A semiconductor light source called a light-emitting diode (LED) transforms electrical energy immediately into light energy. These components are frequently utilized in lamps to substitute incandescent light sources.
New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Industrial and Commercial LED Lighting Market Size, Share & Industry Trends Analysis Report By Product Type, By Application, By End User, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06352740/?utm_source=GNW
In comparison to conventional lighting technologies, LED lights run for a longer time, have a higher level of durability, and provide greater lighting quality.
The rise in demand for affordable and energy-efficient LED lighting, the increase in government programmes to adopt LEDs, and the rising necessity to replace conventional lighting systems are the major aspects positively driving the industrial and commercial LED lighting market. Owing to heat losses from the typical and most prevalent lighting fixtures in industrial and commercial settings, such as fluorescent and high-intensity discharge (HID) lights, industrial operators frequently experience difficulties with maintenance costs.
The demand for LED lights has increased significantly over the past few years due to their increased energy and cost savings as well as their reduced maintenance requirements. Players in the industry are discovering interesting growth potential with the introduction of new options to brighten the work space. For example, Emerson Appleton published a cost-effective and secure method in August 2020 for replacing an old HID lighting system in a facility with a modern LED one.
Covid-19 Impact Analysis
Due to postponed development projects, the industrial and commercial LED lighting market revenue saw a reduction in its growth rate, which had a significant influence. But, the pandemic has increased demand for industrial and commercial LED lighting in the medical sector. Due to a rise in global governmental initiatives, market participants have also been spending in the research and development of smart lighting systems. This would create more demand for industrial & commercial lighting across different regions in the recovery phase of the pandemic.
Market Growth Factors
Growing Popularity Of The Led Lighting Among Industries
In comparison to conventional lighting, industrial and commercial LED lighting offers a number of advantages including greater outstanding performance and dependability, longer shelf life, reduced energy waste, compact and sturdy qualities. Conventional lighting needs a glass bulb to retain the essential coatings and/or gases, and its energy consumption is significant. For instance, high-intensity discharge (HID) lamps employ an electric arc discharge, while incandescent lamps rely on a heated filament to create light.
Rising Demand For Various Cost-Saving Lighting
Owing to its enhanced characteristics, consumers are becoming more likely to choose LEDs over traditional compact fluorescent lamps (CFLs), which has further influenced the market. Additionally, it is a budget-friendly option for all lights as well as other uses including large-screen display backlighting, non-backlighting, and displays (OLED). Moreover, the market for industrial and commercial light-emitting diode (LED) lighting is positively impacted by expanding urbanization, lifestyle modifications, investments, and rising consumer expenditure.
Market Restraining Factors
High Initial Cost Of Led Lighting Would Hinder The Market Growth
In comparison to competing light sources in various applications using criteria like “dollars-per-lumen,” LEDs are more expensive. While simultaneously boosting the light brightness of their products, LED producers continue to strive to lower their production costs. But, decreased energy consumption, cheaper maintenance costs, and other aspects more than make up for the hefty initial cost of LED-based systems.
Product Type Outlook
On the basis of product type, the Industrial and Commercial LED Lighting Market is bifurcated into LED Lamps and LED Fixtures. LED Lamps segment garnered the maximum revenue share in the industrial and commercial LED lighting market in 2021. This is attributed to the growing use of LED lighting in emerging economies. Since LED lamps are more durable, energy-efficient, and have the proper temporal stability, they have several advantages over incandescent bulbs.
Application Outlook
Based on application, the Industrial and Commercial LED Lighting Market is classified into Indoor Lighting and Outdoor Lightning. Outdoor lighting segment recorded a significant revenue share in the industrial and commercial LED lighting market in 2021. It is because a variety of products are readily available and have greater durability. Airports, office buildings, hospitals, public buildings, freeways, and other locations frequently use LED lighting.
End-User Outlook
By end-user, the Industrial and Commercial LED Lighting Market is fragmented into Industrial and Commercial. The commercial segment garnered the maximum revenue share in the industrial and commercial LED lighting market in 2021. Retail, hospitality, office, educational, and warehouse storage applications are also included in the commercial section. As a replacement for HID, fluorescent, and incandescent lighting, the market has seen significant adoption.
