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Industrial and Commercial LED Lighting Market
New Research Study ''Industrial and Commercial LED Lighting Market 2021 analysis by Market Trends, Size, Share and Outlook'' has been added to CMI
NEW JERSEY, UNITED STATES, December 6, 2021 /EINPresswire.com / -- Description
The global industrial and commercial LED lighting market is estimated to be valued at US$ 138,625.6 million in 2021 and is expected to exhibit a CAGR of 36.4 % over the forecast period (2021-2028).
Industrial and commercial lighting is used for commercial spaces such as hospitals, offices, institutions, and government buildings. Commercial and industrial buildings combined consume more than 50% of total electricity. This makes lighting a potential area for potential energy savings. LED lighting delivers high efficiency, high level of brightness, long life, and high reliability. Moreover, LED lighting is environmentally free lighting, as it does not emit harmful gases that result in hazardous disorders in human beings.
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This report includes information on the industry's market growth as well as key segmentation variables that help the global Industrial and Commercial LED Lighting Market prosper in today's environment. The report also emphasises the importance of regional classification in the global Industrial and Commercial LED Lighting Market. Due to growing demand, the worldwide Industrial and Commercial LED Lighting Market will eventually create more revenue and have a higher market size than the previous projected period.
Major Key players in this Market:
· Toshiba Corporation
· Digital Lumens Inc.
· GE Lighting Solutions
· Koninklijke Philips Electronics N.V.3
· Osram Licht AG
· Cooper Industries plc
· Cree Inc.
· Dialight plc.
Drivers & Trends
Lucrative paybacks are expected to propel the global industrial and commercial LED lighting market growth over the forecast period. LED lightings are a viable alternative to fluorescent lights, high-intensity discharge (HID) lights, and incandescent light due to their longer lifespan and augmented performance. According to the United Nations Environment Programme (UNEP), by 2030, LED can save around US$ 108 billion and reduce CO2 emitted by 110.9 million cars. LED lighting minimizes the labor cost required to replace bulbs in commercial solutions. Various utility plants have started to provide finance and funding so that users can shift to LED lighting. For instance, Under the National resource Of Canada's Municipal Seasonal Lighting Program the government is providing free commercial-grade seasonal LED bulbs to replace old incandescent lights.
Regional Classification
The Industrial and Commercial LED Lighting market is divided into five areas, each with its own development possibilities and current trends: Latin America, North America, Asia Pacific (APAC), Europe, and the Middle East and Africa. The report was created through extensive research and analysis, as well as examination of numerous elements that may influence regional growth, such as each region's economic, political, environmental, technical, and social condition. It also includes a complete analysis of each region's recognised manufacturers, production, and revenue, as well as the top influencing elements, critical data, and data segmented both regionally and globally.
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Key Takeaways:
The global industrial and commercial LED lighting market was valued at US$ 108,470.7 Mn in 2020 and is forecast to reach a value of US$ 1,215,930.9 Mn by 2028 at a CAGR of 36.4% between 2021 and 2028. The high efficiency of LED lights combined with government regulations to ban incandescent lamps is estimated to drive demand over the forecast period.
Global Industrial and Commercial LED Lighting Market: Recent Developments
· In June 2021- Syska, a lighting company announced the launch of new LED Lights under the 'T5 LED Batten' brand in India for only Rs 449 and Rs 549.
· In December 2020- Syska, a lighting company launches Clear Sight LED panel light. The company LED Flicker-free panel lights are available in 5W, 8W, 10W, 12W, 15W, 18W, 20W and comes in two shapes.
· In October 2019, Philips, a Netherland based multinational company has introduced a Smart Wi-Fi enabled LED bulb in India. Consumers can control the appliance via the WiZ app or Siri, Alexa and Google Assistant.
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