18 June 2020: The LED lighting technology offers high brightness and efficiency, has long lifespan, and high reliability than incandescent, high-intensity discharge (HID), and fluorescent lights. LED lights decrease the maintenance and operating costs and are also considered as environment-friendly lighting since they do not release harmful gases. LEDs release very less heat compared to compact fluorescent lights (CFLs) and incandescent bulbs.
The industrial and commercial LED lighting retains high potential and rising demand for this LED lighting, mainly in emerging economies, is boosting its demand. Furthermore, companies in industrial and commercial LED lighting are accepting several innovative techniques to offer customers innovative and advanced product offerings.
Reducing Size of Traditional Lighting in Terms of Revenue and Units
The major application variants of the industrial and commercial LED lighting market include architectural, outdoor, commercial, and industrial. Commercial lighting market estimated to account for more than half of the overall industry in 2014. Commercial application segment further includes hospitality, retail, buildings, education, warehouse storage, and office applications. The sector has observed high acceptance as a substitute to HID, incandescent, and fluorescent lighting.
The architectural application segment includes statues, illumination of building structures, landscapes and columns, digital signage, and other decorative features. Reducing the size of traditional lighting in terms of both revenue and units, and faster cost dropping of LED lights has inferences for its saturation in several application areas.
The industrial sector is anticipated to be slow growing as compared to other counterparts on account of extensively used fluorescent technologies and high-intensity discharge (HID) with high performance.
Furthermore, the outdoor application segment includes airport, industrial warehouse, government and healthcare corporate campus, municipal, and other non-public outdoor areas. Its demand can be affected by public rule interventions and municipality.
Increasing demand for high resolution 10 mm billboards and signs, which are perfect for high-volume ordinary traffic sectors, and customizable content are expected to transform the outdoor display industrial and commercial LED lighting over the forecast period.
Market Insights:
The companies are focusing on improving technology by the growth of cost-efficient products with enhanced performance. Technology innovation, product development, and production optimization are crucial for industry participants to uphold a competitive edge. Leading players operating in the industrial and commercial LED lighting market include Philips Electronics; GE Lighting; Toshiba Corporation; Osram Opto; and Cree Inc.
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