According to a recent report published by Allied Market Research, titled, Industrial and Commercial LED Lighting Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global industrial and commercial LED lighting market was valued at $29.60 billion in 2016, and is projected to reach at $79.49 billion by 2023, growing at a CAGR of 14.9% from 2017 to 2023.
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Europe dominates this market at present, followed by North America. In 2016, Germany dominated the market in Europe; similarly, the U.S. led the overall market in the North America, while China dominates the market in Asia-Pacific presently.
Factors such as high efficiency, favorable government conditions, and compact & robust nature of LEDs drive the industrial and commercial LED lighting market. However, high initial cost hampers growth of the market.
In 2016, the residential segment dominated the end-user segment, in terms of revenue. Furthermore, based on application, indoor lighting led the global market, followed by commercial in 2016. However, industrial application segment is expected to depict highest CAGR throughout the forecast period.
The key players profiled in the report are 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.
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