North America Commercial LED Lighting Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026) – Yahoo Finance
The North American commercial LED lighting market (hereafter referred to as the ’market studied’) is expected to register a CAGR of 9. 53% over the forecast period (2021-2026). Technological advancements and rising concerns over environmental protection have increased the need for energy-efficient lighting products, among industrial, commercial, and residential applications, across North America.
New York, Dec. 23, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “North America Commercial LED Lighting Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06192788/?utm_source=GNW
North America houses important factors essential to commercial area lighting. The requirements are greater light coverage in the lumen, increased durability, and the right power source. LED can address those key requirements. Thus, it is preferred over other existing technologies. It has higher fuel savings, wider light coverage, and more than 100,000 lumens and is comparatively cheaper to own and maintain.
The integration of intelligent features for connected lighting is emerging as one of the significant drivers in the studied market, as LED is one of the major components. Government initiatives for smart cities contributed to the rising demand for smart lighting solutions. Connected lighting systems are anticipated to emerge as one of the most critical components of the smart city infrastructure. According to the Consumer Technology Association, smart city spending reached USD 26 billion in 2020, and it is expected to grow further.
Furthermore, in the United States, all electrically controlled devices, including LED light bulbs, must meet the minimum safety standards. The regulations regarding these safety standards are covered in the United States by laws, such as the Occupational Safety and Health Act (OSHA), Code of Federal Regulations (CFR), and standards, such as the National Electric Code (NEC). The growing consumer awareness about the environment and the durability of these lights, along with the government mandates for energy efficiency, are the drivers for the growing adoption of LEDs in the region.
Additionally, Canada is anticipated to grow at a faster pace over the forecast period. The growth in the region can be attributed to the rise in real estate infrastructure development and investments across Vancouver and Toronto. The increasing adoption of advanced A-lamps and T-lamps across commercial space is driving the market growth in the region.
Since the outbreak of COVID-19, various businesses have faced challenges pertaining to the supply chain. The LED industry was no exception. As a prominent share of the raw materials for the production of LEDs and drivers originated from Asian countries, the industry was significantly affected during March and April, as the region was under the severe clutches of the COVID-19 pandemic.
The demand for LEDs is expected to be sluggish till the end of 2021 due to the ongoing pandemic. It is expected to pick up from the second quarter of 2022, as new vaccines are being rolled out to combat the increased virus mutation and periodic waves affecting millions of lives.?
Key Market Trends
Smart Lighting is Expected to be the Future of Commercial LED Lighting
Smart lighting is expected to boost the growth of LED lighting due to the growing adoption of IoT for modern applications, such as smart cities, and the US government initiatives for the development of solid-state lighting (SSL), including both organic light-emitting diode (OLED) and light-emitting diode (LED) technologies.
Initiatives, such as the US Department of Energy’s Energy Efficiency and Conservation Block Grant (EECBG) program, which encourages the installation of high-efficiency, street-lighting technologies, are expected to contribute to …….