(MENAFN- GlobeNewsWire - Nasdaq)
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Industrial And Commercial LED Lighting Global Market Report 2022' -
The global industrial and commercial LED lighting market is expected to grow from $35.55 billion in 2021 to $43.20 billion in 2022 at a compound annual growth rate (CAGR) of 21.50%. The industrial and commercial LED lighting market is expected to grow to $94.38 billion in 2026 at a compound annual growth rate (CAGR) of 21.58%.
The industrial and commercial LED lighting market consists of sales of industrial and commercial LED lighting by entities (organizations, partnerships, and sole proprietors) that refer to LED lighting products used in factories, industries, and other commercial spaces.Industrial and commercial LED lighting offers with high quality lighting solutions that are needed for industrial and commercial.
Certain industrial LED lighting bulbs offer four to forty times the life of traditional lighting solutions, resulting in significant cost savings.
The main types of products in industrial and commercial LED lighting market are LED lamps and LED fixtures.The LED lamps refer to electric light that generates light using light-emitting diodes (LEDs).
LED light bulbs have a longer useful life than some other light sources like incandescent and compact fluorescent lighting (CFL).The industrial and commercial LED lighting have two installation ways namely new installation and retrofit and are distributed through direct sales, online stores, specialty stores and other distribution channels.
The industrial and commercial LED lighting are commonly used in retail, manufacturing, hospitality, warehouses and storage, office buildings and others.
Asia Pacific was the largest region in the industrial and commercial LED lighting market in 2021. 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 industrial and commercial LED lighting market research report is one of a series of new reports that provides industrial and commercial LED lighting market statistics, including industrial and commercial LED lighting industry global market size, regional shares, competitors with an industrial and commercial LED lighting market share, detailed industrial and commercial LED lighting market segments, market trends and opportunities, and any further data you may need to thrive in the industrial and commercial LED lighting industry. This industrial and commercial LED lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
Read the full report:
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.