North America Commercial LED Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The North American commercial LED lighting market (hereafter referred to as the ’market studied’) is expected to register a CAGR of 9. 53% over the forecast period (2021-2026). Technological advancements and rising concerns over environmental protection have increased the need for energy-efficient lighting products, among industrial, commercial, and residential applications, across North America.

New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Commercial LED Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192788/?utm_source=GNW


Key Highlights
North America houses important factors essential to commercial area lighting. The requirements are greater light coverage in the lumen, increased durability, and the right power source. LED can address those key requirements. Thus, it is preferred over other existing technologies. It has higher fuel savings, wider light coverage, and more than 100,000 lumens and is comparatively cheaper to own and maintain.
The integration of intelligent features for connected lighting is emerging as one of the significant drivers in the studied market, as LED is one of the major components. Government initiatives for smart cities contributed to the rising demand for smart lighting solutions. Connected lighting systems are anticipated to emerge as one of the most critical components of the smart city infrastructure. According to the Consumer Technology Association, smart city spending reached USD 26 billion in 2020, and it is expected to grow further.
Furthermore, in the United States, all electrically controlled devices, including LED light bulbs, must meet the minimum safety standards. The regulations regarding these safety standards are covered in the United States by laws, such as the Occupational Safety and Health Act (OSHA), Code of Federal Regulations (CFR), and standards, such as the National Electric Code (NEC). The growing consumer awareness about the environment and the durability of these lights, along with the government mandates for energy efficiency, are the drivers for the growing adoption of LEDs in the region.
Additionally, Canada is anticipated to grow at a faster pace over the forecast period. The growth in the region can be attributed to the rise in real estate infrastructure development and investments across Vancouver and Toronto. The increasing adoption of advanced A-lamps and T-lamps across commercial space is driving the market growth in the region.
Since the outbreak of COVID-19, various businesses have faced challenges pertaining to the supply chain. The LED industry was no exception. As a prominent share of the raw materials for the production of LEDs and drivers originated from Asian countries, the industry was significantly affected during March and April, as the region was under the severe clutches of the COVID-19 pandemic.
The demand for LEDs is expected to be sluggish till the end of 2021 due to the ongoing pandemic. It is expected to pick up from the second quarter of 2022, as new vaccines are being rolled out to combat the increased virus mutation and periodic waves affecting millions of lives.?

Key Market Trends

Smart Lighting is Expected to be the Future of Commercial LED Lighting

Smart lighting is expected to boost the growth of LED lighting due to the growing adoption of IoT for modern applications, such as smart cities, and the US government initiatives for the development of solid-state lighting (SSL), including both organic light-emitting diode (OLED) and light-emitting diode (LED) technologies.
Initiatives, such as the US Department of Energy’s Energy Efficiency and Conservation Block Grant (EECBG) program, which encourages the installation of high-efficiency, street-lighting technologies, are expected to contribute to the adoption of smart lighting and further drive the market growth of LED lighting majorly.
Owing to the rising need to save energy, leading players in the market, such as Verizon, have introduced innovative and cost-effective measures for streetlights. The Verizon Intelligent Lighting platform converts LED fixtures into sensor-equipped smart devices that capture and transmit data in near real-time such that one can get full control over all lights, insights into the state of lighting infrastructure, and access to an array of lighting applications and services.
Further, in July 2021, Smart labs, a pioneer in smart lighting and electrical control, announced the launch of Nokia Smart Lighting, a suite of IoT-powered lighting and electrical control products. The first-ever Nokia Smart Lighting products are designed to make smart lighting straightforward-to-buy, easy-to-install, and intuitive-to-use majorly for office spaces and hospitality solutions.
The increasing demand for smart bulbs and fixtures, due to the incentives offered by the Federal Government in the United States for residential and commercial entities to use energy-efficient lighting solutions, is expected to drive the increasing adoption of smart bulbs and fixtures in the region.

United States to Hold Major Market Share

According to the US Energy Information Administration, LED lights have become the second most common bulb type in commercial buildings. Laws such as the Energy Independent and Safety Act of 2007 have had a significant impact on the growing use of more efficient lighting options by establishing minimum efficiency requirements for producing new light bulbs.
According to the long-term energy forecast for Annual Energy Outlook 2021 (AEO2021), the US Energy Information Administration expects LED lighting to continue to grow, meeting up to 95% of the commercial lighting demand by 2050.
Moreover, the controllability of LED lights is also driving their demand in the commercial sector. Capabilities, such as dimmability, daylighting, occupancy sensors, and timers, are enticing vendors to implement the solutions in their facilities.
Additionally, the government is also regulating the lighting systems used in commercial spaces, limiting energy consumption. For example, the Federal Energy Management Program (FEMP) provides guidance for the acquisition of commercial light-emitting diode (LED) luminaires in the United States. Such trends are anticipated to drive the growth of the market studied during the forecast period.

Competitive Landscape

The North American commercial LED lighting market is highly competitive and consists of several major players. Leading players are engaged in strategic acquisitions to enhance their market dominance and are also focusing on product development, which has been a key strategy adopted to move ahead in the evolving market. Some of the key developments in the market are:

October 2021 - Dialight, the global leader in hazardous and industrial LED lighting innovation, in celebration of Energy Awareness Month, announced the availability of the world’s most efficient commercially available heavy industrial rated lighting fixture, the Ultra-Efficient Vigilant LED High Bay.
June 2021 - Signify’s Interact City lighting System helped municipalities in New York by converting the streetlights to connected LEDs. This will help New York to cut energy usage, lower emissions, and create a platform for smart city deployments. Interact City shares data collected from sensors with the IT systems of firefighters, emergency medical services, and other first responders, enabling it to react quickly during any incidents.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192788/?utm_source=GNW

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