The global industrial and commercial LED
lighting market is expected to reach USD 165.91 billion by
2022, according to a new report by Grand View Research, Inc. High efficiency of
LED lights combined with government regulations to ban incandescent lamps is
estimated to drive demand over the forecast period.
Increasing
shift towards the implementation of cost effective systems is expected to
proliferate demand. Concepts such as smart lighting which offer several
benefits including comfort, safety and security are projected to offer
lucrative growth opportunities for the industry. For instance, prevalence of
various smart city schemes across the U.S. and Europe to reduce consumption of
energy and peak power demand is estimated to positively impact sales.
Stringent
government regulations and ban on incandescent lamps and set up of minimum
efficiency standards by various governments across the globe is further
estimated to propel industrial and commercial LED lighting market. For
instance, Brazil has banned 60-watt+ and 100-watt incandescent lamps since
2012. Additionally, various legislative actions taken to support these systems
and implementation of various energy-efficient programs are expected to be the
critical parameter affecting the industry.
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Further key findings from the study suggest:
- Commercial lighting market accounted for over 50% of the overall industry in 2014. Growing demand for LED street lights across various countries including U.S., China and Germany is expected to foster growth. Further, increasing construction of commercial buildings across the globe will impel demand.
- Industrial segment is expected to witness considerate growth over the next seven years. High pressure to reduce operational and maintenance cost in industries and growing demand for less energy consumption are driving growth across this application.
- Architectural LED lighting industry accounted for over 30% of the revenue in 2014 and is expected to witness strong growth, owing to the declining average price and continuous improvement in luminous efficiency of white light.
- Asia Pacific demand share exceeded 40% in 2014. Increasing construction of office spaces, commercial buildings, and retail stores across countries in Asia Pacific such as Australia, China and India is estimated to drive the demand for general lighting.
- Growing energy consumption is estimated to surge demand for efficient lighting technology over the next seven years. LED lights are environment friendly as it does not emit harmful gases resulting in hazardous disorders. It offers varied benefits such as high reliability, brightness, condensed size and longer life span over incandescent lamps which are projected to contribute to revenue growth.
- Notable companies comprise GE Lighting, Philips Electronics, Toshiba Corporation, Cree Inc, and Osram Opto. The company’s focus on extending the range of products and services to optimize vertical integration.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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