According to a recent report published by Allied Market Research, titled,"Industrial and Commercial LED lighting Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"the global industrial and commercial LED lighting market was valued at $9,060.0 million in 2017, and is projected to reach $39,387.0 million by 2025, registering a CAGR of 19.9% from 2018 to 2025.
A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. The output ranges from blueviolet (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 forms a region called P-N junction.
The industrial and 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 and commercial LED lighting, particularly in developing regions. Moreover, companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative 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. In spite of such advantages, LEDs are more expensive as compared to conventional lighting, and are voltage sensitive, which impede the growth of this market. 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.
Asia-Pacific dominated the industrial and commercial LED lighting market globally, due to the presence of large number of manufacturers. Thus, local manufacturers have numerous growth opportunities in the market. In addition, surge in demand for low-power consuming lighting solutions creates ample opportunities for the prominent players operating in the industrial and commercial LED lighting market. Several countries in Asia-Pacific region such as India, and China aims to phase out the its traditional incandescent and fluorescent bulbs and tubes, and get them replaced with the latest LEDs. All these factors create lucrative opportunities for Asia-Pacific industrial and commercial LED lighting market.
The key 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 Syska. These companies adopts various strategies such as partnerships, collaborations, and new product launch to sustain the competition and expand their presence in industrial and commercial LED lighting market. For instance, In November 2017, Cree launched KBL LED High-Bay Series, which is best an ideal solution for industrial, retail, civic, and athletic venues. This product offers maximum saving and industrial- strength performance with up to 150 lumens per watt (LPW) and a payback as fast as 1.5 years. Furthermore, In June 2017, Eaton entered into a partnership with Dailys Place, to provide advanced Ephesus LED sports lighting and controls system. It features industry-leading control functions and the LED system that enhance the viewing experience for spectators while reducing energy. Moreover, in February 2016, General Electric collaborated with PMorgan Chase & Co. to install LED lighting across most of Chase's U.S. branches. This project spans 25 million square feet across roughly 5,000 branches.
Key Findings of the Industrial and Commercial LED lighting Market:
- By product, in 2017, the LED lamps subsegment of generated the highest revenue in the global industrial and commercial LED lighting market.
- In 2017, the indoor lighting subsegment garnered the highest revenue among the application segment.