According to a recent report published by Allied Market Research, titled, "Europe and Middle East Industrial & commercial LED lighting Market by Product and Application: Opportunity Analysis and Industry Forecast, 2019-2026", the Europe and Middle East industrial & commercial LED lighting market size was valued at valued at $6.03 billion in 2018, and is projected to reach $21.96 billion by 2026, registering a CAGR of 17.2% from 2019 to 2026.
A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. The output ranges from blue–violet (about 400 nanometer (nm)) to red (about 700 nm). Some LEDs are called infrared emitting diodes (IRED), emitting infrared (IR) energy, which is greater than or equal to 830 nm. An LED consists of two elements of processed material called N-type semiconductors and P-type semiconductors, which are placed in direct contact to form a region called P-N junction.
The Europe and Middle East industrial & commercial LED lighting market possesses high potential. This is attributed to the fact that in the current business scenario, there has been an increase in demand for industrial & commercial LED lighting, particularly in developing regions. Moreover, companies in Europe and Middle East Industrial & Commercial LED Lighting Industry are adopting various innovative techniques to provide customers with advanced and innovative LED lights product offerings.
Rapid usage of LEDs has been witnessed in lamps as a replacement of incandescent light source, owing to advantages such as prolonged shelf life, low power requirement, and small sized & robust attribute. Despite such advantages, LEDs are more expensive as compared to conventional lighting, and are voltage sensitive, which impede the growth of the Europe and Middle East industrial & commercial LED lighting market trends. In the near future, the LED technology is expected to provide a superior advantage to its users than conventional lighting systems, owing to the benefits it offers.
Consumers in Europe have shifted their preference from traditional to more ecological lighting sources. Europe held majority of the market share of industrial & commercial LED lighting market in 2016. Features such as sustainability, lower emissions, and lower energy consumption drive the growth of the European market. On the other hand, the Middle East is one of the unexplored regions to a certain extent for industrialization and advanced technologies. Shifts in artificial intelligence and smart technological changes in the coming years is anticipated to reshape the future for Middle East completely.
For instance, Eaton Middle East launched emergency lighting that provide a complete solution for all large open plan areas. Electronic programming in these new products allow the 12 dedicated LEDs in each lamp head to be set up for a wide light distribution for anti-panic lighting or narrow focused lighting to illuminate escape routes or emergency equipment such as alarms and fire extinguishers.
The key companies profiled in the Europe and Middle East industrial & commercial LED lighting market report include Eaton Corporation Plc., Cree Inc., Acuty Brands, Inc. , Dialight Plc., Osram Licht Ag, Panasonic Corporation, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group Ag, and Syska. These companies adopted various strategies such as product portfolio expansion, agreements, geographical expansion, partnerships and collaborations to enhance their Europe and Middle East industrial & commercial LED lighting market share.
For instance, In October 2018, Cree expanded its industrial lighting portfolio with the addition LXB Series Linear High-Bay luminaires. This series offers best-in-class performance, including enhanced efficacy, reliability, and an extended lifetime that make an ideal solution for high ceilings and high ambient temperatures. Furthermore, in May 2019, Dialight launched new Reliant industrial LED High Bay range. This product line is available in EMEA and APAC Market and it is designed for superior energy efficiency for warehouses, light manufacturing and other large indoor spaces.
Key Findings of the Study:
- By product, in 2018, the LED lamps subsegment of generated the highest revenue in the Europe and Middle East industrial & commercial LED lighting market.
- In 2018, the industrial lighting subsegment garnered the highest revenue among the application segment in the Europe and Middle East industrial & commercial LED lighting market analysis.