Industrial and Commercial LED Lighting Market Latest, Overview with details Analysis, Competitive Landscapes, Forecast to 2022-2030 | GE Lighting Solutions, Toshiba Corporation, Digital Lumens – Designer Women

June 14, 2022 by No Comments

The Industrial and Commercial LED Lighting market is anticipated to reach USD 296 billion by 2027.

In 2021, the commercial lighting segment dominated the global market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.

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A significant increase in infrastructure development and implementation of smart cities drives the growth of the Industrial and Commercial LED Lighting Market. Other driving factors include higher efficiency offered by LED lights, reducing prices, favorable government regulations, and stringent standards regarding energy efficiency. The increasing awareness regarding use of energy efficient lighting solutions among consumers further supports market growth. Increasing demand from developing nations along with technological innovation is expected provide numerous growth opportunities to the Industrial and Commercial LED Lighting market players during the forecast period.

Increasing government initiatives regarding promotion of LED lighting solutions fuels the growth of Industrial and Commercial LED Lighting market. Growing use of LED lighting in public infrastructure such as museums, and other structures by governments, along with rising awareness regarding use of energy efficient among consumers would support the market growth in the coming years.

COVID-19 Impact

The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Industrial and Commercial LED Lighting Market also experienced a slowdown. Statista estimates that the Industrial and Commercial LED Lighting Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Industrial and Commercial LED Lighting Market generated revenues of US$ 5.4 trillion at a record high.

The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Industrial and Commercial LED Lighting Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.

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The Asia-Pacific Industrial and Commercial LED Lighting Market generated the highest revenue in 2017, and is expected to lead the global market throughout the forecast period. The growing construction sector and adoption of smart technologies drive the market growth. The increasing government funding in development of efficient infrastructure supports the market growth in the region. The increase in construction of commercial buildings in this region, upgradation of existing infrastructure, and ban on certain incandescent lights boosts the growth of the market in the region.

The different end-users for Industrial and Commercial LED Lighting include industrial, commercial, and others. In 2017, the commercial lighting segment accounted for the highest market share. The commercial sector includes hospitality, retail, healthcare, education, and commercial offices. The increasing use of LED lighting solutions in the commercial sector for higher energy efficiency, durability, and longer life supports Industrial and Commercial LED Lighting Market growth.

The leading companies profiled in the Industrial and Commercial LED Lighting Market report include Koninklijke Philips Electronics N.V., Cree, Inc., GE Lighting Solutions, Toshiba Corporation, Digital Lumens, Inc., …….

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