Industrial And Commercial LED Lighting Global Market Report 2023: Increasing Construction of New Structures and Remodeling of Existing Buildings Fuels Growth
Global Industrial and Commercial Led Lighting Market
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.
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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
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Eaton Corporation PLC.
General Electric Company
Koninklijke Philips NV
For more information about this report visit https://www.researchandmarkets.com/r/fzrwo
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