A light-emitting diode (LED) is a semiconductor light source that converts electrical energy directly into light energy. The output ranges from blue-violet (about 400 nanometers (nm)) to red (about 700 nm). Some LEDs are called infrared emitting diodes (IRED), emitting infrared (IR) energy, which is greater than or equal to 830 nm. An LED consists of two elements of processed material called N-type semiconductors and P-type semiconductors, which are placed in direct contact to forms a region called P-N junction.
According to the report, the global industrial and commercial LED lighting market was pegged at $9.06 billion in 2017 and is projected to garner $39.39 billion by 2025, registering a CAGR of 19.9% during the period 2018–2025.
The market is bifurcated into industrial and commercial. The industrial segment held the largest share in 2017, accounted for nearly two-thirds of the total market. However, the industrial segment is estimated to portray the fastest CAGR of 20.7% during the forecast period.
Key Findings of the Industrial and Commercial LED Lighting Market:
- By product, in 2017, the LED lamps subsegment of generated the highest revenue in the global industrial and commercial LED lighting market.
- In 2017, the indoor lighting subsegment garnered the highest revenue among the application segment.
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The industrial and commercial LED lighting market possesses high potential. This is attributed to the fact that in the current business scenario, there has been an increase in demand for industrial and commercial LED lighting, particularly in developing regions. Moreover, companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative product offerings.
Based on geography, the market is divided into North America, Asia-Pacific, Europe, and LAMEA. The market in the Asia-Pacific region held the largest share in 2017, contributing more than one-third of the total market, owing to increased adoption of smart devices in the region. However, the LAMEA region is expected to register the fastest CAGR of 21.5% during the forecast period, owing to the high adoption rate of advanced systems and solutions in various industry verticals.
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Top Leading Key Players
The report includes analysis on the major market players in the region such as Cree Inc., Eaton Corporation, Dialight PLC, Deco Enterprises, Inc., General Electric Company, Osram Licht AG, Toshiba Corporation, Koninklijke Philips N.V., Syska, and Zumtobel Group AG.
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