Global Industrial and Commercial LED Lighting Market: Rising Construction Activities to Escalate Demand in Commercial Sector, finds TMR
The top four players - Philips Electronics N.V., Cree Inc., Osram Opto, and GE Lighting - collectively represented more than 34% of the global industrial and commercial LED lighting market in 2012. In a new study, Transparency Market Research (TMR) finds that these players are continually supplementing their product portfolio with smarter products and solutions for various applications. “Several manufacturers are strengthening their partnership with governments, architects, urban planners, lighting professionals to gain a competitive advantage in this highly fragmented marketplace,” says the author of the report. Mergers and acquisitions have been another go-to strategy for players in the global market.
The opportunity in the global industrial and commercial LED market was pegged at US$17.89 bn in 2015 and is poised to reach US$86.087 bn by 2019, rising at a noteworthy CAGR of 30.8% from 2013 to 2019. Based on end-user industry, the commercial sector will continue to be the leading revenue contributor until 2019, holding 52.6% of the overall market. The increasing construction of retail stores, commercial buildings, and office spaces worldwide is fuelling the growth of this segment. However, due to the increasing deployment of street lighting across different countries such as the U.S., China, Germany, and Canada, the outdoor lighting segment is anticipated to exhibit a CAGR of 34.1% during the same period.
Favorable Government Regulations to Back Growth of Industrial and Commercial LED Lighting in Europe
Geographically, Europe was the leading segment in terms of revenue in 2015. The dramatically increasing energy consumption and rising carbon emissions have compelled governments to take strict measures to promote adoption of energy efficient lighting. These measures are, thus, driving the uptake of LED lighting in the region. Moreover, the growing awareness regarding the benefits of LED lighting is propelling the demand for these lighting. Owing to these factors, the region is estimated to retain its dominance until 2019.
The growth of the commercial and industrial LED market in Asia Pacific is driven by the increasing investments in latest lighting technologies in countries such as Japan, China, and South Korea. Asia Pacific is projected to exhibit a CAGR of 31.7% during the forecast period. The rising awareness regarding energy conservation and the growing demand for green technology are contributing to the growth of this region.
Increasing Awareness Regarding High Efficiency and Durability of LED Lighting Products to Promote Sales
LED lighting products are increasingly replacing conventional lighting products due to their numerous advantages such as greater energy efficiency, lower heat dissipation, longer life, smaller size, and higher environment friendliness. Moreover, several governments worldwide have imposed bans on the use of incandescent lamps. Phasing out of incandescent bulbs coupled with the increasing awareness about the benefits are, therefore, providing a significant push to the global industrial and commercial LED lighting market. Furthermore, several utility plants across the globe have started funding the deployment of LED lighting, which is likely to augur well for the growth of the market.
Despite all the favorable factors, the demand for LEDs is still low. “Their low penetration can be attributed to the nascent stage of LED technology and dominance of competing technologies of lighting,” says a TMR analyst. In addition, the high initial cost of these lights is limiting their adoption. However, increasing demand for smart lighting is likely to open new avenues for LED lights manufacturers. Moreover, the global lighting market offers immense untapped opportunities, owing to which the global industrial and commercial LED lighting market is expected to rise at a faster pace in the forthcoming years.
The information presented in this review is based on a Transparency Market Research report, titled,
“Industrial And Commercial LED Lighting Market - Global Industry Size, Market Share, Trends, Analysis And Forecast 2013-2019.”
The global industrial and commercial LED lighting market can be segmented as follows:
Industrial and Commercial LED Lighting Market, by End-user Industry
- Office buildings
- Hotel & restaurants
- Retail shops
- Educational institutes
- Warehouse & storages
Industrial and Commercial LED Lighting Market, by Geography
- North America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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