According to a new report, published by KBV research, The Global Industrial and Commercial LED Lighting Market size is expected to reach $91.5 billion by 2028, rising at a market growth of 17.6% CAGR during the forecast period.
The LED Fixtures segment is showcasing a CAGR of 18% during (2022 - 2028). A lighting fixture with integrated LEDs is one that has LEDs built right into the luminaire. In contrast, a standard lamp configuration offers a location to swap out a conventional light bulb. Direct connections to low- or line-voltage electrical systems are made through integrated LED lighting. The light fixture provides an electrical charge to the LED microchips, that together generate white light, in order to provide light.
The Indoor Lighting segment acquired maximum revenue share in the Global Industrial and Commercial LED Lighting Market by Application in 2021 thereby, achieving a market value of $65.4 billion by 2028. Commercial locations like offices, stores, hospitals, financial institutions, and other entities are increasingly using lighting. Due to its benefits, such as low energy consumption, increased durability, and simplicity of installation and operation, LED lighting is becoming more and more popular in interior areas.
The Industrial segment has shown the growth rate of 18.3% during (2022 - 2028). Rapid price reduction of LED lights could affect their uptake in a variety of applications, which would reduce the market share of conventional lighting in terms of both units and revenue. Because high-intensity discharge (HID) as well as fluorescent technologies with excellent performance are already available and widely employed, the industrial sector is predicted to grow more slowly than its rivals.
The Asia Pacific market dominated the Global Industrial and Commercial LED Lighting Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $33.7 billion by 2028.The Europe market is exhibiting a CAGR of 17.1% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 16.9% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/industrial-and-commercial-led-lighting-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Dialight PLC, Eaton Corporation, General Electric (GE) Co., Signify N.V., AMS AG (OSRAM Licth AG), Syska LED Lights Private Limited, Toshiba Corporation, Zumtobel Group AG, Deco Lighting, Inc., and Wolfspeed, Inc.
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