NEW YORK , Aug. 1, 2022 /PRNewswire/ — The LED industrial lighting market size is forecasted to grow by USD 1.44 billion from 2020 to 2025. However, the growth momentum of the market will decelerate at a CAGR of 5.94% during the forecast period. Technavio segments the market by product (lamps and luminaires) and geography (APAC, Europe, North America, South Americaand MEA). The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
Key points covered in the LED industrial lighting market study:
- Market estimates and forecast 2021-2025
- Key drivers, trends, and challenges impacting market growth
- Segment-wise, region-wise, and country-wide analysis
- Analysis of market share by vendors
- Key product launches and regulatory climate
- Post-COVID-19 impact on the market landscape. Download PDF Report Sample
Technavio categorizes the global LED industrial lighting market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components, and the equipment market cover companies engaged in the manufacturing of electric cables and wires , electrical components, and electrical equipment.
The market is primarily driven by the phasing out of halogen, incandescent, fluorescent, and HID lamps. Halogen lamps consume more power than LEDs and have a larger carbon footprint. Hence, several countries have enforced bans on the use of halogen lamps to promote the growth of energy-saving technologies such as LEDs. For example, in June 2021the Department for Business, Energy and Industrial of the UK announced a ban on the sales of halogen lightbulbs in the UK from September 2021with an aim to cut over 1.25 million tons of carbon emissions per year. Moreover, many companies have stopped manufacturing halogen, fluorescent, and incandescent lights. These factors are driving the growth of the market.
The full report provides information on other drivers, trends, and challenges that are impacting the growth of the market. Request a Sample PDF Report
APAC will dominate the LED industrial lighting market with a 51% share During the forecast period. Factors such as the presence of several manufacturing facilities owned by numerous OEMs worldwide are driving the growth of the regional market. Besides, market growth in this region will be faster than the growth of the market in other regions. China and Japan are the key countries for the LED industrial lighting market in APAC.
The lamps product segment will generate maximum revenue in the LED industrial lighting market. The increasing number of regulations set forth by countries, which are limiting the use of traditional lighting and promoting the growth of LED lamps, is one of the major driving factors for the growth of the LED industrial market.
Identify major revenue-generating segments, regions, and key countries in the LED industrial lighting market. View our Sample Report
Some of the key players in the LED industrial lighting market include:
- Acuity Brands Inc.
- Bridgelux Inc.
- Cree Lighting
- Dialight Plc
- Eaton Corp. Plc
- Hubbell Inc.
- Koninklijke Philips NV
- OSRAM GmbH
- Wipro Ltd.
- Zumtobel Group AG
Didn’t find what you are looking for? Our analysts can help you customize this report based on your business requirements. The industry experts at Technavio will work directly with you to understand your needs and provide you with customized data in a short time. Speak to our Analyst Now
- Outdoor LED Market in India Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026
- Industrial Display Market by Type and Geography – Forecast and Analysis 2022-2026