase in demand for smart lighting are significant factors that impact the growth of the global industrial & commercial LED lightings market. These factors are anticipated to either drive or hamper the market.
Higher Efficiency Over Conventional Lighting
Conventional lighting consumes high amount of energy and requires a glass bulb to contain essential coatings and/or gases. For instance, fluorescent lamps generate light using a gas discharge to excite phosphors; high-intensity discharge (HID) lamps utilize an electric arc discharge, while incandescent lamps rely on a heated filament to emit light. In case of an LED, it directly converts electrical energy into light energy, which characterizes it with less power consumption and higher reliability. In addition, LEDs have become highly efficient over traditional lighting, owing to characteristics such as very small & compact size and long durability.
High Initial Cost
At present, LEDs are more expensive on initial cost basis and price per lumen in comparison with the present conventional lighting technologies. Moreover, in spite of innovations in manufacturing technologies to reduce cost of LED, these lights still cost more as compared with the compact fluorescent lamp (CFL); such high costs hamper the adoption of the LED lighting market.
Increase in Demand for Smart Lighting
Globally, the requirement for smart and connected lighting to maximize the benefits such as energy saving, and reduced carbon emissions and cost is increasing. These benefits can be achieved by switching to the use of LED lighting. In addition, smart lighting addresses sustainable development challenges successfully, which creates ample opportunities for the industrial and commercial LED lighting market.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global industrial & commercial LED lightings market with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2017 to 2023 to highlight the financial competency of the market.
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.
Industrial and Commercial LED Lighting Market Key Segments:
- Indoor Lighting
- Outdoor Lighting
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players Profiled
- Eaton Corporation Plc.
- Cree Inc.
- DECO Enterprises, Inc.
- Dialight Plc.
- OSRAM Licht AG
- General Electric Company
- Koninklijke Philips N.V.
- Toshiba Corporation
- Zumtobel Group AG