Regional Outlook
Region-wise, the Industrial and Commercial LED Lighting Market is analyzed across North America, Europe, Asia Pacific and LAMEA. Asia Pacific procured the highest revenue share in the industrial and commercial LED lighting market in 2021. The high rate of construction, renovation of the current outdoor infrastructure, and government subsidies for energy-efficient building lighting are the causes.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; General Electric (GE) Co. is the major forerunner in the Industrial and Commercial LED Lighting Market. Companies such as Dialight PLC, Signify N.V. and Syska LED Lights Private Limited are some of the key innovators in Industrial and Commercial LED Lighting Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, Eaton Corporation, General Electric (GE) Co., Signify N.V., AMS AG (OSRAM Licth AG), Syska LED Lights Private Limited, Toshiba Corporation, Zumtobel Group AG, Deco Lighting, Inc., and Wolfspeed, Inc.
Recent Strategies deployed in Industrial and Commercial LED Lighting Market
Partnerships, Collaborations and Agreements:
Feb-2022: Signify signed an agreement with Gerard Lighting Group, a manufacturer of electrical lighting products. This acquisition aimed to strengthen its position in the Australian and New Zealand lighting markets and would offer growth opportunities including those that exist between Pierlite’s luminaire offerings and Signify’s connected lighting solutions.
Feb-2022: GE Current took over Hubbell Incorporated’s commercial and industrial (C&I) lighting business. This acquisition aimed to expand Current’s base of distribution partnerships as well as specific agent networks for the defined companies and brands.
Dec-2021: Signify acquired Fluence, the horticultural LED lighting specialist. This acquisition would add up the lighting solutions to Signify’s comprehensive portfolio to empower the combined businesses to provide the world’s most innovative horticulture technology to cultivators on a global scale.
Product Launches and Product Expansions:
Aug-2022: Syska LED launched the new Syska LED Down light. The LED Down light would develop quality clear light along with consuming less heat and promoting a cleaner environment.
Jun-2022: Syska Group released Syska Glowring LED Recessed Downlight (SSK-ORN –R-6W & SSK-ORN –R-12W) and Surface Downlight (SSK-ORN – S-6W). Through this launch, the company would enhance the lighting experience for all types of spaces, be it a corporate space, a home, or a retail store.
May-2022: SYSKA LED unveiled Syska LED Recessed SMD Downlight (Glowslick-SSK-SLP). This Syska LED Recessed SMD Downlight is an apt lighting solution for indoor applications since it could be utilized in stores, malls, homes, showrooms, and office spaces.
Apr-2022: Dialight introduced two new lighting products, particularly for hazardous area applications in the EMEA and APAC markets. The SafeSite Bulkhead and ProSite Floodlight are supported by Hazardous Area certification, providing significant enhancements to product performance and enabling dependable and worry-free performance, even in the most challenging environments.
Oct-2021: Dialight unveiled the Ultra-Efficient Vigilant LED High Bay. This top-class fixture would assist organizations to achieve carbon-neutral operation objectives faster along with saving money on lighting-related energy costs.
Mar-2021: Signify released the country’s first tailor-made 3D printed luminaires for industrial and commercial users. This launch would assist companies to fulfill their sustainability objectives and enable them the flexibility to co-develop their lighting products with endless options for customization.
Acquisition and Mergers:
Aug-2021: Zumtobel joined hands with NICHIA, the world’s largest LED Manufacturer and inventor of the high-brightness blue and white LEDs. This collaboration aimed to deliver LED lighting with advanced human-centric lighting benefits. The launched ZUMTOBEL Spectrum is a lighting solution made for its luminaires that support proprietary technologies developed by NICHIA, particularly those developed within Optisolis and Vitasolis to produce a color spectrum.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• LED Lamps
• LED Fixtures
By Application
• Indoor Lighting
• Outdoor Lighting
By End User
• Commercial
• Industrial
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Dialight PLC
• Eaton Corporation
• General Electric (GE) Co.
• Signify N.V.
• AMS AG (OSRAM Licth AG)
• Syska LED Lights Private Limited
• Toshiba Corporation
• Zumtobel Group AG
• Deco Lighting, Inc.
• Wolfspeed, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06352740/?utm_source=GNW
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