Industrial And Commercial LED Lighting Market - Global Industry Size, Market Share, Trends, Analysis And Forecast 2013 - 2019
Albany, NY -- (SBWIRE) -- 06/05/2015 -- Government bans on the use of incandescent lamps have played a key role in fuelling the global market for industrial and commercial LED lighting. The growing popularity of LED lights can be attributed to their durability and high energy efficiency. Attractive financial savings for the consumer due to their use is another factor that drives the global industrial and commercial LED lighting market.
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In 2012, the global industrial and commercial LED lighting market was valued at US$12927.9 million and by 2019 is anticipated to reach a market value of US$86087.9 million, thereby registering a CAGR of 30.8% between 2013 and 2019. LEDs (light emitting diodes) refer to semiconductor source of light and are generally used in place of regular incandescent lamps, which tend to be inefficient and have a shorter lifespan.
Energy-efficiency of LED Lighting Major Factor Driving Demand from Global Market
There are several reasons why the global industrial and commercial LED lighting market is expanding so rapidly. LEDs are generally smaller in size, consume less power, and are also longer lasting than conventional lighting options.
LED lights exhibit higher levels of brightness than conventional types of lamps, which, apart from being unreliable, have shorter life spans than LEDs due to their energy-intensive nature and the heat generated during their operation. High reliability is also a key factor that stimulates the demand for LED lamps. Since LED lamps do not release any toxic or harmful gases, they are considered friendlier to the environment than conventional lighting systems. Owing to their economical nature, LED lamps help bring down the maintenance and operating costs of a household considerably over a period of time.
Commercial Lighting Segment: A Key Market Driver
The global industrial and commercial LED lighting market is segmented on the basis of end users and geography. Architectural lighting, outdoor lighting, commercial lighting, and industrial lighting are the various end-use industries that drive the demand from the global industrial and commercial LED lighting market.
In 2012, the global industrial and commercial LED lighting market was led by the commercial lighting segment with a market share exceeding 50%. Factors driving the commercial lighting segment are greater awareness amongst end users about their judicious consumption of energy and the pressing need to reduce CO2 emissions.
Furthermore, governments of several countries are implementing strict rules that prohibit the sale and production of incandescent lights. This in turn drives the demand for LED lighting systems. In 2012, the government of China had declared that it would soon be phasing out the manufacture and use of incandescent lamps and imposing a ban on the sales and imports of incandescent bulbs of wattage 100 and above.
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North America and Asia Pacific: The Promising Markets
Geographically, the global industrial and commercial LED lighting market is segmented into Asia Pacific, North America, Europe, and Rest of the World. With a market share of more than 33%, the largest regional segment in the global industrial and commercial LED lighting market in 2012 was Europe. High government investment is a key factor that has been propelling the Europe industrial and commercial LED lighting market thus far.
Global demand for industrial and commercial LED lighting is anticipated to light up owing to high demand for the same from countries such as the U.K., Denmark, Germany, and Russia. These countries are shifting their focus towards the installation of energy-efficient lighting systems.
Owing to the strict implementation of rules prohibiting the use of incandescent lamps, the Asia Pacific and North America industrial and commercial LED lighting markets will expand significantly during the forecast period. With a view to attaining competitive advantage, most manufacturers in the global industrial and commercial LED lighting market are focusing on developing high-performance yet cost-effective lighting products.
The prominent companies operating in the global industrial and commercial LED lighting market are Zumtobel AG, Toshiba Corporation, GE Lighting Solutions, Cooper Industries plc., Dialight plc., Cree Inc., Osram Licht AG, and Digital Lumens Inc.
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