Industrial and Commercial LED Lighting Market: Efforts to Reduce Power Consumption to Continue to Reflect Positively
Several factors such as over 50,000 hours of workable life, nearly 90% less power consumption as compared to traditional incandescent lamps, low cost of production, and the pressing need for energy-efficient lighting systems across the globe work in favor of LED (light emitting diode) lights. That LED lights are gaining speedy adoption across the industrial and commercial sectors and are on the way of completely phasing out the high-energy consuming incandescent lights comes as no surprise.
In a recent report published by Transparency Market Research (TMR), the global market for industrial and commercial LED lighting market is said to expand at an exponential 30.8% CAGR over the period between 2013 and 2019. The market, as a result, is expected to rise from a valuation of US$12.9 bn in 2012 to US$86 bn by 2019.
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Factors will support the future growth of the market in key regions
In terms of geography, the global industrial and commercial LED lighting market is spread over Europe, North America, Europe, Asia Pacific, and Rest of the World. Researchers state that Europe holds a dominant share in the overall market as it accounted for nearly 33.1% of the market in 2012. The supportive governmental policies that are focused towards reducing electricity consumption, making energy-efficient choices, and cutting down carbon emissions are all contributing towards the Europe’s dominance in the overall market. Countries such as the U.K., Germany, and Denmark are expected to play a major role in increasing the uptake of LED lighting products and solution all across Europe during the forecast period.
Furthermore, Asia Pacific and North America are likely to exhibit a strong demand for LED lighting products and solutions are the regions are expected to ban the use of incandescent lamps in the near future. Support from government agencies as well as private firms to reduce the expenditure on electricity are expected to fuel the growth of this market in the aforementioned regions.
Key end users of industrial and commercial LED lighting solutions
The end users of industrial and commercial LEDs are various industries and commercial sectors such as hotels and restaurants, office buildings, education institutes, warehouse and storages, and retail shops. These lighting solutions are also used in architectural projects and for outdoor settings. The report indicates that the commercial segment held a lion’s share of 52.2% in the global market in 2012.
The growing awareness amongst consumers amount rising energy consumption and its negative impact on the environment has shifted focus towards these lighting solutions. Furthermore, the urgent need to cut down CO2 emission is also fuelling the demand for energy-efficient solutions. Efforts taken by governments to promote the usage of LED lighting solutions are also likely to compel end users to adopt LED lighting products and solutions. For instance, China is expected to phase out the incandescent lights ranging from 100-watt to higher power and replace them with LED lighting options. All of these factors are expected to fuel the demand for industrial and commercial LED lighting solutions in the near future.