Portland,OR, March 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial and commercial LED lighting market generated $29.90 billion in 2020, and is expected to reach $172.95 billion by 2030, witnessing a CAGR of 18.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
High demand for cost-effective & energy-saving LED lighting, government campaign toward LED adoption, and rise in need to replace traditional lighting drive the growth of the global industrial and commercial LED lighting market. However, voltage sensitivity & temperature dependence restrain the market growth. On the other hand, surge in adoption of smart lighting presents new opportunities in the coming years.
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Covid-19 Scenario:
- Production activities in the electronics and semiconductors sector have been halted due to lockdown measures, unavailability of the workforce, and disrupted supply chain during the Covid-19 pandemic. This affected the production volumes of LED lighting.
- The demand from end user sectors such as commercial and industrial decreased significantly due to disruption in daily activities during the lockdown. However, the demand is expected to recover post-lockdown.
The report offers detailed segmentation of the global industrial and commercial LED lighting market based on product, application, end user, and region.
Based on product, the LED lamps segment accounted for the highest share in 2020, contributing to more than half of the total market share, and is expected to continue its lead position during the forecast period. However, the LED fixtures segment is projected to manifest the highest CAGR of 19.4% from 2021 to 2030.
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Based on end user, the commercial segment held the largest share in 2020, accounting for nearly three-fifths of the global industrial and commercial LED lighting market, and is expected to maintain its dominance in terms of revenue by 2030. However, the industrial region is projected to witness the largest CAGR of 18.9% during the forecast period.
Based on region, Asia-Pacific accounted for the highest share in 2020, contributing to nearly two-fifths of the total market share, and is estimated to continue its leadership status by 2030. Moreover, this region is projected to portray the fastest CAGR of 19.4% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global industrial and commercial LED lighting market analyzed in the research include Wolfspeed, Inc., Dialight PLC., Deco Lighting, Inc., General Electric Company, Eaton Corporation, Osram Licht AG, Koninklijke Philips N.V., Toshiba Corporation (Toshiba TEC Corporation), Syska, and Zumtobel Group.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
