Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Industrial And Commercial LED Lighting Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global industrial and commercial led lighting market grew from $43.62 billion in 2022 to $53.54 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The industrial and commercial led lighting market is expected to grow to $119.86 billion in 2027 at a CAGR of 22.3%.
Asia-Pacific was the largest region in the industrial and commercial LED lighting market in 2022. The regions covered in the industrial and commercial LED lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing construction of new structures and remodeling of existing buildings are significantly driving the growth of the industrial and commercial LED lighting market. New constructions are increasing due to various reasons such as economic development, housing needs, industrial developments, and others. Remodeling of existing buildings is increasing due to replacement and safety needs as well as to improve upon existing ones. The construction of new structures and remodeling of existing buildings require new materials and products to be used in the structures including LED lighting.
This will result in a significant demand for LED lighting in industrial and commercial structures. For instance, according to the new residential construction statistics by the US Census Bureau, and the US Department of Housing and Urban Development, in February 2022, privately-owned housing starts touched 1,769,000, which is 6.8% over the revised estimate of 1,657,000 in January. There was an increase of 22.3% in February 2022 compared to 1,447,000 housing starts in February 2021. Hence, the increasing construction of new structures and remodeling of existing buildings is expected to propel the growth of the industrial and commercial LED lighting market.
Technological advancement is a key trend gaining popularity in the industrial and commercial LED lighting market. The key players in the industrial and commercial LED lighting market are focusing on developing technologically advanced products to strengthen their position in the market. Companies are developing and offering smart LED lights that are Wi-Fi-enabled and can be controlled through an external device via the mobile app. The smart LED lights offer safety, comfort, energy efficiency, and are cost-effective. They can be used in various applications such as home, commercial, and industrial settings.
For instance, in August 2021, Signify, a Dutch multinational lighting corporation introduced a new range of Wiz smart light products that are highly superior. The new Wiz smart light range includes a new smart LED downlighter, T-Beamer, T-Bulb, and Batten. The new smart lights are Wi-Fi-enabled and thus do not need a specialized hub. They can also be controlled through the Wiz mobile app or voice assistants like Amazon Alexa and Google Assistant. These can be used in the home, commercial and industrial applications.
In October 2020, Luminii, a US-based industrial specification-grade architectural LED lighting systems manufacturer acquired iLight Technologies, for an undisclosed amount. With this acquisition, Luminii expanded its product portfolio and aims to provide its customers with a wide range of options to choose from high-quality standard products. iLight Technologies is a US-based LED company that manufactures unique LED application technologies and extremely durable and flexible commercial illumination products.
The countries covered in the industrial and commercial LED lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
1) By Product Type: LED Lamps; LED Fixtures
2) By Installation: New Installation; Retrofit
3) By Distribution: Direct Sales; Online Stores; Specialty Stores; Other Distribution Channels
4) By Application: Retail; Manufacturing; Hospitality; Warehouses And Storage; Office Buildings; Other Applications
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $53.54 billion |
| Forecasted Market Value (USD) by 2027 | $119.86 billion |
| Compound Annual Growth Rate | 22.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Deco Lighting
- Dialight PLC.
- Eaton Corporation PLC.
- General Electric Company
- Koninklijke Philips NV
For more information about this report visit https://www.researchandmarkets.com/r/fzrwo
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
